Golden Rim Resources Ltd’s (ASX:GMR) shares have gained circa 40% over the last two days, closing at $0.054 on Wednesday.
This follows a recent update from UK research house, Brandon Hill Capital regarding the company's gold prospects in Burkina Faso.
Tuesday’s closing price of $0.046 represented an increase of circa 18%, and this momentum continued on Wednesday with the close of $0.054 representing a similar gain.
The analyst viewed ‘high-grade results’ from the group’s Kouri Project in Burkina Faso as particularly encouraging.
Some of the better intersections were 12 metres at 7.8 g/t gold from 77 metres and 4 metres at 20 g/t gold from 23 metres.
Analyst expects JORC Resource to be announced in March
Drilling is anticipated to finish in February and the analyst Is expecting a JORC Resource to be announced in March.
In the analyst’s view, the drilling to date has highlighted the fact that there are at least three high-grade zones.
These may be related to areas where a series of east-west trending cross structures intersect the north-east trending Guitorga Lodes.
Golden Rim has had success through deeper drilling in these zones.
The company’s decision to expand the drilling area at Guitorga Hill has also extended the gold mineralisation strike by 200 metres.