Golden Rim Resources Ltd (ASX:GMR) is finalising plans for a reverse circulation (RC) drilling program at its Kada Gold Project in Guinea, West Africa.
The RC drilling program will total around 60 holes for 5,000 metres and will test priority bedrock gold target areas outlined in GMR’s auger drilling along the 15-kilometre Kada Gold Corridor.
Planned holes are generally 80 metres deep and designed to locate additional oxide gold mineralisation.
Target areas all lie outside the maiden inferred mineral resource area of 930,000 ounces at 1.1 g/t gold which extends for only 1-kilometre along the Kada Gold Corridor.
Imaged auger gold results highlighting the Kada Gold Corridor, with priority target areas for the next phase of exploration RC drilling.
Testing target
GMR will initially test the Bereko Prospect, where intense stockwork vein bedrock gold mineralisation, which returned rock chip results up to 171.5 g/t gold, has been discovered in artisanal workings within a coherent 1.5-kilometre-long auger gold anomaly.
The company has locked in a drilling contractor for the RC program and drilling is expected to commence shortly.
An Induced Polarisation/ground magnetic geophysical survey is also planned along the Kada Gold Corridor that will initially cover three prospect areas (Massan, Bereko and Bereko South) for a total of 76-line kilometres (on 100-metre spaced lines).
Line-cutting is underway and the geophysical contractor is on track to commence in mid-late April 2022.
SPP withdrawn
GMR has withdrawn its proposed Share Purchase Plan (SPP), scheduled to open on Friday, April 1, 2022, due to a retraction in the company’s share price.
The company notes this does not affect the recently completed $5.3 million share placement to key strategic and institutional investors.
Golden Rim remains fully funded for its next phase of exploration at Kada.