Golden Rim Resources (ASX: GMR) has secured a $4 million facility from Rand Merchant Bank to fund completion of the Bankable Feasibility Study for the Balogo gold project in Burkina Faso.
The facility is available in two tranches of $2.5 million and $1.5 million.
Balogo covers 605.2 square kilometres in southern Burkina Faso over part of the highly prospective Lower Proterozoic Birimian greenstone belt.
It is traversed for 25km by a significant NE-trending fault splay that is connected to the major Markoye Fault system.
This fault controls a number of major gold deposits in Burkina Faso, including Taparko / Bouroum (1.6 million ounces of gold), Kiaka (5 million ounces of gold), Bomboré (5.2 million ounces of gold) and Essakane (5.6 million ounces of gold).
The BFS will assess the economic viability of installing a modular 30 tonne per hour gravity and CIL plant to exploit the resource at the Netiana Lodes deposit, which has an Inferred Resource of 850,000 tonnes at 6.8 grams per tonne for 185,000 ounces of contained gold.
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