Goldstone Resources finds nine gold targets following drill programme

Goldstone Resources has identified nine targets following an auger drilling programme at its gold mines in Ghana.

The AIM-listed miner performed a short shallow auger drilling programme to test areas near an existing JORC Code compliant resource for the Homase-Akrokerri license by drilling 304 metres from 140 auger holes.

Following the end of the drilling programme, which was also part of an ongoing review of the company of its historical database, it identified nine targets.

The augur programme tested three of the initial nine targets identified from the review of a survey from 2012 comprising of 36 holes sampling from 86 metres at the Akrokerri license (called Eureka SW) and 104 holes sampling from 218 metres at the Homase license (called Eureka and Eureka NE).

Assay results from the three targets showed “some degree of gold anomalism”, with two zones of particular significance at Eureka, with marked anomalism over a strike of at least 200 metres and possibly indicating potential of a 400 metre long geophysical anomaly, and at Eureka SW, with an anomalous zone more than 15 parts per billion of gold identified over a distance of 300 metres.

The company said that these results will be integrated in its 2017 drilling programme which “will focus on resource conversion drilling, expanding the existing Homase resource and will also target other areas of interest within the licences”.

Chairman Neil Gardyne said: "The review of historical data is deemed a necessity to ensure we understand the potential of these two licences, which have not been fully explored to date. This auger programme is the start and demonstrates that we can assess potential targets quickly and cheaply utilising existing data.

“The results of this auger drilling to the south-east of the Homase pit on the parallel identified zones, has demonstrated the potential to increase the mineralisation footprint within the licence areas. We are encouraged by the results and believe they highlight the potential for discovery of additional gold mineralisation zones."

Shares in Goldstone Resources were down 5.25% to 1.45p at 1245 GMT.