- Golden Rim Resources (GMR) begins the second phase of resource definition drilling at the Kada gold project in Guinea
- This round of drilling will target the Newmont gold resource area for oxide gold mineralisation as well as test bedrock gold anomalies
- Golden Rim Resources will use the results to complete a the mineral resource estimate which is expected to be delivered in January next year
- Company shares are up 25 per cent to trade at 0.8 cents
Golden Rim Resources (GMR) has begun the second phase of its resource definition program at the Kada gold project in Guinea.
The reverse circulation (RC) drilling program will include 6500 metres which is more than originally expected.
Follow-up analysis and interpretation of results from the first round of resource definition drilling identified additional target areas in the Newmont gold resource area with potential for oxide gold mineralisation. As a result, further holes have been scheduled along the Kada Gold Corridor.
Due to this, the next phase of drilling is more extensive than originally planned and is expected to be completed in early December.
Infill holes will be drilled to an average depth of 150 metres along strike to the north and south of the Newmont gold resource area where Golden Rim identified highly anomalous bedrock gold.
Managing Director Craig Mackay commented on the drilling program.
“We have delineated a thick, flat-lying blanket of soft oxide gold mineralisation that is now 800 metres long by 700 metres wide,” he said. “This high-value gold mineralisation remains open in all directions and is our focus moving forward.”
“With our recent $6 million capital raise, we are well funded to advance this core asset and we are excited that our second round of resource definition drilling has now commenced.”
Results from this drilling will be included in the mineral resource estimate which is expected to be delivered in January next year.
Company shares were up 25 per cent to trade at 0.8 cents at 3:25 pm AEDT.