Golden Rim Resources Ltd (ASX:GMR) has acquired a further 26% interest in the Kada Gold Project after satisfying the requirements of its second earn-in interest in the Kada Joint Venture.
That requirement was sole funding expenditure of no less than US$4 million within 24 months of acquisition.
The West African explorer’s interest in Kada is now 51% and the company has also exercised its right to a third earn-in, which will bring its interest up to 75%.
To make this third earn-in happen, Golden Rim is required to fund the preparation of a definitive feasibility study (DFS) for Kada.
It should be noted that there is no time frame for completion of the DFS, and GMR’s immediate plan is to systematically conduct additional exploration over the Kada permits, outside of the maiden Mineral Resource area, with the objective of expanding the oxide gold resource.
Maiden resource
The maiden inferred mineral resource of 25.5 million tonnes at 1.1vg/t gold for 930,000 gold ounces was released on March 3, 2022.
Kada comprises two permits, Kada and Bamfele, located in the Siguiri Basin in eastern Guinea, and covers around 200 square kilometres.
Additional permit agreements withdrawn
Analysis of results from auger and exploration drilling conducted on Kada over the past year has led GMR and its joint venture partner to withdraw from agreements for two additional permits.
The Damissa Koura permit is contiguous to Kada to the east. With the now delineated north-south trending Kada Gold Corridor at Kada, Damissa Koura has become of less interest to the Kada joint venture.
The Kankan West permit, around 60 kilometres south of Kada, has not reflected any prospectivity of note.
About Golden Rim
GMR has a portfolio of advanced minerals projects in Guinea and Burkina Faso, West Africa, and in Chile, South America. However, its flagship asset is the advanced Kada Gold Project in eastern Guinea, one of the most under-explored countries in West Africa.
GMR is focused on growing Kada's mineral resource, with much of the project area poorly explored, leaving potential upside for the discovery of additional oxide gold mineralisation.