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GoldStone Resources

16:57 on 22/11/2017

Current Price 1.98p | Bid 1.95p | Ask 2.00p | Change 1.28%

Company Overview

GoldStone Resources 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 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. 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. All Ghanaian exploration projects are classifiable as 'brown fields' projects; i.e. they are located in the shadows of headgear of existing mining operations and may be commercialised even if they do not reach the critical mass to justify a stand-alone mining operation. In Senegal the company holds the Sangola Permis de Recherche, which has never been explored by modern exploration methods. A permit wide termite mound sampling programme has identified 3 distinct and robust gold in soil anomalies. All of these anomalies are associated with the gold-fertile MTZ structure which acts as a conduit for mineralising fluids and which is believed to be responsible for several gold discoveries further to the North East of the license area (for example the three million ounce Massawa gold deposit). 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. 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.

Stock Details

EPIC GRL
ISIN JE00BRJ8YF63
Shares in Issue 102,286,363
Market cap £ 2.40m
Sector Mining
Indices FTSE AIM All-Share Index

Financial Highlights Year Ended 31/12/2015

Turnover $0.00 million
Operating Profit $-1.30 million
Dividend Yield 0.00
Dividend Per Share 0.00
Dividend Cover 0.00
P/E Ratio -1.12
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Price Summary

Mid Price ? 1.98p
Bid Price ? 1.95p
Ask Price ? 2.00p
Volume ? 100000
Change Today 0.03p
% Change Today 1.28%
Open 1.97p
Previous Close 1.98p
Intraday High 1.97p
Intraday Low 1.97p
52 Week High 5.10p
52 Week Low 1.08p

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Broker Consensus

The above information represents a selection of the views and target prices published in the last 120 days by analysts in individual stocks. It is subject to change without notice and may not necessarily be the view held by Redmayne-Bentley.

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