5 April 2023

GOLDSTONE RESOURCES LIMITED

("GoldStone" or the "Company")

Exploration Update

GoldStone Resources Limited (AIM: GRL) is pleased to provide a comprehensive update on recent diamond drilling at the former Akrokeri Underground Mine ("AUM") and the soil and auger geochemical programmes within the Akrokeri and Homase prospecting licences, ("AKHM").

Further to the release of initial drilling results on 27 September 2022, the Company has received the assay results of the diamond drilling programme at AUM, which confirm the Company's belief that the Akrokeri mineralization occupies a significant structural corridor that extends to both the south and north of the historical underground mine.

Significant Intercepts 2022/23 diamond drilling include:  

·    22AKDD001: 6.50 metres @ 1.63 g/t from 7.7 metres, including 3.5 metres @ 2.35 g/t,

·    22AKDD002: 4.10 metres @ 11.01g/t from 46.0 metres, including 1 metre @ 41.04g/t,

·    22AKDD003: 3.60 metres @ 5.77g/t from 69.4 metres, including 1 metre @ 12.06g/t,

·    22AKDD006: 5.74 metres @ 3.43g/t from 55.66 metres, including 1.1 metres @ 15.25g/t,

·    22AKDD008: 3.00 metres @ 3.08g/t from 34.8 metres, including 1.0 metre @ 5.23g/t,

·    22AKDD008: 3.70 metres @ 2.54g/t from 72.6 metres, including 2.2 metres @ 4.03g/t,

·    22AKDD009: 4.80 metres @ 7.31 g/t from surface, including 1.0 metre @ 25.8 g/t,

·    22AKDD015: 1.0 metre @ 4.53 g/t from 61.9 metres,

·    22AKDD015: 1.10 metres @ 11.23 g/t from 95.7 metres, including 0.5 metre @ 20.01 g/t,

·    22AKDD016: 12.0 metres @ 0.93 g/t from 79.3 metres, including 1.6 metres @ 2.97 g/t, and

·    22AKDD019: 2.80 metres @ 1.84 g/t from 72.0 metres, including 2.2 metres @ 2.21g/t

Key findings

·      A total of 20 diamond drillholes have now been drilled, 14 probing the southern extension of the South Shaft and the remaining 6 holes around the North Shaft,

·      Results show the wide mineralised lode hosting gold at 4.1m @ 11.01 g/t, including 1m @ 41.04 g/t in hole 22AKDD002,

·      Results give strong grounds for continued exploration and further core drilling at Akrokeri, and

·      At Homase, the results from soil and auger sampling has confirmed anomalies that demonstrate a new mineralised zone to the west of the main Homase orebody and also shows further extension along strike to the north and south of the known Homase Trend.

Emma Priestley, Chief Executive Officer of Goldstone, commented:

"These results on Akrokeri spur us forward to discovering further deposits in order to secure a long-term pipeline of resources. While more investigation is needed, these initial findings from our latest exploration activity in both our DD programme at Akrokeri and from the auger programme at the west of the Homase Mine provide us with renewed confidence as we seek to extend our operations in the prospective area and extend the mine life at the Homase Mine. In addition to these positive exploration results, we look forward to announcing an operational update for the Homase Mine in the coming weeks."

Exploration around the Akrokeri Underground Mine

The 20-diamond drill hole programme, totalling 1,979.5 metres, at the former Akrokeri Underground Mine ("AUM"), comprised 14 diamond drillholes probing the southern extension of the Akrokeri South Shaft and the remaining 6 in the vicinity of the North Shaft of the historical Akrokeri Mine Plan 1, highlights are shown at Table 1. Following this programme, the company undertook a thorough geological review integrating the new drilling results with the historical drill campaigns of Birim Goldfields Inc (1996) and Pan African Resources Plc, (2008), totalling 5,200 metres, highlights are shown on the Table 2.

Plan 1 - Plan of Akrokeri core drilling, indicating the projected mineralised trend

The assay results of this drilling campaign continue to highlight the potential of the mineralised system originally exploited at the Akrokeri Mine. The gold-bearing zone has been defined over a distance of approximately 360 metres southwards from the South Shaft, at which point it appears that there may be a significant fault that displaces the zone westwards.  These results, in Table 2, provide an explanation for why the southern extension has not been identified at surface in the past and provide a basis to continue exploring this part of the historical mine area. 

The main ore body at Akrokeri is a lenticular quartz-carbonate vein, in places with parallels, within a substantial structural corridor, all combined are trending north and dipping to the west at about 70°. It lies on the eastern contact of a massive granitoid within Birimian-age meta-sedimentary units, predominantly phyllites that dip steeply north-west. The contained gold mineralisation occurs as coarse visible gold and is also associated with pyrite, arsenopyrite, and galena in the vein-quartz and in altered wallrocks.

In addition, sulphide-rich sheared metasediments have been identified approximately 2km south of the South Shaft, the interpretation of the drilling results from this area underpins the probability that this southern area has considerable potential and merits further systematic exploration.

The Company continues to review all current and historical data derived from within the AUM area in order to evaluate the next steps for the exploration program at Akrokeri, including targeted soil geochemistry, ground geophysical surveys, and further drilling, with a particular focus on the southern area.

Table 1: Akrokeri Drilling Results - New Data

Table 2: Akrokeri Drilling Results - Historical data

Homase Mineralised Trend - Soil and Auger Sampling Programmes

Within the AKHM area, a soil- and auger-sampling programme continued during Q3 and Q4 2022 and into Q1 2023. The soils were targeting two areas, Esuaya in the north-east and Adubriem West, and a targeted augering programme was also undertaken over an area to the south-west of known Homase Trend, with a total of 579 samples collected.

These results have been combined with the historical data to update the geochemical anomalies identified in the announcements of 17 June 2018 and 25 March 2022.  This exploration has further confirmed the presence of multiple exploration targets, which are yet to be fully evaluated.

These new targets, shown at Plan 2, are being prioritised for follow-up work and the Company is focused on evaluating these systematically, with the objective being to expand the mineral resource that is currently being exploited at Homase.

The Company is confident that the results of the drilling and geochemical survey programmes completed over the past three years demonstrate the potential to add to the total mineral resource and thus considerably extend mining operations in the coming years. Prioritisation will be given to the most promising prospects and a more detailed drilling programme will begin in the coming months, initially focusing on Akrokeri South and the new Homase geochemical targets.

Plan 2: Exploration Target Areas Defined by Soil and Auger Samples

Competent Person's Review

The technical information within this announcement has been reviewed and approved by Clement Koama an independent geologist with 25 years' experience in gold mining, exploration and resource estimation.  Clement is a Competent Person (JORC) and accordingly, is a qualified person as required under the AIM Rules.

**ENDS**

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About GoldStone Resources Limited

GoldStone Resources Limited (AIM: GRL) is an AIM quoted mining and development company with projects in Ghana that range from grassroots exploration to production.

The Company is focused on developing the Akrokeri-Homase project in south-western Ghana, which hosts a JORC Code compliant 602,000oz gold resource at an average grade of 1.77 g/t.  The existing resource is confined to a 4km zone of the Homase Trend, including Homase North, Homase Pit and Homase South.

The project hosts two former mines, the Akrokerri Ashanti Mine Ltd, which produced 75,000 oz gold at 24 g/t recovered grade in the early 1900s, and the Homase Pit which AngloGold Ashanti developed in 2002/03 producing 52,000 oz gold at 2.5 g/t recovered.  Production is currently focussed on the Homase Mine, however it is the Company's intention to build a portfolio of high-quality gold projects in Ghana, with a particular focus on the highly prospective Ashanti Gold Belt.

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 as it forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (as amended).