Golden Rim Resources Ltd (ASX:GMR) has discovered an exciting new gold bounty just in time for Christmas with assays for five reverse circulation (RC) drill holes returning high-grade results.
The windfall comes from its second round of resource-definition drilling at the Kada Gold Project in Guinea and has seen shares increase as much as 17.4% to A$0.135.
“The new shallow oxide intersection of 96 metres at 3.3 g/t gold in KRC025 is the best to date from Kada," managing director Craig Mackay said.
“It lies in the under-drilled southern portion of the Newmont non-JORC gold resource area and remains open at depth and along strike.
"We are about to complete a fence of drill holes 80m south of KRC025 to test the southerly extent of this exciting gold mineralisation.
“The outcome of this drilling is eagerly awaited."
The RC drilling program continues to delineate multiple, broad, subparallel zones of gold mineralisation in the Newmont gold resource area.
New gold dream
New gold intersections (at a 0.3g/t gold cut-off) include:
- KRC025 - 96 metres at 3.3 g/t gold from 28 metres including 29 metres at 8.5 g/t from 79 metres including 2 metres at 18.4 g/t from 79 metres with 15 metres at 13.2 g/t from 93 metres and 9 metres at 1.2 g/t from 156 metres (hole ended in mineralisation);
- KRC023 - 22 metres at 2.3 g/t from 20 metres and 7 metres at 3.9 g/t from 81 metres (hole ended in mineralisation);
- KRC023R - 6 metres at 7.1 g/t from 119 metres including 1-metre at 37.6 g/t from 119 metres and 9 metres at 2.2 g/t from 129 metres (hole ended in mineralisation); and
- KRC024 - 24 metres at 1.1 g/t from 42 metres.
The new gold intersections are shallow and fully or partially oxidised. Extensive additional oxide gold mineralisation is located in gaps in the previous drilling.
Maiden resource estimate
The new results are expected to add significant ounces and boost the gold grade in the maiden mineral resource estimate which remains on track for delivery in late January 2022.
There will be no rest for Golden Rim in its quest for gold – drilling at Kada will continue through the Christmas and New Year period.
“Golden Rim intends to regularly report new results through this time and as we lead up to the delivery of our maiden mineral resource estimate, scheduled for the end of January 2022,” Mackay added.