Homase Drilling Commencement & Operational Update
Summary by AI BETAClose X
3 August 2026
GOLDSTONE RESOURCES LIMITED
("GoldStone" or the "Company")
Homase Mine Commencement of Pit Definition Drilling and Production Update
GoldStone Resources Limited (AIM: GRL), is pleased to announce the commencement of a reverse circulation ("RC") pit definition drilling programme at its Homase Mine, targeting the proposed Pit 5 and Pit 6 oxide mining areas for oxide ore, as part of the ongoing operational development, as set out in the Company's announcement of 4 February 2026. Shown at Figures 1 and 2.
The programme comprises approximately 2,000 metres of RC drilling and has been designed to further define the near-surface oxide mineralisation within the planned pit shells of Pits 5 and 6. The pits have been delineated within the known oxide zone of the Homase Trend (see RNS dated 20 June 2018), which forms part of the area hosting the Company's previously reported JORC Code compliant 602,000 oz Mineral Resource (see RNS dated 22 November 2012).
The drilling results will be incorporated into ongoing resource modelling and the Company's near-term mine planning and are expected to increase confidence in the mineable oxide resource within this section of the deposit, supporting detailed pit design and underpinning the next phase of mine development.
The programme forms part of GoldStone's ongoing strategy to optimise the Homase Mine by expanding the available mining inventory, increasing operational flexibility and supporting the continued evaluation and development of the > 4-kilometre-long known mineralised Homase structural corridor, which remains open for further exploration.
Results from the programme will be incorporated into ongoing resource modelling and mine planning and the Company will keep the market advised at key steps as the drilling and planning advance.
Production
The Company confirms that gold production for the six-month period to 30 June 2026 is approximately 46.43 kilograms of doré, which equated to approximately 1,214.4 troy ounces gold sold.
As expected, production during the period was affected by the annual rainy season in Ghana, which typically extends from March to September.
The Company has commenced a programme of operational improvements to enhance plant reliability and processing efficiency. This includes the installation of the raw water feed pump and key solution pumps throughout the heap leach circuit. The existing pumps, which have provided reliable service for over six years, are being replaced with the new, higher-capacity units that are expected to improve solution circulation and reduce processing delays. The Company is also upgrading the solution channels and piping system, that run between the pads and the absorption circuit, to minimise dilution as far as is practicable.
The Company is reviewing proposals to expand the adsorption circuit through the installation of additional carbon adsorption capacity. Increasing the capacity of the adsorption tanks is expected to improve gold recovery and optimise the performance of the heap leach operation. A new excavator has been installed for the primary feed to the plant, again replacing aged equipment.
Management continues to evaluate further improvements to reduce the impact of seasonal interruptions and enhance overall plant performance.
Mining of the oxide material continues from Pit 3, shown at Figures 3a 3b and 3c of the Homase Mine. Pad 6 has been completed and stacking of agglomerated ore commenced in May 2026, shown at Figure 4. Planned earthworks are on-going for the further extension to Pad 6, which is expected to be ready for the installation of the leak detection pipework and the geofabric and geomembrane in late Q3 2026.
Emma Priestley, CEO of GoldStone, commented: "We are pleased to have commenced the pit definition drilling programme at Homase. The work is focused on Pit 5 and Pit 6 and represents another step in our strategy to optimise the mine plan and support the continued development of the Homase operation. We look forward to updating shareholders as the programme progresses."
Further announcements will be made as appropriate.
For further information, please contact:
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GoldStone Resources Limited |
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Emma Priestley |
Tel: +44 (0)1534 487 757 |
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Strand Hanson Limited |
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James Dance / James Bellman |
Tel: +44 (0)20 7409 3494 |
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St Brides Partners Ltd Susie Geliher / Ana Ribeiro |
Tel: +44 (0)20 7236 1177 goldstone@stbridespartners.co.uk |
About GoldStone Resources Limited
GoldStone Resources Limited (AIM: GRL) is an AIM quoted mining and development company with projects in Ghana that range from grassroots exploration to production.
The Company is focused on developing the Akrokeri-Homase project in south-western Ghana, which hosts a JORC Code compliant 602,000oz gold resource at an average grade of 1.77 g/t. The existing resource is confined to a 4km zone of the Homase Trend, including Homase North, Homase Pit and Homase South.
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 producing 52,000 oz gold at 2.5 g/t recovered. Production is currently focussed on the Homase Mine however it is the Company's intention to build a portfolio of high-quality gold projects, with a particular focus on the highly prospective Birimian Gold Belt.
GoldStone has acquired a 50% interest in a gold project in Sierra Leone, located adjacent to the Boamuhun Gold Mine, a known gold deposit estimated to contain approximately 5.8 million ounces, with early work indicating grades of approximately 12 g/t.
Figure 1: Rig Trimming to Drill Pad 1 Figure 2: Reverse Circulation Drilling
Figure 3a and 3b: Homase Mine Pit 3
Figure 3c: Homase Mine Grade Control Trench Figure 4: Pad 6 with Stacking Commencing
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