UPDATE: Goldstone Resources increases Homase/Akrokerri gold resource by 100,000 ounces
Africa-focused gold explorer Goldstone Resources (LON:GRL) has increased its gold resource at its flagship Homase/Akrokerri project in Ghana by 100,000 ounces.
The figure now stands at a JORC compliant 602,000 ounces of contained gold - having stood at 502,000 ounces earlier this summer.
The overall gold grade has increased slightly to 1.77 grams per tonne (g/t), the company said.
Exploration director Hendrik Schloemann said: "We are pleased that with a limited number of drill holes and in the short period since our last upgrade in early August we have been able to add significantly to the resource.
"Our focus will now shift to the potential south-western extension of the Homase trend, to Adubrim, and to the conductor that trends from the Obuasi mine into our Akrokerri permit."
The estimate was compiled by independent consultant SEMS Exploration Services and used a cut-off grade of 0.5 g/t gold.
Broken down, the new estimate consists of 361,000 ounces in the measured and indicated category at 1.87 g/t and 241,000 ounces at 1.77 g/t in the inferred.
A recent survey identified more than 30 targets in the Homase/Akrokerri project area, and indicated that the gold resource extends beyond the present resource to the south-west and to the north-east, the firm added.
After an early spike, the shares settled around the 2.8 pence mark, unchanged on the day.
WH Ireland, the broker and NOMAD to the company, raised its price target to 9.7 pence a share from 8.5 pence previously.
"The whole licence remains prospective and over 30 targets have been generated," said analyst Paul Smith.
"We anticipate further mineralisation can be found in the licence."
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