Sangola Exploration Update

RNS Number : 3114A

Goldstone Resources Ltd

18 February 2014

 



GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

SANGOLA EXPLORATION UPDATE

GoldStone (AIM: GRL), the AIM quoted exploration company focused on gold in West and Central Africa, is pleased to provide an update of progress at the Company's Sangola project in Senegal, where it has a joint venture with Randgold Resources Ltd ("Randgold").

All assay results of the drilling programme completed by Randgold on the Baraboye and Ibel prospects have been received.  Best gold intercepts included 7m @ 1.5 g/t, including 1m @ 8.3 g/t, 6m @ 0.7 g/t including 1m @ 2.2 g/t and 11m @ 0.5 g/t, including 1m @ 1.9 g/t.

These results do not justify an immediate follow-up programme and Randgold will now focus its exploration activities on the Gangara and Bandafassi prospectsby undertaking geological mapping and lithological sampling to identify additional drill targets.  The Gangara and Bandafassi prospects are of particular interest because they cover an area where Randgold, through its recently completed work programme, identified a previously unknown extension of the MTZ structure which controlled the formation of Randgold's 3 million ounce Massawa gold deposit to the north-east. 

GoldStone's Exploration Director Dr. Hendrik Schloemann commented: "Exploration is ongoing and we are expecting Randgold's experience in this geological environment to firm up additional drill targets along the newly identified extension of the MTZ structure at Gangara and Bandafassi."

The joint venture received assay results for 98 reverse circulation drill holes which were drilled along four lines on the Baraboye prospect and two lines on the Ibel prospect for a total of 5,310 metres.  Best gold intercepts are listed in the table below.

Prospect	Drill Hole	Width (m)	Gold (g/t)	From (m)
Baraboye	BYRC013	7	1.5	34
including		1	8.3
Baraboye	BYRC034	9	0.5	33
including		1	2.5
Baraboye	BYRC035	6	0.7	1
including		1	2.2
Baraboye	BYRC039	8	0.5	6
including		1	2.4
Baraboye	BYRC051	7	0.5	35
including		1	1.4
Baraboye	BYRC071	9	0.3	23
Ibel	IBRC03	11	0.5	67
including		1	1.9

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

 

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