Golden Rim Resources Ltd (ASX:GMR) has had a successful year of exploration and growth in FY2020-21 across its portfolio of mineral projects in West Africa and South America.
The company added the new Kada Gold Project in Guinea to its portfolio and the gold resources at its Kouri project in Burkina Faso have been substantially increased to 2 million ounces during the year.
An improved outlook for the copper industry has increased interest in Golden Rim’s Chilean projects and the company has commenced initial exploration on a previously un-tested large-scale porphyry copper target at its Paguanta Project.
Successful drilling at Kada
Golden Rim’s drilling at Kada has been successful with attractive oxide gold mineralisation being delineated over broad intervals.
This drilling has been able to fill in many of the gaps in the previous Newmont drilling in an area where Newmont prepared a non-JORC resource.
Auger drilling at Kada has helped Golden Rim define a 15-kilometre-long bedrock gold corridor that extends through the Newmont gold resource area.
The bedrock corridor is interpreted as sitting on a major regional gold trend that extends north to AngloGold Ashanti (ASX:AGG)’s 10Moz+ Siguiri Gold Mine, in the same regional setting as Kada, and this gives Golden Rim confidence that there is more gold to uncover in the area.
Golden Rim’s second round of resource drilling is due to commence shortly, and the company is looking forward to delivering a maiden JORC resource at Kada before year end.
Kouri gold resource update
At the Kouri Gold Project, a resource update was completed during the year.
Golden Rim now has an indicated and inferred resource of 50 million tonnes at 1.3g/t gold for 2 million ounces, a 43% increase from the contained ounces in the previous resource released in 2018.
Subsequently, Golden Rim’s drilling at Kouri also returned encouraging results, extending the high-grade Diabatou Gold Shoot at depth to ~190 metres below surface while remaining open at depth.
The company’s drilling to target extensions of high-grade gold in the Central Lodes area hit more high-grade gold with an intersection of 4 metres at 23.3g/t gold from 67 metres including 1-metre at 85.4 g/t gold, outlining another high-grade shoot.
Kom Gold Shoot lies on a line of lodes with other known occurrences of high-grade gold
mineralisation, where Golden Rim previously reported rock-chip sample assays up to 818g/t gold.
Re-assessing copper project
Improved copper prices and a strengthened copper outlook encouraged Golden Rim to re-assess its Paguanta project in Chile, particularly the compelling and previously unexplored Loreto porphyry copper target.
Results from rock-chip samples collected at Loreto suggested the porphyry centre to be about 2.3 kilometres by 1 kilometre, which was double the initial area of interest.
The company hopes to undertake more exploration at Loreto once access agreements with landowners are in place.
Capital raising
Golden Rim completed a $5 million share placement in February and March 2021 which helped the company execute exploration, including significant drilling programs, across its projects.
The company raised a further $6 million in September 2021 and is well-funded to progress its projects.