Golden Rim Resources Ltd (ASX:GMR) has been granted a trading halt by ASX as it prepares to make an announcement regarding a capital raising.
The halt will remain in place until the start of regular trade on Wednesday, September 15, or until an announcement is released to the market, whichever occurs earliest.
Gold mineralisation at Kada
The company recently delivered more broad zones of oxide gold mineralisation at its Kada Gold Project in Guinea with results of up to 31 metres at 1.6 g/t gold and 20 metres at 2.4 g/t.
Assays are from two diamond holes and six reverse circulation (RC) holes totalling 1,100.5 metres in a resource definition program.
Encouraging results have been received from within the Newmont gold resource area and, promisingly, drilling continues to outline extensive areas of additional oxide mineralisation within and outside this resource area.
“Filling in gaps”
Golden Rim managing director Craig Mackay said: “Our first round of resource definition drilling at Kada has filled in many of the gaps in the previous Newmont drilling and discovered additional oxide gold mineralisation.
“We have delineated a thick, flat-lying blanket of soft oxide gold mineralisation that is now 800 metres long x 700 metres wide.”