GoldStone agrees gold exploration venture on Ghanaian licence
23 November 2009
South African based mining group GoldStone Resources has agreed a joint venture deal with Ghanaian company Asasemu Mining to develop the Manso Amenfi prospecting licence.
The 83 sq km Manso Amenfi licence is wholly owned by Asasemu and lies in the Wasa Amenfi West District of the Western Region in Ghana.
GoldStone is interested in the licence because it lies along strike of a zone of intense artisanal gold mining and the Ayanfuri gold deposit, where Perseus Mining defined a gold resource of 5.3 million ounces.
The company said the intersection of the Salman structure, which controlled the formation of Adamus Resources’ 2.1 million ounce Salman gold deposit, 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.
Under the terms of the joint venture, GoldStone has the right to earn an escalating interest in the Manso Amenfi license subject to it financing exploration expenditure in pre-agreed phases. This will start with a six month due diligence phase after which it will have to spend at least US$700,000 to identify a code compliant resource in return for a majority interest of 55% within four years.
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