Goldcrest losses narrow

Goldcrest Resources posts a pre-tax loss of £110,774 for the year to the end of June compared with a loss of £115,300 last time.

The group had net assets of £148,517 (2015: net liabilities of £40,298).

The principal activity of the group during the year was to continue to evaluate opportunities for gold exploration in Ghana.

Director Niall Tomlinson said: "In what remains a very difficult time for explorers the group has continued to evolve through the pivotal acquisition of Taoudeni Resources Ltd and the addition of the flagship Asheba project in Ghana. The project was historically explored by major miner Gold Fields and we have inherited a top quality exploration data set that includes 20,000m of drilling by the former operators and in house non-JORC compliant resources of 176,000 oz gold.

"The project was also the site of considerable historic production in the 1920s during which time ore was mined to depths of up to 200m via 2 vertical shafts and extensive underground development. Historic mining targeted narrow quartz veins and achieved an average head grade in excess of 25g/t Au.

"The group is in the process of acquiring a set of exploration applications in the Islamic Republic of Mauritania. The project was an exploration concept developed by major copper miner Antofagasta and is considered a prospective for Central African style sedimentary copper. We look forward to developing this exciting project and are proud to be front runners in what is truly frontier exploration."