Goldstone Resources Ltd – Operational Update on Homase Open Pit Gold Mine

Goldstone Resources Ltd – Operational Update on Homase Open Pit Gold Mine

GoldStone Resources Limited (AIM: GRL) is pleased to provide an update on its key work streams along the Homase Trend, which includes results exceeding expectations from its pilot heap leach test work and encouraging results from its recent trenching programme, as the Company seeks to move rapidly towards achieving low cost production.

The Homase Trend, an >8km gold-in-soil anomaly within its Akrokeri-Homase Gold Project (“AKHM” or the “Project”), is located on the northern end of the Ashanti Gold Belt in Ghana, 12km along strike from Anglo Gold Ashanti’s >70 million ounce Obuasi Gold Mine, and which also contains the high-grade 24g/t Au (recovered grade) Akrokeri Mine. 

Highlights

  • Pilot heap leach test work indicated recoveries in excess of 87.5% after just 60 days due to coarse gold content, exceeding initial expectations and endorsing plans for an initial gravity and combined heap leach facility to minimise capex
  • Trenching over 900 metres at the proposed Homase North Pit completed, with six out of eight trenches encountering above cut-off mineralisation and the highest individual assay at 3.87 g/t Au (1 metre cut)
  • Trenching at the parallel structures of Adubriem and Krodua over 800 metres has been completed and the assay results are expected within the next few weeks
  • Potential new Homase Central Pit investigation started in the area immediately to the north of the existing Homase Pit, a shallow open oxide pit that was mined by AngloGold Ashanti in 2002/3 and produced 52,000 oz at 2.85g/t Au
  • Definitive Economic Plan (“DEP”) progressing well and is expected to be submitted for final government approval in May 2019
  • Initial work indicates Gravity Recoverable Gold (“GRG”) circuit can be utilised which has low capital outlay and can facilitate early revenue
  • The baseline study for the Environmental Impact Assessment and Management Plan is nearing completion.

Emma Priestley, CEO of GoldStone, commented:

“Operations are progressing in line with our commitment to move rapidly towards establishing our first operating gold mine within the Homase Trend.  The initial results from the bulk heap leach test work are extremely encouraging and are an endorsement of our plans to achieve early stage cash flow with minimal capital expenditure via a low tonnage, gravity and combined heap leach facility.

“With the DEP nearing completion, this will also allow us to complete and submit the environmental study, and we look forward to providing further updates as work at AKHM progresses. 

“We will provide an operational update on the Akrokeri Mine in the coming weeks.”

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