.24 Jun 2013 17:26
Goldstone Resources and Randgold start drilling at Sangola
By Philip Whiterow June 24 2013, 7:36am Sangola is bisected by a major gold bearing shear zone known as the Main Transcurrent Shear Zone.
Africa focused gold explorer Goldstone Resources (LON:GRL) says drilling has started at its Sangola project in Senegal, where it recently partnered with Randgold Resources (LON:RRS).
Major gold producer Randgold has now commenced a 6,000 metre reverse circulation drilling programme to target the Tiobo surface anomaly.
Tiobo is one of three elongated surface anomalies identified by Goldstone at Sangola. One of the others, Tiabedji, was partially explored in 2012.
Under the terms of the joint venture, Randgold will fund all exploration costs at Sangola up to and including a pre-feasibility study indicating an economically attainable one million ounces of gold. In return, Goldstone’s stake will dilute to 49%.
Sangola is bisected by a major gold bearing shear zone known as the Main Transcurrent Shear Zone (MTZ). This shear zone is host to Randgold's 3mln ounce Massawa deposit, which lies 30 kilometres towards the north-east of the Sangola licence area.
http://www.proactiveinvestors.co.uk/companies/news/58295/goldstone-resources-and-randgold-start-drilling-at-sangola-58295.html