RNS out. A bit disappointing but good news is a free carry on Randgolds 5,000m drill campaign, kicking off by December. Should be good news flow coming with the new drilling. Time to keep adding.
14 February 2019
GOLDSTONE RESOURCES LIMITED
Commencement of Definitive Economic Plan and Environmental Impact Assessment
& Development Update from Akrokeri-Homase Gold Project
GoldStone Resources Limited (AIM: GRL) is pleased to provide an update on its key work streams at its Akrokeri-Homase Gold Project (“AKHM”), as the Company seeks to move rapidly towards establishing its first operating mine within the Homase Trend. The Homase Trend is an >8km gold-in-soil anomaly within AKHM, located on the northern end of the Ashanti Gold Belt in Ghana, 12km along strike from Anglo Gold Ashanti’s >70 million ounce Obuasi Gold Mine.
Definitive Economic Plan (“DEP”) to assess capital requirements, operating costs and timelines in respect of developing an operational mine on the Homase Trend now commencing and expected to be completed in Q2 2019 - this is a key milestone in the Company’s strategy towards becoming a gold producer
MAED (UK) Limited (“MAED”) has been engaged to undertake the DEP (the “MAED Agreement”), with the support of the wider MAED Group
Work on the DEP will focus on the completion of a fast track, low cost plan to submit for final government approval in May 2019
Following initial consultation, MAED is of the opinion that a low tonnage, gravity and combined heap leach facility can achieve early stage cash flow with minimal capital expenditure
Optimal Development Consult (“OPDEC”) has been engaged to complete the Environmental Impact Assessment (“EIA”), a pre-requisite to applying for a mining licence and will also manage community and social relations work
Homase Trend scoping study progressing well
- Results of completed pilot heap leach project and results from the first stage of trenching at the Homase North and Adubriem deposits expected shortly
- Additional trenching, targeting the mineralised zone along the Homase Trend to the north of the existing Homase open pit, is underway, the results of which are expected in Q2 2019
Both the DEP and EIA are major project milestones as the Company seeks to achieve production and builds on the Company’s recent preliminary findings from the pilot heap leach project processing material from the Homase South Pits, which were announced on 21 December 2018. A further update regarding recoveries from a 65-day leach cycle are expected shortly. The Company also anticipates the receipt of laboratory analysis from the first stage of trenching at the Homase North and Adubriem deposits in the coming weeks. Additional trenching, targeting the mineralised zone north of the existing Homase open pit, is underway and results from this programme are expected in Q2 2019.
Definitive Economic Plan
The Company is pleased to announce that it has engaged MAED to undertake the DEP. MAED, which is wholly owned by Bill Trew, the Company’s Non-executive Chairman, will be supported by the wider MAED Group in the development of the DEP. MAED Group has significant experience in the mining sector, having completed EPCM and turnkey projects for many of the world’s leading gold mining companies. The team has designed and constructed a number of highly successful heap leach projects that have been in production for more than a decade in West Africa and Asia.
Following an initial consultation, MAED has indicated that it believes that a low tonnage, gravity and combined heap leach facility can achieve early stage cash flow with minimal capital expenditure. This assessment is based on MAED’s initial geological and metallurgical review of the Homase Trend, coupled with the conclusion from the preliminary findings from the pilot heap leach project which, using 2.5 tonnes of material from Homase South within the Homase Trend, The University of Mines and Technology (UMaT) in Tarkwa, Ghana, estimates could achieve recoveries of up to 80% gold extraction over a 65 day cycle.
Environmental Impact Assessment
The Company is pleased to announce that it has appointed OPDEC to undertake the EIA. The EIA is an important workstream that is required to enable the Company to apply for a mining licence. OPDEC has significant experience of providing such assessments for clients in Ghana and across Africa in this regard. OPDEC will also oversee the environmental, community and social relations work which has continued to progress the advanced stage of environmental permitting
Related party transaction
MAED is wholly owned by the Company’s Non-Executive Chairman Bill Trew and, accordingly, MAED is deemed to be a related party of the Company as defined in the AIM Rules for Companies (“AIM Rules”). The MAED Agreement is therefore a related party transaction pursuant to Rule 13 of the AIM Rules. The directors of the Company, other than Bill Trew, consider, having consulted with the Company’s nominated adviser, Strand Hanson Limited, that the terms of the MAED Agreement are fair and reasonable insofar as the Company’s shareholders are concerned.
III RNS a bit different to others which is strange!
Emma Priestley, CEO of GoldStone, commented:
“Last year, we made a commitment to our shareholders to bring the Akrokeri-Homase project into production in the shortest possible time. Initial indications point towards the viability of a low tonnage, gravity and combined heap leach facility to generate early stage cash flow with minimal capital expenditure at Homase. As such, this is the focus of our development efforts, as we seek to deliver our objective of near term production.”
18 March 2019
GOLDSTONE RESOURCES LIMITED
Update regarding claim by a former director
GoldStone Resources Limited (AIM: GRL) provides an update regarding the claim against the Company by Hendrik Schloemann, a former director of the Company, first announced on 13 October 2016 (the “Claim”).
Further to its announcement of 14 December 2018, the Company has withdrawn an appeal lodged with the South African Labour Court and whilst the Company is required to agree a payment schedule with Mr Schloemann’s attorney, the Company is considering its options in this regard and in relation to the Claim with its advisers.
Further announcements will be made as and when appropriate.
From first thing this morning:
2 May 2019
GOLDSTONE RESOURCES LIMITED
Operational Update on Homase Open Pit Gold Mine
GoldStone Resources Limited (AIM: GRL) is pleased to provide an update on its key work streams along the Homase Trend, which includes results exceeding expectations from its pilot heap leach test work and encouraging results from its recent trenching programme, as the Company seeks to move rapidly towards achieving low cost production.
The Homase Trend, an >8km gold-in-soil anomaly within its Akrokeri-Homase Gold Project (“AKHM” or the “Project”), is located on the northern end of the Ashanti Gold Belt in Ghana, 12km along strike from Anglo Gold Ashanti’s >70 million ounce Obuasi Gold Mine, and which also contains the high-grade 24g/t Au (recovered grade) Akrokeri Mine.
· Pilot heap leach test work indicated recoveries in excess of 87.5% after just 60 days due to coarse gold content, exceeding initial expectations and endorsing plans for an initial gravity and combined heap leach facility to minimise capex
· Trenching over 900 metres at the proposed Homase North Pit completed, with six out of eight trenches encountering above cut-off mineralisation and the highest individual assay at 3.87 g/t Au (1 metre cut)
· Trenching at the parallel structures of Adubriem and Krodua over 800 metres has been completed and the assay results are expected within the next few weeks
· Potential new Homase Central Pit investigation started in the area immediately to the north of the existing Homase Pit, a shallow open oxide pit that was mined by AngloGold Ashanti in 2002/3 and produced 52,000 oz at 2.85g/t Au
· Definitive Economic Plan (“DEP”) progressing well and is expected to be submitted for final government approval in May 2019
· Initial work indicates Gravity Recoverable Gold (“GRG”) circuit can be utilised which has low capital outlay and can facilitate early revenue
· The baseline study for the Environmental Impact Assessment and Management Plan is nearing completion
"Operations are progressing in line with our commitment to move rapidly towards establishing our first operating gold mine within the Homase Trend. The initial results from the bulk heap leach test work are extremely encouraging and are an endorsement of our plans to achieve early stage cash flow with minimal capital expenditure via a low tonnage, gravity and combined heap leach facility.
"With the DEP nearing completion, this will also allow us to complete and submit the environmental study, and we look forward to providing further updates as work at AKHM progresses.
“We will provide an operational update on the Akrokeri Mine in the coming weeks.”
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28 June 2019
GOLDSTONE RESOURCES LIMITED
Final Results for the year ended 31 December 2018
GoldStone Resources Limited (AIM: GRL), is pleased to announce its final results for the year ended 31 December 2018.
· Advancement of GoldStone’s Akokeri-Homase Gold Project (“AKHM”) in the Ashanti Region of Ghana continues, with workstreams underway focused on recommencement of production and delivery of first revenues
· Significant test work undertaken alongside historical data from the former Akrokeri underground mine (“Akrokeri Mine”) and the Homase open pit (“Homase Pit”) resulting in
- confirmed intercepts of up to 1.0 metre at 51.01 g/t gold at the Akrokeri Mine supporting the historical evidence of Akrokeri’s potential to host a high-grade mining operation
- identified an >8 km gold-in-soil anomaly on the Homase Trend, which has the potential to host multiple additional pits
· Historic trenching indicated high grade gold mineralisation, including 15.0 metres @ 6.31 g/t Au which includes 4.5 metres @ 18.23 g/t Au from a trench in the Homase North resource zone, following which positive results from recent scoping study exceeded expectations with the pilot heap leach test work indicating recoveries in excess of 87.5% after just 60 days due to coarse gold content
· New ‘Norton’ shaft, located 40 metres east of the historic North Shaft at the Akrokeri Mine, completed to a target depth of 33 metres and work has commenced on re-opening the North Shaft, which was one of the main shafts for the historic workings of the Akrokeri Mine
- Norton Shaft and historic North Shaft will be used as the two access points to the old workings at the Akrokeri Mine, which previously produced 75,000 ounces of gold at a recovered average grade of 24 g/t Au
· Licences for Akrokeri, within prospecting licence PL6/87, and Homase, within prospecting licence RL6/96, renewed through to 20 April 2020
· Title to Senegalese licences maintained - the Company will apply for extension of exploration licence upon the satisfactory review of raw drill data
· Loan secured for US$1.22 million with major shareholder, Paracale Gold Ltd
· Post period end, operations at AKHM substantiated by the completion of the Definitive Economic Plan (“DEP”) setting out the basis for a low cost heap leach processing facility to process material from three satellite open pits lying along the known Homase Trend, either side of the previously mined Homase Pit, to generate cash flows to fund the further development of AKHM
- DEP submitted to the Minerals Commission of Ghana to begin the process for a mining permit application
- Environmental Impact Assessment (“EIA”) underway
GoldStone’s Chief Executive Officer, Emma Priestley, commented: “We have made considerable progress in advance AKHM, as evidenced by the recent completion of the DEP, laying the foundations for production at AKHM as we seek to move towards achieving our first operating gold mine within the Homase Trend. Further funding from our major shareholder during the year supports our continued advancement of AKHM, while completion of the DEP means we can finalise the EIA, and with the requisite approvals, seek to move to commence production to generate near-term cash flows. We look forward to updating shareholders on progress in the coming months.”
The Annual Report and Accounts (the “Accounts”) will shortly be available on Goldstone’s website and if you would like a physical copy of the Accounts, please contact the Company.
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