Goldstone Resources Ltd – Final Results

Goldstone Resources Ltd – Final Results

GoldStone Resources Limited (AIM: GRL), is pleased to announce its final results for the year ended 31 December 2018.

Overview

  • Advancement of GoldStone's Akokeri-Homase Gold Project ("AKHM") in the Ashanti Region of Ghana continues, with workstreams underway focused on recommencement of production and delivery of first revenues
  • Significant test work undertaken alongside historical data from the former Akrokeri underground mine ("Akrokeri Mine") and the Homase open pit ("Homase Pit") resulting in
    -   confirmed intercepts of up to 1.0 metre at 51.01 g/t gold at the Akrokeri Mine supporting the historical evidence of Akrokeri's potential to host a high-grade mining operation
    -   identified an >8 km gold-in-soil anomaly on the Homase Trend, which has the potential to host multiple additional pits
  • Historic trenching indicated high grade gold mineralisation, including 15.0 metres @ 6.31 g/t Au which includes 4.5 metres @ 18.23 g/t Au from a trench in the Homase North resource zone, following which positive results from recent scoping study exceeded expectations with the pilot heap leach test work indicating recoveries in excess of 87.5% after just 60 days due to coarse gold content
  • New 'Norton' shaft, located 40 metres east of the historic North Shaft at the Akrokeri Mine, completed to a target depth of 33 metres and work has commenced on re-opening the North Shaft, which was one of the main shafts for the historic workings of the Akrokeri Mine
    -   Norton Shaft and historic North Shaft will be used as the two access points to the old workings at the Akrokeri Mine, which previously produced 75,000 ounces of gold at a recovered average grade of 24 g/t Au
  • Licences for Akrokeri, within prospecting licence PL6/87, and Homase, within prospecting licence RL6/96, renewed through to 20 April 2020
  • Title to Senegalese licences maintained - the Company will apply for extension of exploration licence upon the satisfactory review of raw drill data
  • Loan secured for US$1.22 million with major shareholder, Paracale Gold Ltd
  • Post period end, operations at AKHM substantiated by the completion of the Definitive Economic Plan ("DEP") setting out the basis for a low cost heap leach processing facility to process material from three satellite open pits lying along the known Homase Trend, either side of the previously mined Homase Pit, to generate cash flows to fund the further development of AKHM
    -   DEP submitted to the Minerals Commission of Ghana to begin the process for a mining permit application
    -   Environmental Impact Assessment ("EIA") underway 

GoldStone's Chief Executive Officer, Emma Priestley, commented: "We have made considerable progress in advance AKHM, as evidenced by the recent completion of the DEP, laying the foundations for production at AKHM as we seek to move towards achieving our first operating gold mine within the Homase Trend.  Further funding from our major shareholder during the year supports our continued advancement of AKHM, while completion of the DEP means we can finalise the EIA, and with the requisite approvals, seek to move to commence production to generate near-term cash flows.  We look forward to updating shareholders on progress in the coming months." 

The Annual Report and Accounts will shortly be available on Goldstone's website and if you would like a physical copy of the Accounts, please contact the Company.

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