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Operational Update on Homase Open Pit Gold Mine

2 May 2019 07:00

RNS Number : 8229X
Goldstone Resources Ltd
02 May 2019
 

2 May 2019

 

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

 

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."

 

Homase Trend

The Company's pilot heap leach, undertaken at the University of Mines and Technology in Tarkwa, Ghana, utilising 2.5 tonnes of material from the proposed Homase South Pit, within the Homase Trend, achieved recoveries of 87.5% after just 60 days. This exceeded the Company's expectations due to the known presence of coarse gold which influences the head grade and as a result, the test work was halted earlier than anticipated. This endorses the Company's consultant's, MAED (UK) Limited ("MAED"), plans for an initial gravity facility, to ensure the recovery of the coarse content prior to the heap leach, thereby maximising recoveries.

 

Trenching at the proposed Homase North Pit, to the north of the Homase Main Pit, has now been completed with assay results having been received. Six out of eight trenches encountered above cut-off mineralisation, with over 97% of the 901samples assayed from the trenches giving positive results, including:

· the widest intersection being 26 metres at 0.71g/t;

· the highest grade being 3 metres at 1.82g/t; and

· the highest individual assay being 3.87 g/t over a 1 metre cut.

 

A potential new Homase Central Pit investigation has started. This area is immediately to the north of the existing Homase Pit that was mined by AngloGold Ashanti in 2002/3 and to the south of the proposed Homase North Pit.

 

This area was not investigated previously due to historic records showing a waste dump on surface immediately above the mineralisation. However, recent field work has shown that this waste dump may be considerably smaller than previously believed. Accordingly, a survey of this is being considered to confirm the amount of material needed to be moved.

 

Trenching at the parallel structures of Adubriem and Krodua has been completed and the assay results are expected within the next few weeks. These may not be retained as immediate targets, due to their proximity to settlements, with the focus maintained on the main Homase Trend.

 

Definitive Economic Plan ("DEP")

MAED is making good progress on the DEP and expects to complete the study shortly ahead of submitting for final governmental approval in May 2019 as previously reported. The results of the pilot heap leach test work (referred to above) have also further strengthened the initial thoughts of MAED, regarding the ability to use a Gravity Recoverable Gold ("GRG") circuit to recover the coarse gold, which has a low capital outlay and can facilitate early revenues.

 

Following the results of the pilot heap leach test, some additional samples have been taken from positions that lie within the proposed Homase South Pit for additional coarse gold and size fraction (gradings) analyses. This work is expected to be completed within the next few weeks.

 

Figure 1: Map of the Homase Trend and Proposed Pits

http://www.rns-pdf.londonstockexchange.com/rns/8229X_1-2019-5-1.pdf

 

Environmental Impact Assessment ("EIA")

The EIA baseline study and report are nearing completion. Community meetings have commenced, starting with the Bekwai Paramount King and the Chief Executive of the Amansie Central District Assembly. A farm survey is currently ongoing, involving farm sizes and crops (types and sizes) for compensation purposes.

 

Final DEP information will be required to complete the EIA, ahead of its submission to the Ghanaian Environmental Protection Agency in association with the consultant undertaking the DEP, Optimal Development Consult ("OPDEC").

 

Information in this announcement has been complied and reviewed by Klaus Kappenschneider, an independent geologist with 30 years experience in gold mining, exploration and resource estimation. Klaus is a member of the Association of Professional Geoscientist of Ontario (APGO), is a Competent Person (JORC, SAMREC, PEMREC) and a Qualified Person (NI 43- 101) and accordingly, is a qualified person as required under the AIM Rules.

 

For further information please visit www.goldstoneresources.com or contact:

 

GoldStone Resources Limited

 

Emma Priestley

Tel: +44 (0)20 7236 1177

 

 

 

Strand Hanson Limited

 

Richard Tulloch / James Bellman

Tel: +44 (0)20 7409 3494

 

 

 

SI Capital Limited

 

Nick Emerson

Tel: +44 (0)1483 413 500

 

 

 

St Brides Partners Ltd

 

Catherine Leftley / Juliet Earl

Tel: +44 (0)20 7236 1177

 

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014.

 

- ENDS-

 

About GoldStone Resources Limited

 

GoldStone Resources Limited (AIM: GRL) is an AIM quoted exploration company with projects in Ghana, Senegal and Gabon that range from grassroots to advanced exploration.

 

The Company is focused on developing the Akrokeri-Homase project in south-western Ghana, which hosts a JORC Code compliant 602,000 oz gold resource at an average grade of 1.77 g/t. The existing resource is confined to a 4km zone of the Homase Trend, an >8km gold-in-soil anomaly within the Akrokeri-Homase Licences.

 

The project hosts two former mines, the Akrokerri Ashanti Mine Ltd, which produced 75,000 oz gold at 24 g/t recovered grade in the early 1900s, and the Homase Pit which AngloGold Ashanti developed in 2002/03 mining 52,000 oz gold at 2.85 g/t overall head grade. It is the Company's intention to build a portfolio of high-quality gold projects in Ghana, with a particular focus on the highly prospective Ashanti Gold Belt.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
UPDKMGGKGMKGLZZ
Date   Source Headline
22nd Jul 20191:10 pmRNSNotice of AGM
28th Jun 20197:00 amRNSFinal Results
27th Jun 20197:00 amRNSCompletion of DEP for Akrokeri-Homase Gold Project
16th May 20197:00 amRNSChange of Auditor
2nd May 20197:00 amRNSOperational Update on Homase Open Pit Gold Mine
18th Mar 20197:00 amRNSUpdate regarding claim by a former director
14th Feb 20197:00 amRNSCommencement of Definitive Economic Plan and EIA
28th Dec 20187:00 amRNSUSD1.224 Million Loan and Issue of Warrants
21st Dec 20187:00 amRNSUpdate on Developments at Akrokeri-Homase Project
28th Sep 20187:00 amRNSInterim Results
27th Sep 20187:00 amRNSOperational Update on High Grade Akrokeri Mine
25th Sep 20187:00 amRNSNew Corporate Presentation and Company Website
2nd Aug 20187:00 amRNSVisible Gold at Akrokeri-Homase Gold Project
17th Jul 20183:00 pmRNSResult of AGM
10th Jul 20187:00 amRNSOperational Update on High Grade Akrokeri Mine
9th Jul 201810:00 amRNSGhanaian Government Positive on Obuasi Development
29th Jun 20187:00 amRNSFinal Results for the year 2017 and Notice of AGM
20th Jun 20187:00 amRNSGold anomaly identified at Akrokeri-Homase Project
14th Jun 20187:00 amRNSGeological Managers Appointed at Akrokeri-Homase
7th Jun 20187:00 amRNSReview and Re-logging of Akrokeri Core
18th May 20187:00 amRNSRenewal of prospecting licences
25th Jan 20187:00 amRNSGeoChemical Soil Sampling over Homase and Akrokeri
19th Jan 20187:00 amRNSPotential to revitalise the old Akrokeri mine
8th Jan 20184:30 pmRNSHolding(s) in Company
11th Dec 20177:00 amRNSPreliminary in-country metallurgical test work
29th Nov 20177:00 amRNSDirector Appointment
27th Nov 20177:00 amRNSDirector Appointment
9th Nov 20177:00 amRNSResults of Akrokerri pit definition drilling
19th Oct 20175:08 pmRNSHolding(s) in Company
18th Oct 20176:11 pmRNSHolding(s) in Company
17th Oct 20176:18 pmRNSDirector/PDMR Shareholding
17th Oct 20178:06 amRNSHolding(s) in Company
10th Oct 20177:00 amRNSDirector/PDMR Shareholding
3rd Oct 20177:00 amRNSDirector/PDMR Notifications
2nd Oct 20177:00 amRNSBoard Changes
27th Sep 20174:05 pmRNSInterim Results
27th Sep 20177:00 amRNSSubscription to raise £1.5m gross
7th Sep 201712:45 pmRNSHolding(s) in Company
7th Sep 20177:00 amRNSAkrokerri Deep Trenches and Licences Update
6th Sep 20173:59 pmRNSHolding in Goldstone Resources Limited
6th Sep 201711:00 amRNSDirector/PDMR Notifications
30th Aug 20177:00 amRNSCOO Appointment
1st Aug 20172:05 pmRNSDirector/PDMR Notifications
11th Jul 20174:00 pmRNSDirector/PDMR Notifications
29th Jun 201712:00 pmRNSHolding(s) in Company
8th Jun 20177:00 amRNSDirector/PDMR Notifications
2nd Jun 201711:45 amRNSResult of AGM
16th May 20177:01 amRNSGoldstone Announces Final Results
16th May 20177:00 amRNSFinal Results and Notice of AGM
25th Apr 20176:11 pmRNSHolding(s) in Company

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