Golden Rim Resources Ltd (ASX:GMR) has confirmed a 3.5-kilometre long, north-south trending corridor of strongly anomalous bedrock gold in the western portion of the Kada permit within the Kada Gold Project in Guinea through auger drilling results.
The bedrock gold corridor is broad (around 500-700 metres wide) with peak gold values up to 1.78 g/t, which the company believes is high for auger samples.
In comparison, the previously delineated Newmont Corporation (NYSE:NEM) gold resource lies in an 800-metre-long central section of the bedrock gold corridor.
The corridor extends for 1.4 kilometres north and 1.3 kilometres south of the Newmont resource area and remains open in both directions.
Peak auger assay results include 1,780ppb, 1,610ppb and 730ppb gold.
Shares have been up 20% intra-day to 1.2 cents.
Maiden resource to be delivered in 2021
Managing director Craig Mackay said: “Infill diamond drilling is underway in the Newmont gold resource area at Kada, which has a strike length of 800 metres, and where Golden Rim is working to deliver a maiden JORC mineral resource in the second half of 2021.
“In our auger drilling, we are looking for additional gold mineralisation to add to the Kada resource inventory.
“We are very excited about the potential of the broad corridor of strongly anomalous gold in bedrock outlined in our first auger drilling results, which extends for 1.4 kilometres north and 1.3 kilometres south of the Newmont gold resource area and remains open in both directions.
“We have dispatched the samples for a further 617 auger holes to the laboratory that include holes to the west and more holes south of the Newmont gold resource area, and we eagerly await the results.
“Given the initial success of the auger drilling, Golden Rim now plans to extend the program beyond 15,000 metres initially planned for Kada.”
Three rigs operating
Three power auger rigs are operating at Kada, with 1,262 holes for 13,821 metres completed and results for 558 holes have been received to date.
A second batch of auger samples (617 holes) has been dispatched to the laboratory and results are expected in about two weeks.
Golden Rim will expand its 15,000 metres auger drilling program at Kada based on results to date and has begun a 2,500-metre infill diamond drilling program focused on the Newmont resource area at Kada.
Drilling at Kouri Gold Project
Additionally, the company has started drilling at the Kouri Gold Project in Burkina Faso, with around 2,000 metres diamond drilling program underway at the high-grade Diabatou Gold Shoot.
First results from Kouri are expected in early May.