Shares in GoldStone Resources Ltd. have dropped after the company provided on update on its Homase mine in Ghana, which started to produce gold in 2021.
The Homase Open Pit is located approximately 12km along strike from AngloGold Ashanti’s Obuasi Mine which has a total historical and current resource in excess of 70M oz Au. The London-listed company said it has recovered 20% of contained gold to date, which was less than expected due to agglomeration issues.
The mining company said that to date, it has recovered around 37 kilograms of gold, of which 14.5 are held as gold dore in stock to satisfy October and November loan payments due to Asia Investments Management Services Ltd. The December payment will be accommodated with 8 kilograms of gold bullion, it said. In the first half of 2022 GoldStone expects a mining rate of 60,000 metric tons per month, which then plans to increase in the second half.
Homase previously produced 52,000 oz Au from one open pit at a final recovered average grade of 2.5g/t. GoldStone’s work has defined initial JORC compliant resources of 602,000 oz Au at 1.77 g/t from southern and northern extensions which could be heap leached or toll treated in the near future.
Historic trenching indicates 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. GoldStone’s recent soil geochem programme coupled with the review of historical data has identified a >8km gold-in-soil anomaly, the Homase Trend. This extends both to south and north of the pit and contains the 4km resource zone which remains open at depth and along strike.