Sangola Drilling Results

RNS Number : 6141L

Goldstone Resources Ltd

06 September 2012

 

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

FIRST RESULTS OF ROTARY AIR BLAST DRILLING ("RAB") PROGRAMME AT SANGOLA, SENEGAL

GoldStone (AIM: GRL), the AIM quoted company focused on gold in West and Central Africa, announces that the Company has received encouraging first assay results from its RAB drilling programme at Sangola, Senegal.

Highlights:

·     Early drilling results, which cover the central part of the six kilometre long Thiabedji gold anomaly in the Sangola permit area, delineate a 1.2 km long mineralised trend which is up to 70 metres wide and remains open along strike

·     Results include 9 metres @ 4.7 g/t gold (including 3 metres @ 11.8 g/t gold) and 3 metres @ 4.9 g/t gold

·     The results of 1,468 samples from the north-eastern and south-western portions of the Thiabedji anomaly are still pending

Hendrik Schloemann, GoldStone's Exploration Director, commented: "We are very excited that early results from our first drilling campaign at Sangola are encouraging and that they confirmed the prospectivity of this permit.  We are awaiting the remainder of the assay results and looking forward to drilling deeper at Thiabedji using a Reverse Circulation drill rig."

The RAB drilling programme was carried out from May to July 2012.  A total of 418 holes were drilled along thirteen lines for a total of 11,358 metres. Drilling was carried out over various weathering environments which resulted in drill holes ranging in depth from 3 metres to 60 metres.  The average drill hole depth was 27 metres. Gold concentrations were determined using the Fire Assay technique with an Atomic Absorption Spectroscopy finish.  The lower limit of detection for gold was 0.01 g/t. Assay results for 293 drill holes (2582 samples) have been received to date and cover only the central part of six kilometre long Thiabedji surface gold anomaly while the results for the north-eastern and south-western portions of the anomaly are still pending. 

Results received to date reveal that gold mineralisation exists in laterite and weathered meta-sedimentary rocks within a 1.2 kilometre long corridor varying in width from a few metres to 70 metres.  This mineralised trend remains open along strike towards the north-east and the south-west. 

Geological mapping and the results of a recently completed high-resolution airborne magnetic survey suggest that the mineralisation is controlled by two north-east trending secondary structures splaying off the regional Main Transcurrent Shear Zone which also controlled the formation of Randgold's 3.2 Moz Massawa gold deposit north-east of the Sangola permit. 

A summary of the best drill results is shown below:

Drill Hole	From	To	Down-Hole Width	Gold Grade
	(m)	(m)	(m)	(g/t)
SGRB0113	3	18	15	0.5
SGRB0129	6	18	12	0.5
SGRB0196	0	9	9	4.7
Including	3	6	3	11.8
SGRB0197	3	6	3	4.9
SGRB0202	6	13	7	0.8
SGRB0203	0	13	13	0.4
SGRB0204	6	14	8	0.5
SGRB0272	6	9	3	1.1

The programme also yielded a large number of low grade intersects; i.e. 101 intersects of 0.1 g/t gold or more over at least three metres including 40 intersects of 0.2 g/t gold or more over at least three metres.  11 of these intersects are wider than 6 metres.

The technical team of the Company is encouraged by the fact that the relatively inexpensive RAB drilling method, which only penetrates softer formations such as laterite and weathered rock and which is not suitable to the drilling of deep holes into fresh rock, has yielded these results.  Notably the majority of the higher grade intersects occur in an area where a north-west trending interpreted structure intersects the mineralised corridor.  The width of the mineralised zone in this area appears to be 70 metres and gold concentrations generally increase down-hole from the overlying laterite into the weathered rock, indicating that gold concentrations near the surface may have been depleted by supergene processes.  The favourable structural setting of the detected gold mineralisation and the realisation that gold concentrations seem to increase with depth further elevate the significance of the first RAB drilling results.  The remaining 1,468 drill samples have been submitted to a laboratory in Mali for assaying.

The exploration programme planned for the next dry season (December to July) will include Reverse Circulation drilling to test if the gold mineralisation detected in laterite and weathered rock at Thiabedji extends to depth into fresh rock.  Additional surface gold anomalies, such as Baraboye, four kilometres to the north, and Tiobo, two kilometres to the east of Thiabedji, will be prioritised for RAB drilling testing.

APPROVAL

Dr. Hendrik Schloemann, who holds a PhD in geology, has reviewed and approved the geological content of this announcement.

Enquiries

GoldStone Resources Limited	[phone]
Jurie Wessels
Hendrik Schloemann
WH Ireland Limited	[phone]
Tim Feather
Nick Field
Optiva Securities Limited
Jason Robertson	[phone]
Jeremy King	[phone]

 

END

 

 

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