GoldStone Resources – Overview

Unity Mining acquired 20% of GoldStone Resources Limited on 7 May 2010. The Company announced it had increased its stake in GoldStone to 33% on 27 May 2011.

GoldStone is an AIM-listed West African gold exploration company. GoldStone has a successful and experienced management team based in South Africa. The core management team of Jurie Wessels (CEO) and Dr Hendrik Schloemann (Exploration Director, ex-Harmony West Africa) have assembled a highly prospective package of properties in West Africa.

The Company’s key asset is the Homase/Akrokerri project in the Ashanti Gold Belt in Ghana, where GoldStone may earn up to an 85% interest. The GoldStone public release on 1 June 2011 announced a 405,600 oz gold resource, estimated in accordance with JORC guidelines, beneath and along strike from the Homase main pit for this combined project area. This now abandoned Homase pit was mined by AngloGold Ashanti in 2002 and 2003 during a time of low gold prices. The lease area is believed to have excellent exploration potential and is located some 15 km NE of AngloGold Ashanti’s Obuasi Gold Mine. GoldStone initiated their inaugural drilling program at Homase in June 2011.

Other GoldStone assets include the Manso Amenfi licence in Ghana, which GoldStone believes is prospective as it lies along a trend of intense artisanal gold mining and in a similar belt of rocks to Perseus’s Ayanfuri gold deposit, located some 50 km to the northeast. The Company also has a large 471 km² exploration license in Senegal near the border with Guinea. The ground is to the south of Randgold’s licence containing the 3.4 Moz Masawa discovery and along trend from Sabodala (2.2 Moz), Yatela (2 Moz) and Sadiola (10 Moz) mines.

In April 2011, GoldStone was awarded two large exploration areas in Gabon, both of which contains 15 km long gold in soil anomalies. The Oyem permit (516 km2) is located in the northern part of Gabon, while the Ngoutou permit (515 km2) is in the eastern central region. These early stage projects will be the subject of follow-up soil sampling and trenching programs to develop initial drilling targets.

GoldStone Resources
GoldStone Resources