Initial Manso Amenfi Trench Results

RNS Number : 2372U

Goldstone Resources Ltd

29 November 2013

 



GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

INITIAL MANSO AMENFI TRENCH RESULTS

GoldStone (AIM; GRL), the AIM quoted exploration company focused on gold exploration in West and Central Africa, is pleased to provide initial trench results for its Manso Amenfi project in Ghana.

Highlights:

·     Trenching programme yields wide zones of gold mineralisation

·     Best results include 8m @ 1.7 g/t (including 2m @ 4.8 g/t), 50m @ 0.4 g/t, 2m @ 6.0 g/t, 2m @ 4.7 g/t and 18m @ 0.3 g/t

·     Gold-in-soil anomalism supports potential for strike extensions

·     Follow-up trenching and possibly a drilling programme scheduled for H1 2014.

Hendrik Schloemann, Exploration Director of the Company, commented: "The widths of the mineralised intervals are encouraging and we have reason to hope that drilling under the gold-bearing trenches into fresh rock may return higher grades.  A number of targets remain untested and we are looking forward to further results from the on-going trenching programme."

The Company has received assay results from 18 trenches for a total of 927 metres.  Trenches were located to test gold-in-soil anomalies in the north-eastern, north-western, central and south-eastern portions of the permit area.  Best gold intercepts are given in the table below.

Trench	From (m)	To (m)	Width (m)	Gold (g/t)
13 MATR004	30	32	2	0.4
13 MATR005	0	8	8	1.7
incl.			2	4.8
13 MATR005	22	28	6	0.3
13 MATR005	34	36	2	0.7
13 MATR007	50	52	2	1.6
13 MATR007	80	98	18	0.3
13 MATR007	108	110	2	0.6
13 MATR011	8	58	50	0.4
incl.			2	3.3
incl.			2	1.1
13 MATR012	80	82	2	6.0
13 MATR012	118	120	2	2.9
13 MATR012	136	138	2	0.5
13 MATR013	6	8	2	0.6
13 MATR013	16	18	2	4.7

* =  no cut-off was applied

A location map of the excavated and planned trenches in relation to previously detected gold-in-soil anomalies can be viewed at the following link: http://www.rns-pdf.londonstockexchange.com/rns/2372U_-2013-11-28.pdf- (Manso Amenfi Map - 131129)

On the map it can be seen that the soil anomalies associated with the positive trenches extend beyond the trenches, suggesting that potential for strike extensions exists.  This is particularly noticeable at Trench 007 where the mineralised interval (18m @ 0.3 g/t) is centred on a massive quartz vein which appears to be more than 10 metres wide at surface and where visible gold was seen in the trench.  At this location the associated gold-in-soil anomaly has a strike extent of 800 metres.  Additional trenching to test the remaining targets in the south-western portion of the permit area and to test for strike extensions at Trenches 005, 007 and 011 is on-going and will only be completed next year.

Notably, trench samples are commonly taken from very weathered rock and saprolite which typically is subject to secondary depletion or enrichment of gold during weathering.  The concentration of gold determined from the trench samples may therefore underestimate the concentration of gold in the underlying fresh rock.  A follow-up drill programme testing the fresh rocks underlying the positive trenches is planned for the early half of next year.

Channel samples along the bottom of the two to three metre deep trenches were composited at two metre intervals and fire assay analyses were carried out by ALS Laboratories in Ghana.  The reported lower limit of detection is five parts per billion.

Background to Manso Amenfi Permit

The Manso Amenfi permit is held through a joint venture with a Ghanaian company.  Through the joint venture agreement GoldStone has the right to earn up to 85% interest in the permit.  The Manso Amenfi permit area is in the vicinity of the Ashanti gold belt which accounts for 70 million ounces ("Moz") of gold and covers gold-prospective rocks of the Birimian formation.  Adding to its prospectivity, the permit also lies along strike of a zone of intense artisanal gold mining and the Edikan gold deposit (formerly named the Ayanfuri deposit), where Perseus Mining Limited defined a gold resource of 5.3 Moz. 

The Minerals Commission of Ghana recently granted a renewal in respect of the Manso Amenfi Licence for two years, subject to GoldStone and its partners relinquishing non-prospective ground.  The renewed permit is 44 km² in size and contains all significant gold anomalies and positive trenches.

APPROVAL

The information in this report that relates to exploration results, is based on information compiled by Dr Schloemann who is a Member of the South African Council for Natural Scientific Professions.  Dr Schloemann is a full-time employee of GoldStone Resources Limited.  Dr Schloemann has sufficient experience, which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking, to qualify as a competent person in terms of the 2004 Edition of the 'Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves'.  Dr Schloemann consents to the inclusion in this report of the matters based on his information in the form and context in which it appears.

Enquiries

GoldStone Resources Limited	[phone]
Jurie Wessels
WH Ireland Limited	[phone]
Tim Feather
Nick Field

 

END

 

 

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