Proactiveinvestors Australia

GoldStone is an AIM listed exploration company with exploration skills that focus on gold in West and Central Africa. The company’s projects are located in Ghana, Senegal and Gabon, and range from grassroots to advanced exploration.

The company is constantly reviewing new gold exploration opportunities to further grow its exploration portfolio and to reduce discovery risk. Once acquired, the company's strategy is to develop the projects towards the Bankable Feasibility Stage.

Ghana

Homase-Akrokerri

The Homase-Akrokerri licenses are located near AngloGold Ashanti’s Obuasi mine within the well mineralised Ashanti Gold Belt in Ghana where more than seventy million ounces of gold have been discovered. Historical drilling on the license areas by previous explorers resulted in the discovery of gold mineralisation along five kilometres of strike.

The objective of exploration on the Homase-Akrokerri license areas is to find extensions of the known ore body along strike and below the presently known JORC compliant gold resource and to explore an area typified by intense artisanal mining in the Akrokerri license area.  Recently the company announced an initial resource for the Akrokerri permit from historical drill data. The combined JORC compliant gold resource for the Homase-Akrokerri project presently is 405,556 ounces at an average grade of 1.42 grams per tonne.

Manso Amenfi

The Manso Amenfi joint venture complements the more advanced Homase-Akrokerri licences in Ghana. First results from a permit wide soil survey yielded several gold in soil anomalies, some of which are in excess of five kilometres long. 

The Manso Amenfi License is prospective because it lies along strike of a zone of intense artisanal gold mining and the Ayanfuri gold deposit, where Perseus Mining Limited defined a gold resource of 5.3 Moz. The intersection of the Salman structure, which controlled the formation of Adamus Resources Ltd's Salman gold deposit (2.1 Moz), and the Ayanfuri structure abuts the eastern boundary of the License and will be a priority exploration target. Other exploration targets include the margins of two granitic intrusions which straddle the northern and southern concession boundaries. Similar intrusions are known to have controlled the formation of gold mineralisation elsewhere in the Ashantigold belt. 

Senegal

Sangola Permis de Recherche

In Senegal the company holds the Sangola Permis de Recherche, which has never been explored by modern exploration methods. The area covered by the licence is highly prospective because 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 artisanal gold mining activity and covers the south-western part of the Main Transcurrent Shear Zone (“MTZ”), a major gold bearing system that yielded the recently discovered 3.4 Moz Massawa gold deposit (Randgold Resources Ltd). The Massawa gold project is presently undergoing a feasibility study and most likely will be the second modern gold mine in Senegal after the first gold was poured at Mineral Deposits Limited’s Sabodala gold mine during March 2009. Further to the north the same gold belt is targeted by Mineral Deposits Limited and Bassari Resources Limited. Both companies have located new mineralisation (Sounkounkou and Sanbarabougou) along this 70 km long gold anomalous belt. The Licence 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.

Gabon

The Oyem and Ngoutou permits in Gabon (Central Africa) were granted during April 2011.  Both permits contain robust gold in soil anomalies in excess of 15 kilometres length.  Exploration has commenced on both permits.

Oyem Permit

The Oyem permit contains a 15 km long, robust and east-west trending gold in soil anomaly. This anomaly was detected together with several other anomalies during the period from 2005 to 2009 when 14 million euros of European Union funding was applied by the French, South African and Gabonese Geological Surveys to outline the mineral prospectivity of Gabon.  The Oyem permit was “cherry picked” for application when GoldStone’s geologists reviewed the quality of the soil anomalies resulting from the country-wide survey.

Ngoutou Permit

The Ngoutou permit contains a robust gold in soil anomaly which is in excess of 15 km long. This anomaly was detected together with several other anomalies during the period from 2005 to 2009 when 14 million Euros of European Union funding was applied in a survey (‘Sysmin Survey’) by the French, South African and Gabonese Geological Surveys to outline the mineral prospectivity of Gabon.  The Ngoutou permit was applied for after the area was “cherry picked” from the Sysmin Survey results by GoldStone’s geologists.  Many of the streams which drain the anomalous area have been targeted by artisanal gold miners and mining of alluvial gold is the principal source of income of the locals living in three villages on the north-western flank of the gold anomaly. 

The gold anomaly coincides with elevated levels of iron, vanadium and tungsten and covers gold-prospective Archean amphibolites. The results of an airborne magnetic survey show that these amphibolites are marked by a magnetic low (blue) and indicate good agreement between the outline of the gold anomaly and the contact between amphibolites and the surrounding rocks.  This would point to a model where gold was precipitated from mesothermal solutions at lower crustal levels as a result of neighbouring rock types that differ in competence and chemistry. The magnitude of the soil anomaly together with a plausible geological model make this permit highly prospective.

Executive Directors

Chief Executive Officer, Jurie Wessels, BA, LLB

Jurie is a minerals lawyer, has over 15 years of experience in the exploration sector and has significant experience in the management of mineral rights and properties. He currently is a director of various unlisted exploration companies active in South Africa and a founding member of Bauba Platinum Ltd (a JSE listed platinum exploration Company). He holds a bachelor's degree in economics and a post-graduate degree in law from the University of Stellenbosch.

Exploration Director, Dr Hendrik Schloemann, Dipl. Geol. (Cologne), Ph.D. (UCT)

Hendrik is a qualified geologist and has twenty years of exploration experience in Africa and South America. During 2006 and 2007 Dr Schloemann held the position of Exploration Manager for Harmony Gold Mining Company Limited and was responsible for Harmony's exploration activities in Africa. Prior to this Dr Schloemann worked for Aurelian Resources Inc. where he contributed significantly to the discovery of the 14M oz Fruta del Norte gold deposit in Ecuador in 2006.

Non Executive Directors

Non-Executive Chairman, Gennen McDowall, B.Sc. (BC) 

Gennen is a geophysicist and holds a B.Sc. in Geophysics from the University of British Columbia. He has worked for various mining companies since 1974 including General Mining Corporation exploring for uranium and Anglo American Corporation as senior geophysicist in the company's gold division. Until June 2008 he was President and Chief Executive Officer of Xemplar Energy Corp (“Xemplar”). Xemplar is a Canadian based exploration company focused on developing uranium projects and quoted on the TSX Venture Exchange.

Non-Executive Director, Andrew McIlwain, BEng(Mining), MAusIMM, 

Andrew is the Chief Executive Officer of Unity Mining Limited and has over 25 years' experience in the mining industry. He is a qualified mining engineer and has held operational, technical, senior management and executive roles within various exploration and mining companies. He is also Non-Executive Director and Independent Chairman of ASX-listed Emmerson Resources Limited.

Non-Executive Director, Bill Geier,  BBus(Acc), MBA, CPA 

Bill Geier is the CFO of Unity Mining Limited and is a senior finance professional with over 18 years' experience in accounting and finance covering the mining, oil and gas, manufacturing, FMCG and transportation sectors. Bill was the interim CFO at Range River Gold and CFO for Guest Group and held a range of senior finance positions with the Australian division of Henkel KGaA Germany, Scania Australia, Epic Energy and Alcoa of Australia.

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