Business
Sangola License decree issued
Sangola License decree issued.
About this update from Goldstone Resources Limited
[{"type":"text","content":"\n RNS Number : 6644U Goldstone Resources Ltd 20 October 2010 \n\nGOLDSTONE RESOURCES LIMITED\n \nSANGOLA DECREE (SENEGAL) ISSUED\nUPDATE: HOMASE, GHANA\n \n \nGoldStone Resources Ltd (\"GoldStone\" or the \"Company\"), the AIM quoted company focused on gold in West Africa, announces that the decree relating to the Sangola Permis de Recherche (the \"Decree\") has been signed by the Senegalese Mining Minister. The Company also provides an update on its Homase Licence. \n \nThe Sangola Decree\n \nOn 6 November 2009 GoldStone announced that the Company had entered into a Convention de Recherché with the Government of Senegal under which the Sangola Exploration Licence (\"Licence\") was granted for a period of three years. In accordance with Senegalese legislation, the Company was not able to commence exploration activities until the Decree was issued by the Mining Minister. The Licence period is to commence on the date of the Decree and is renewable for two further three year periods. \n \nThe Licence\n \nThe Licence area is approximately 471 km² in extent and mostly covers the gold-prospective Kenieba Inlier of Birimian Formation. The licence is located 30 km west of Kedougou, the regional capital city.\n \nThe directors believe the area covered by the Licence is highly prospective because historic exploration of the Kenieba Inlier resulted in the discovery of more than 30 million ounces (\"Moz\") of gold in five major deposits in Mali and Senegal. The Licence contains locations of artisinal gold mining activity and covers the south-eastern end of the Main Transcurrent Shear Zone, a major gold bearing system that yielded the recently discovered 3.4 Moz Massawa gold deposit (Randgold Resources Ltd). Further to the north the same structure is targeted by Mineral Deposits Limited and Bassari Resources Limited. Both companies have located new mineralization (Sounkounkou and Sanbarabougou) along this 70 km long gold anomalous trend. The Licence also covers the very prospective basalts and andesites (Mako Volcanic Formation) that host the 3 Moz Sabodala deposit, presently the only active gold mine in Senegal. Despite its strategic position the Licence is still largely unexplored. \nExploration Programme for Sangola\nA d...