GoldStone Resources
GoldStone Resources

The results from the key work streams under way along AIM-listed GoldStone Resources Homase Trend, is exceeding expectations on all fronts.

Ghana – The Homase Trend, an >8km gold-in-soil anomaly within its Akrokeri-Homase gold project (AKHM), is located on the northern end of the Ashanti Gold Belt in Ghana, 12 km along strike from Anglo Gold Ashanti’s >70 Moz Obuasi gold mine, and which also contains the high-grade 24g/t gold (recovered grade) Akrokeri mine.

The company, which seeks to move rapidly towards achieving low cost gold production at AKHM, is encouraged by the pilot heap leach test work and results from its recent trenching programme along the Homase Trend. 

Heap leach results

GoldStone Resources pilot heap leach, undertaken at the University of Mines and Technology in Tarkwa, Ghana, using 2.5 t of material from the proposed Homase South Pit, within the Homase Trend, achieved recoveries of 87.5% after just 60 days.  This exceeded the company’s expectations due to the known presence of coarse gold which influences the head grade and as a result, the test work was halted earlier than anticipated.  This endorses the company’s consultant’s, MAED, plans for an initial gravity facility, to ensure the recovery of the coarse content prior to the heap leach, thereby maximising recoveries.  
 
Trenching work

Trenching at the proposed Homase North Pit, to the north of the Homase Main Pit, has now been completed with assay results having been received. Six out of eight trenches encountered above cut-off mineralisation, with over 97% of the 901 samples assayed from the trenches giving positive results, including:

  • the widest intersection being 26 m at 0.71 g/t;
  • the highest grade being 3 m at 1.82 g/t; and
  • the highest individual assay being 3.87 g/t over a 1 m cut.

Potential new pit identified

A potential new Homase Central Pit investigation has started.  This area is immediately to the north of the existing Homase Pit that was mined by AngloGold Ashanti in 2002/3 and to the south of the proposed Homase North Pit.
 
This area was not investigated previously due to historic records showing a waste dump on surface immediately above the mineralisation.  However, recent field work has shown that this waste dump may be considerably smaller than previously believed.  Accordingly, a survey of this is being considered to confirm the amount of material needed to be moved.
 
Trenching at the parallel structures of Adubriem and Krodua has been completed and the assay results are expected within the next few weeks.  These may not be retained as immediate targets, due to their proximity to settlements, with the focus maintained on the main Homase Trend.
 
Definitive Economic Plan update

MAED is making good progress on the Definitive Economic Plan (DEP) and expects to complete the study shortly ahead of submitting for final governmental approval in May 2019 as previously reported.  The results of the pilot heap leach test work have also further strengthened the initial thoughts of MAED, regarding the ability to use a Gravity Recoverable Gold circuit to recover the coarse gold, which has a low capital outlay and can facilitate early revenues.

Following the results of the pilot heap leach test, some additional samples have been taken from positions that lie within the proposed Homase South Pit for additional coarse gold and size fraction (gradings) analyses.  This work is expected to be completed within the next few weeks.

Environmental Impact Assessment update

The Environmental Impact Assessment (EIA) baseline study and report are nearing completion.  Community meetings have commenced, starting with the Bekwai Paramount King and the chief executive of the Amansie Central District Assembly.  A farm survey is currently ongoing, involving farm sizes and crops (types and sizes) for compensation purposes.
 
Final DEP information will be required to complete the EIA, ahead of its submission to the Ghanaian Environmental Protection Agency in association with the consultant undertaking the DEP, Optimal Development Consult, or OPDEC.

“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,” says GoldStone Resources CEO Emma Priestley.
 
“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, she adds.
 
GoldStone Resources will provide an operational update on the Akrokeri mine in the coming weeks.