Golden Rim Resources Ltd (ASX:GMR) has agreed to extend the date for satisfaction of the conditions precedent in the acquisition of two additional gold permits in Guinea, Damissa Koura and Kankan West to July 26, 2021.
This follows the execution of a letter agreement by Golden Rim to acquire up to a 75% interest in the extra two gold permits in Guinea on January 27.
The acquisition of the Damissa Koura permit expands Golden Rim’s advanced Kada Gold Project, where Golden Rim is earning up to 75% interest, to around 300 square kilometres.
As with the Kada permit, Newmont conducted reverse circulation (RC) and aircore drilling at Damissa Koura, discovering additional broad zones of deep oxide gold mineralisation.
The Kankan West permit, 60 kilometres south of Kada, is directly west of Predictive Discovery Ltd’s (ASX:PDI) Kankan permit, where a gold-in-soil anomaly over 7 kilometres has been outlined.
Subject to Guinean approval
Acquisition of the Damissa Koura and Kankan West permits are subject to receiving Guinean government approval and the execution of a joint venture agreement, after which time, Golden Rim plans to commence its field exploration.
Guinean government approval is expected to be received shortly.
The joint venture agreement is prepared and will be signed upon receiving Guinean government approval.