Golden Saint Resources Ltd Operational Update (6103R)
December 12 2016 - 10:33AM
UK Regulatory
TIDMGSR
RNS Number : 6103R
Golden Saint Resources Ltd
12 December 2016
12 December 2016
Golden Saint Resources Ltd
("Golden Saint" or the "Company")
Operational Update
Golden Saint Resources Ltd (AIM: GSR), the West African-focused
diamond and gold exploration company quoted on AIM, is pleased to
provide the market with the following operational updates, relating
to two of the Company's exploration licence areas in Sierra
Leone.
Baja licence area
The alluvial bulk sampling operations at Baja site 2 are
currently ongoing and as at 7 December 2016, the Company had
recovered 5.75 carats of rough diamonds of varying sizes, weights
and colours recovered from the 180 tonnes of gravels washed as at
that date. The recovered rough diamonds comprise 13 stones ranging
from 0.20 carats to 1.57 carats. In addition, as at 7 December
2016, the Company had also recovered a total of 3.90 grams of gold
from the Baja Site 2 bulk sample.
The diamond and gold recoveries stated above, which will be kept
in the Company's safe until such time when sufficient quantities
have been accumulated for export for sale or for cutting and
polishing, include those that were announced on 16 November
2016.
Although the Baja washing plant experienced four days of
machinery downtime during the initial phase of processing,
stability has been restored and the sampling is now continuing with
minimal downtime. Based on feedback and recommendations from Rock
Forage Consulting Services ("Rock Forage") during the most recent
site visit in December 2016, the Baja washing plant will be
modified further to improve the screening and the gold recovery
efficiencies. Excavation work on the two additional prospective
sites has also commenced at Baja sites 3 and 4, which are located
closer to the Sewa River. The Company plans to carry out bulk
sampling operations on these two sites as part of the overall
exploration strategy that was discussed and agreed with Rock Forage
during their most recent visit. These two additional sites were
identified as further alluvial priority targets by our geological
team, based on the information obtained from the aeromagnetic
survey data interpretations compiled by external independent
geophysical consultants in February 2014.
Tongo licence area
Further excavation work at Tongo site 1 is currently in
progress. The overburden thickness of about 5.2 meters was thicker
than expected resulting in the stripping of some 12,500 tonnes.
Notwithstanding this additional stripping, the basal gravels will
be reached shortly and subsequently excavated for onward processing
by the Dove Explorer. The extension of the Tongo site 1 bulk
sampling programme is expected to generate similar exploration
results to those achieved and reported on in the Company's
announcement of 24 August 2016 as similar basal gravels have been
intersected in the recent excavations. In close proximity to Tongo
site 1, the geological team will also be carrying out mapping and
sampling at a nearby Priority 1 geophysical anomaly identified as a
possible kimberlite from the 2013 airborne magnetic survey
interpretations.
Site visit by Rock Forage and the Golden Saint management
team
During the recent site visit by Rock Forage and key individuals
from the Golden Saint management team in December 2016, future
plans for the exploration work were fine-tuned taking into account
the current assessment of work done and the bulk sampling results
obtained to date.
In consultation with Rock Forage, the Company has updated its
exploration strategy going forward through the 2016/2017 dry season
to focus primarily on developing inferred resources for selected
alluvial terrace deposits along the Sewa River and the Woa River in
the Baja and Tongo licences, respectively. This approach includes
more detailed field mapping, additional pitting and focused bulk
sampling of the basal alluvial gravels in the selected terrace
deposits in these two valleys. Concomitantly, in the Tongo licence
area, close to the site 1 alluvial bulk sample locality, several
Priority 1 geophysical anomalies identified as possible kimberlites
(mainly dykes) from the October/November 2013 airborne magnetic
survey will be followed up by mapping and sampling along these
structurally-oriented targets.
A detailed site visit report will be submitted by Rock Forage in
due course and this will be made available on the Company's website
shortly thereafter.
The Company will provide further updates to the market as work
progresses through the 2016/2017 dry season.
The information in this announcement that relates to the site
visit by Rock Forage is based upon information compiled by Dr John
D Ward (Pr. Sci. Nat; PhD) who is an independent consultant
employed by Rock Forage Mining Limited and is a Fellow of The
Geological Society of South Africa. Dr Ward has sufficient
experience relevant to the style of mineralisation and type of
deposit under consideration and the activity in which he is
undertaking to qualify as a Competent Person under the 2012 Edition
of the Australasian Code for Reporting Exploration Results, Mineral
Resources and Ore Reserves (JORC Code). Dr Ward has reviewed the
information contained in this announcement and consents to its
release in the form and context in which the information
appears.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
GLOSSARY OF TECHNICAL TERMS
airborne magnetic the earth's magnetic field within
survey the exploration target area is measured
remotely by geophysical instruments
that are situated in an airplane,
helicopter or drone that fly aerially
over the area recording these data.
-------------------- -----------------------------------------------
airborne geophysics magnetic and radiometric mapping using
airborne spectrometers used to map
the concentration and distribution
of radioisotopes near the Earth's
surface, which is useful for mapping
lithology and alteration
-------------------- -----------------------------------------------
alluvial a mineral deposit made up of mobile
sediment and/or soil
-------------------- -----------------------------------------------
basal alluvial gravel deposits that are found at
gravels or the base of an alluvial sequence
basal gravels
-------------------- -----------------------------------------------
carat standard measure of diamond weight
(0.2grams)
-------------------- -----------------------------------------------
diamondiferous containing diamonds
-------------------- -----------------------------------------------
dykes thin (mostly <5 m wide), sheet-like
tabular bodies of volcanic material
that have intruded through the earth's
crust vertically or sub-vertically
-------------------- -----------------------------------------------
exploration the three exploration licenses held
targets by GSR in Sierra Leone viz. Baja (EL87/2011),
Tongo (EL86/2011) and Moa (EL07/2012)
targeted for diamond and gold exploration
-------------------- -----------------------------------------------
field mapping process of recording the distribution
of geological/geomorphological units
by physically mapping out domains
in the exploration target area
-------------------- -----------------------------------------------
inferred resources that part of the diamond resource
for which quantity, grade and average
diamond value are estimated on the
basis of limited geological evidence
and sampling. Reasonable prospects
for eventual economic extraction can
be demonstrated.
-------------------- -----------------------------------------------
kimberlite a rare, blue-tinged, coarse-grained
potassic intrusive igneous rock sometimes
containing diamonds
-------------------- -----------------------------------------------
kimberlite a vertical "sheet-shaped" intrusive
dyke volcanic structure comprised of kimberlite
-------------------- -----------------------------------------------
overburden non-mineralised, barren alluvial material
that overlies the basal gravels
-------------------- -----------------------------------------------
pitting the exploration method of excavating
small pits through the overburden
to intersect the basal alluvial gravels
-------------------- -----------------------------------------------
stripping the physical removal of overburden
-------------------- -----------------------------------------------
terrace remnant of the former floodplain of
a stream or river
-------------------- -----------------------------------------------
For further information please contact:
Golden Saint Resources Ltd Keng Hock Seah +618 6145 4400
Beaumont Cornish Limited Roland Cornish / Emily Staples +44 (0) 20 7628 3396
SVS Securities Plc Tom Curran / Ben Tadd +44 (0)203 700 0093
Cassiopeia Services LTD Stefania Barbaglio +44 (0)7949690338
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCBUBDDDXBBGLD
(END) Dow Jones Newswires
December 12, 2016 10:33 ET (15:33 GMT)
Golden Saint (LSE:GSR)
Historical Stock Chart
From Oct 2024 to Nov 2024
Golden Saint (LSE:GSR)
Historical Stock Chart
From Nov 2023 to Nov 2024
