Business
Ghanaian Joint Venture
Ghanaian Joint Venture.
About this update from Goldstone Resources Limited
[{"type":"text","content":"\n RNS Number : 9622A Goldstone Resources Ltd 19 October 2009 \n \n\n\nGOLDSTONE RESOURCES LIMITED\n(\"GoldStone\" or \"the Company\")\n\nGOLD EXPLORATION JOINT VENTURE: HOMASE, GHANA\n\nThe Directors of GoldStone are pleased to announce that the Company has entered into a joint venture agreement (\"Joint Venture Agreement\") with Cherry Hill Mining Company Ltd (\"Cherry Hill\"), a Ghanaian company, to develop the Homase Prospecting License (\"the Homase License\"). \n\nThe Homase License\n\nThe Homase License is wholly owned by Cherry Hill and forms the subject of the Joint Venture Agreement. The license area falls in the Bekwai District of the Ashanti Region in Ghana c. 15km from the town of Obuasi. It is approximately 115 square kilometres in extent and lies c. 15km north-east of Anglo-Gold Ashanti's fifty million ounce Obuasi Mine.\n\nRegionally the Homase License is located within the well mineralised Ashanti Gold Belt where more than seventy million ounces of gold have been discovered. The Directors believe the Homase License covers the same structure that controlled the formation of the Obuasi gold deposit which has been exploited at surface and underground over the last 100 years. Shea Gold Limited (\"Shea\"), a subsidiary of Dominion Mining Limited, a previous explorer in the area, targeted this structure within the Homase License and drilled more than 130 boreholes during 1998, 1999 and 2000 to quantify the continuous gold mineralisation along a three kilometre strike length.\n\nSome of the most significant intersects drilled by Shea are listed below:\n\n\n\n\nHOLE\n\n\nFROM (m)\n\n\nTO (m)\n\n\n WIDTH (m)*\n\n\nAU GRADE (g/t)\n\n\n\n\n98HMRC010\n\n\n20\n\n\n46\n\n\n26\n\n\n2.9\n\n\n\n\n98HMRC011\n\n\n0\n\n\n24\n\n\n24\n\n\n1.8\n\n\n\n\n98HMRC035\n\n\n0\n\n\n22\n\n\n22\n\n\n3.8\n\n\n\n\n98HMRC050\n\n\n1\n\n\n13\n\n\n12\n\n\n4.2\n\n\n\n\n98HMRC051\n\n\n16\n\n\n23\n\n\n7\n\n\n7.3\n\n\n\n\n99HMRC071\n\n\n40\n\n\n54\n\n\n14\n\n\n7.3\n\n\n\n\n99HMRC075\n\n\n20\n\n\n46\n\n\n26\n\n\n4.0\n\n\n\n\n99HMRD072\n\n\n76\n\n\n82\n\n\n6\n\n\n19.7...