25 May 2012

Goldstone Resources

ADD

01/02/2012 Robert Tyerman

Drilling results from Goldstone Resources (GRL)'s Homase/Akrokerri gold project in Ghana suggest potential for a significant resource upgrade. The company, based in South Africa and quoted on AIM, says results include four metres with 6.7 grammes of gold per tonne of ore, 9.7 metres with 6.1 grammes a tonne and 8.1 metres with 11.1 grammes a tonne, as well as 18.5 metres with a modest 0.9 grammes a tonne.

Exploration director Hendrik Schloemann comments 'we are pleased to have extended the known strike length of the high grade shoot at depth,' where he points out the mineralisation remains open. The drilling results extend this shoot from 20 metres to 95 metres at 200 metres down.

Goldstone argues there is now scope to upgrade the formal gold resource estimate for Homase/Akrokerri, part of Ghana's Ashanti Gold Belt, from the current 405,600 oz. Australian group Unity Mining is the company's project partner and has built up a 34% stake in Goldstone, giving rise to speculation about possible corporate moves. 

Highlighted by Growth Company Investor two years ago at 3.88p, Goldstone shares now trade at 5.38p, up 0.25p this morning. There could be more to go for over the medium term.   

Tags: AIM market, Gold in Ghana, Hendrik Schloemann, Unity Mining

Sector: Mining

Companies: Goldstone Resources

Market cap: £18.7m

PE Forecast: n/a

Share price: 5.38p

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