TIDMGSR
RNS Number : 7483U
Golden Saint Resources Ltd
20 January 2017
20 January 2017
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,
being Baja and Tongo. No exploration is currently being undertaken
on the Moa licence due to logistical constraints.
Baja licence area
The alluvial bulk sampling operation on the Sewa River low
terrace currently in progress at Baja site 2 recovered a further 6
diamonds weighing 2.06 carats (cts) from some 91 tonnes (t) of
basal gravels (bottom screen size = 3mm). The stones ranged from
0.17 to 0.70 carats per stone (cts/stn). Together with the 13
stones weighing 5.75 cts from this bulk sample site announced on 12
December 2016, the total number of diamonds recovered from the 271
t of basal gravels processed up to 19 December 2016 is some 19
stones weighing 7.81 cts and ranging from 0.17 to 1.57 cts/stn
(bottom screen size = 3mm). In addition, some 4.07 grams (g) of
alluvial gold were also recovered from the 91 t of basal gravels
treated at Baja site 2, bringing the total alluvial gold recovered
from this bulk sample to some 7.97 g up to the 19 December 2016.
The bulk sampling operation at Baja site 2 on this Sewa River
exploration target is expected to continue for another two months
and any further alluvial diamond and gold recoveries will be
reported in subsequent operational updates.
The bulk sampling localities at Baja site 3 and Baja site 4 have
been cleared to allow for the excavation of these sample trenches
which will enable the team to systematically develop the
exploration targets in the selected alluvial terrace deposits along
the Sewa River towards an inferred resource level of confidence. At
Baja site 4, the team has completed a 50 m long by 12 m wide bulk
sample trench, where, as at the date of this announcement, the
overburden has been completely stripped and some 550 t of basal
gravels extracted for processing through the Baja sampling
plant.
Tongo licence area
At Tongo site 1, the original bulk sample trench on the low
terrace of the Woa River had, by the end of December 2016, been
extended with the overburden stripped completely and some 131 t of
basal gravels extracted for processing through the Tongo Dove
sampling plant.
Site visit report from Rock Forage Consulting Services ("Rock
Forage")
Rock Forage conducted a site visit to the Company's field
operations in the Tongo and Baja licences between 30 November 2016
to 11 December 2016 with the primary objective to align the
exploration programmes in these two licences such that their
respective alluvial exploration targets can be developed into
inferred resources. This site visit focused on the Sewa River
alluvial terrace deposits within the Baja licence and similar low
terrace deposits along the Woa River within the Tongo licence. Each
exploration target in their respective licence was critically
analysed with proposed solutions to lift these targets to the
required inferred resource level of confidence. From the field
investigations, preliminary mapping undertaken to date and
assumptions detailed in the Rock Forage report, the estimated
provisional alluvial diamond and gold inventories for the
exploration targets identified in the said report are as
follows:
Baja Exploration Targets
-- The estimated tonnes of basal mineralized gravel are
approximately 2,100,000 tonnes (range some 1,800,000 t to 2,400,000
t), which could host between 210,000 to 525,000 carats of diamonds
and some 63 to 105 kgs of alluvial gold. Please see table below for
further details:
Sewa North & Sewa South Provisional Inventory (Exploration
Targets)
Length Width Gravel 50% Possible Possible Possible Possible
(m) (m) thickness Remaining Carat Carat Gold Gold
(m) Target Inventory Inventory Inventory Inventory
(tonnes) at 10 at 25 (kg) (kg)
cpht cpht at 0.03 at 0.05
g/t g/t
-------- -------- -------- ----------- ----------- ----------- ----------- ----------- -----------
Sewa
North 4,000 200 0.5 400,000 40,000 100,000 12 20
-------- -------- -------- ----------- ----------- ----------- ----------- ----------- -----------
200x2
(east
Sewa & west
South 8,500 banks) 0.5 1,700,000 170,000 425,000 51 85
-------- -------- -------- ----------- ----------- ----------- ----------- ----------- -----------
Total
= 2,100,000 210,000 525,000 63 105
----------- ----------- ----------- ----------- ----------- -----------
Notes: 1. The figures set out above are Exploration Targets and
are merely guidelines for potential mineralisation. These figures
are not to be regarded as any category of Resource under an AIM
acceptable Standard.
2. Strip ratio expected to be in the range of 8:1 to 12:1.
Tongo Exploration Targets
-- The estimated tonnes of basal mineralized gravel are
approximately 1,200,000 tonnes (range some 900,000 t to 1,500,000
t) which could host between 120,000 to 300,000 carats of diamonds
and some 36 to 60 kgs of alluvial gold. Please see table below for
further details:
Tongo North & Tongo South Provisional Inventory (Exploration
Targets)
Length Width Gravel 50% Possible Possible Possible Possible
(m) (m) thickness Remaining Carat Carat Gold Gold
(m) Target Inventory Inventory Inventory Inventory
(tonnes) at 10 at 25 (kg) (kg)
cpht cpht at 0.03 at 0.05
g/t g/t
-------- ------- -------- ----------- ----------- ----------- ----------- ----------- -----------
Tongo
North 4,000 200 0.5 400,000 40,000 100,000 12 20
-------- ------- -------- ----------- ----------- ----------- ----------- ----------- -----------
200x2
(east
&
Tongo west
South 4,000 banks) 0.5 800,000 80,000 200,000 24 40
-------- ------- -------- ----------- ----------- ----------- ----------- ----------- -----------
Total
= 1,200,000 120,000 300,000 36 60
----------- ----------- ----------- ----------- ----------- -----------
Notes: 1. The figures set out above are Exploration Targets and
are merely guidelines for potential mineralisation. These figures
are not to be regarded as any category of Resource under an AIM
acceptable Standard.
2. Strip ratio expected to be in the range of 8:1 to 12:1.
The Rock Forage report also listed the observations made during
the site visit and their recommendations for the Company to improve
operations and undertake the programmes required to move the
exploration targets to inferred resource levels of confidence.
The site visit report submitted by Rock Forage (which includes a
glossary of technical terms) can be downloaded from the Company's
website at www.goldensaintresources.com and can also be accessed
through the link on this announcement.
http://www.rns-pdf.londonstockexchange.com/rns/7483U_-2017-1-20.pdf
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 consents to the
inclusion in a release of the matters based on his information in
the form and context in which it appears.
Executive Chairman David McDonald commented:
"The estimated provisional inventories of the diamond and gold
deposits in our Baja and Tongo licenced areas as reported by Rock
Forage are very encouraging and we will now consider the work
necessary to establish an inferred resource within the Baja and
Tongo licence areas."
Next site visit by Rock Forage Consulting Services ("Rock
Forage")
The next site visit by Rock Forage and key individuals from the
GSR management team will commence on 9 February 2017. This visit
will focus on considering the recommendations contained in the said
Rock Forage report and ensuring their implementation where
practicable. The work programmess necessary for Baja and Tongo to
attain the inferred resource levels will also be further
reviewed.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information please contact:
Golden Saint Resources Ltd Keng Hock Seah +618 6145 4400
Beaumont Cornish Limited Roland Cornish +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
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