Africa-focused gold explorer Goldstone Resources (LON:GRL) is to take almost full control of the Homase gold licence in Ghana.
Goldstone, 33% owned by fellow gold explorer Stratex (LON:STI), will raise its stake in Homase to 90% from 65% through a US$25,000 payment to partner Cherry Hill in return for its release from a number of exploration spending obligations.
A final US$60,000 participation fee to Cherry Hill will also now become due after a successful feasibility study, rather than at the start of work.
Auger samples will now taken by Goldstone to select targets for a drilling programme.
The deposit is being explored in combination with the adjacent Akrokerri licence; together they have a 602,000 oz JORC-compliant resource of which Homase comprises 407,000 oz at an average grade of 1.86 grams per tonne.