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Unity Mining associate GoldStone Resources pinpoints hydrothermal alteration in Africa


Unity Mining (ASX: UML) associate GoldStone Resources (AIM: GRL) has intersected a wide zone of hydrothermal alteration and banded iron formation under the central part of an extensive gold in soil anomaly at the Ngoutou Project in Gabon.

GoldStone has completed a three hole, 535 metre diamond drilling program along a soil sampling line that yielded gold values between 50 parts per billion and 90ppb.

The drilling program revealed that the surface gold anomaly is underlain by a sequence of banded iron formation, amphibolite and diorite, and the intersected rock sequence shows evidence of strong hydrothermal activity.

In particular, an approximately 50 metre wide sequence of intercalated BIF and amphibolite contains abundant disseminated pyrite.

Additionally, an approximately 15 metre wide zone of strong silification was identified in the hanging wall diorite, containing stock work quartz veining and disseminated sulphide.

Sampling of the drill core has been completed and analysis will be carried out in South Africa.

Further drilling to test the centre of the soil anomaly along two additional lines has been scheduled for later this year.

Unity Mining holds a 34% interest in GoldStone, which wholly owns the Ngoutou Project.

The company had cash at bank of A$24.5 million, or $0.035 per share, at the end of March 2013 – over half its market cap. of $45.63 million and share price of $0.065.

Unity also had a further 5,967 ounces of gold bullion available for sale, valued at $9.1 million at the end of the March quarter, from production at its Henty Gold Mine on the West Coast of Tasmania.

Proactive Investors Australia is the market leader in producing news, articles and research reports on ASX “Small and Mid-cap” stocks with distribution in Australia, UK, North America and Hong Kong / China.

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