GoldStone: Sangola assays do not justify follow-up programme

18 February 2014 (Last Updated February 18th, 2014 18:30)

GoldStone Resources said that it will shift its focus to other prospects after it received the Senegal's Sangola project assay results, which did not justify an immediate follow-up programme.

Mining

GoldStone Resources said that it will shift its focus to other prospects after it received the Senegal's Sangola project assay results, which did not justify an immediate follow-up programme.

GoldStone has a joint venture in the project with Randgold Resources. The company said that all assay results from the drilling programme had been completed by Randgold on the Baraboye and Ibel prospects at Sangola in Senegal.

The best gold intercepts included 7m at 1.5g per tonne including 1m at 8.3g per tonne, 6m at 0.7g per tonne including 1m at 2.2g per tonne, and 11m at 0.5g per tonne including 1m at 1.9g per tonne.

"We are expecting Randgold's experience in this geological environment to firm-up additional drill targets."

GoldStone said the results do not justify an immediate follow-up programme and that Randgold will now focus its exploration activities on the Gangara and Bandafassi prospects, by undertaking geological mapping and lithological sampling to find additional drill targets.

The Gangara and Bandafassi prospects cover an area where Randgold identified a previously unknown extension of the MTZ structure, which controlled the formation of its three million ounce Massawa gold deposit to the north-east.

GoldStone exploration director Hendrik Schloemann said: "Exploration is on-going and we are expecting Randgold's experience in this geological environment to firm-up additional drill targets along the newly identified extension of the MTZ structure at Gangara and Bandafassi."

The 471km² Sangola permit lies in the south-eastern corner of Senegal, in a prolific gold province where more than 30 million ounces of gold have been discovered in the past ten years.

The Sangola permit area is bisected by a major gold-bearing shear zone known as the Main Transcurrent Shear zone, which was host to Randgold's three million ounce Massawa deposit.


Image: Randgold will now focus its exploration activities on the Gangara and Bandafassi prospects. Photo: courtesy of FreeDigitalPhotos.net.

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