Goldstone Resources Ltd – Review and Re-logging of Akrokeri Core

Goldstone Resources Ltd – Review and Re-logging of Akrokeri Core

GoldStone Resources Limited (AIM: GRL) is pleased to report, further to the Company's announcement of 19 January 2018, the confirmation of high-grade gold intersections following the completion of the review and re-logging of historic diamond core holes drilled under or adjacent to the previously producing Akrokeri underground gold mine.

Overview

  • Mineralised intercepts of up to 1.0 metre at 51.01 g/t Au confirmed in re-logged diamond core from below and adjacent to the Akrokeri Mine, which previously produced 75,000 oz Au at a final recovered average grade of 0.73 ozs/t, equivalent to approximately 24 g/t
  • Two further DD holes identified from 2012, indicating gold bearing quartz intersections in the footwall of the Mine
  • Assaying of four of the historic DD holes to the south of the Mine to be undertaken
  • The Akrokeri Mine is 12 km along strike to the north of AngloGold Ashanti's Obuasi Gold Mine, one of the world's major gold mines with a total historical and current resource in excess of 70 million ounces of gold
  • Defined work programme being finalised to re-open the Akrokeri Mine, targeting gold production within 24 months
  • The Akrokeri Mine, together with the Homase pit, provides two highly prospective targets within GoldStone's licences

Emma Priestley, CEO of GoldStone, commented: "Grades of up to 51.01 g/t gold are remarkable and together with completion of the review and re-logging process, we are very excited about the opportunity and believe it warrants the acceleration of development and the ultimate reopening of the Akrokeri underground mine.  Management is focused on identifying the most economic and timely route to production, which we believe can be achieved within 24 months."

"Together with the highly encouraging Homase pit target area and the regional geology which hosts one of the world's largest gold mines, management believe we have a truly exciting development opportunity at the Akrokeri Mine. 

"I look forward to keeping shareholders updated as we seek to accelerate the development of GoldStone into becoming a gold producer."

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