GoldStone Resources Ltd has released JORC-based resource figures for its Homase gold project in Ghana.
Homase has measured gold reserves of 157,000 ounces. If indicated and inferred are included the figure increases to nearly 283,000 ounces. Nearly on-third of the gold is in oxidised ore where recoveries are as high as 93%. The rest is in transitional and sulphide ores where the recoveries are 84%.
Further high grade shoots and mineralisation have been identified.
Upon defining an inferred resource GoldStone earns 51% of the Homase joint venture. GoldStone then has to spend a minimum of $1m to take its interest to 65%. If a successful feasibility study is completed within 24 months of a pre-feasibility study the stake will rise to 85%.
At 4.53p a share, down 0.6p on the day, GoldStone is valued at £5.92m.
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