Aim-listed GoldStone Resources has reported that, with a restructured board and secured funding in place, the company is now operating from a more stable and confident position.

In a May 5 operational update, GoldStone notes that its focus remains on maximising production from the existing oxide resource at the Homase mine, in Ghana, while advancing plans to confirm a multimillion-ounce resource through continued exploration along strike and parallel extensions, including areas associated with the historic high-grade Akrokeri underground mine, also in Ghana.

The company says its management team is actively implementing a series of initiatives aimed at delivering both near-term production growth and long-term operational sustainability.

Key developments include the progression of a structured exploration strategy to extend the known oxide resource, supporting continued production while permitting of the sulphide resource is advanced; receipt of approval from the Minerals Commission for Pad 6, the largest heap leach pad constructed by the company to date; and the start of stacking of agglomerated ore onto Pad 6.

The company notes that production for the quarter ended March 31 included 36 268 t stacked, 480 troy ounces, or 15.08 kg, of gold produced, and gold in process within the heap leach circuit of 19.99 kg.

GoldStone says it is preparing a comprehensive drilling programme to support an updated Joint Ore Reserves Committee- (Jorc-) compliant resource estimate for Homase, with a focus on identifying the full strike and depth extensions of ore shoots along the 4 000 m strike of the Homase mineralised zone that were previously reported in 2012 as a Jorc-compliant resource of 602 000 oz of gold.

The company says it will ensure the updated resource is fully compliant with the revised Jorc Code and is expected to be announced later this year. 

SIERRA LEONE

Meanwhile, GoldStone reports that senior management and directors recently visited the company's new investment in Sierra Leone, located in the Wandor province in the south-east of the country.

While this is an early-stage opportunity, the company notes that initial observations indicate strong prospectivity, including the presence of gold-bearing soils and gravels, as well as indications of a deeper primary source.

GoldStone says a large excavator has been mobilised to site to improve access through track development; prepare operational areas for wash plants and crushing equipment; and enable targeted exploration activities.

The company says it has been in ongoing discussions with project partner MinCorp to formalise a detailed exploration plan, which will be conducted in coordination with the National Minerals Agency of Sierra Leone.

"With a strengthened board and management team, and following our recent funding, GoldStone is entering a new phase of development. We are focused on delivering immediate production improvements at Homase while advancing a clear exploration strategy to unlock the broader resource potential.

“At the same time, our early-stage investment in Sierra Leone provides additional upside and diversification.

“We are encouraged by the initial indications and look forward to generating gold production from the alluvial gravels while progressing wider exploration activities, about which we will update the market in the coming weeks,” says GoldStone CEO Emma Priestley.