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GoldStone shares rise on confirmation of high-grade gold hits at Akrokeri

AIM-listed GoldStone Resources Ltd.'s shares were up nearly 20% at market close on June 7 after it confirmed high-grade gold hits from previous drilling at the Akrokeri gold project in Ghana.

The company completed a review and relogging of historic core holes drilled under or near Akrokeri as part of efforts to potentially revive the past-producing mine. Results from this review included intervals of 1 meter grading 51.01 g/t of gold from 50 meters, and 1 meter grading 17.72 g/t of gold from 145 meters.

GoldStone is now finalizing a work program for the project's restart, with an aim to begin production within 24 months.

The Akrokeri mine, which produced about 75,000 ounces of gold between 1904 and 1909, closed due to a high inflow of water.

GoldStone secured license renewals for Akrokeri and the Homase gold project, also in Ghana, in May.