Join our daily newsletter At The Bell to receive exclusive market insights
- Golden Rim Resources (GMR) has commenced drilling at the Kada Gold Project in Guinea
- In July, the company entered an agreement to purchase up to 75 per cent of the project
- The planned 450-metre drilling program is part of the due diligence process for the purchase of the project
- Golden Rim has also been granted the Bamfele exploration permit, which will effectively double the Kada project area
- Kada Project now includes an area of 200 square kilometres
- Company shares are up 6.67 per cent and this afternoon and trading for 1.6 cents each
Golden Rim Resources (GMR) has kicked off a drilling program at the Kada Gold Project in Guinea.
In July, the company entered an agreement to buy up to 75 per cent of the project from Vetro Gold SARL.
Now, Golden Rim has commenced a 450-metre diamond drilling program, which is part of the company’s due diligence process for the acquistion of the project.
The program will include three diamond holes to be completed as twin holes to the historical holes drilled in the area by Newmont Mining Corporation — the world’s largest gold miner. Each Golden Rim hole will be drilled 150 metres deep.
The company is expecting the drill program to be completed within one month.
Kada is located in the central Siguiri Basin and lies 36 kilometres along strike from and to the south of the 10-million-ounce Siguiri Gold Mine, owned by AngloGold Ashanti.
New exploration permit
Earlier this month, Golden Rim announced it is expecting to double the project area following the lodgement of an application for a new exploration permit, which will be apart of Kada.
Now, the company has received the green tick from the Ministry of Mines and Geology in Guinea for the new exploration permit, dubbed the Bamfele Permit.
“The Kada Gold Project now includes an area of 200 square kilometres and is comprised of both the Kada Permit and Bamfele Permit,” the company told the market today.
Golden Rim is up 6.67 per cent on the ASX this afternoon, with shares trading for 1.6 cents each at 3:47 pm AEST.
