Total
0
Shares
Golden Rim (ASX:GMR) - Managing Director, Craig Mackay
Managing Director, Craig Mackay
Source: 121 Mining Investment TV
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Assay results have confirmed a major bedrock gold corridor at Golden Rim Resources’ (GMR) Kada Gold Project in Guinea
  • Recent auger drilling at the project outlined a major 3.5-kilometre north–south trending corridor of strongly anomalous bedrock gold in the western portion of the Kada permit
  • The broad corridor returned peak gold values of up to 17.8 grams per tonne
  • The structure extends 1.4 kilometres north and 1.3 kilometres south of the Newmont gold resource area and remains open in both directions
  • Golden Rim believes there is significant potential for follow-up drilling to delineate additional gold mineralisation within the corridor extensions and inform a maiden JORC mineral resource estimate
  • GMR now plans to expand the 15,000-metre auger drilling program at Kada, based on the results received to date
  • The explorer expects to receive the results from a second batch of assays of 617 auger holes in two weeks’ time
  • Golden Rim Resources shares have climbed 22.2 per cent to trade at 1.1 cents

Assay results have confirmed a major bedrock gold corridor at Golden Rim Resources’ (GMR) Kada Gold Project in Guinea.

Recent auger drilling at the project outlined a major 3.5-kilometre north–south trending corridor of strongly anomalous bedrock gold in the western portion of the Kada permit.

The broad corridor, which spans 500 to 700 metres in width, returned peak gold values of up to 17.8 grams per tonne gold, which GMR says is high for an auger sample.

Notably, the project’s Newmont gold resource area is positioned along an 800-metre central section of the corridor, with the structure extending 1.4 kilometres north and 1.3 kilometres south of the area and remaining open in both directions.

In light of the discovery, Golden Rim believes there is significant potential for follow-up drilling to delineate additional gold mineralisation within the corridor extensions for inclusion in a maiden JORC mineral resource estimate scheduled for the second half of the year.

Looking ahead, GMR is planning to expand its 15,000-metre auger drilling program at Kada based on the results received so far.

Meanwhile, the company has commenced 2500 metres of infill diamond drilling focussed on the Newmont resource area, with the first results expected in mid-May.

GMR Managing Director Craig Mackay said the company is excited about the newly confirmed corridor’s potential.

“We have dispatched the samples for a further 617 auger holes to the laboratory that include holes to the west and more holes south of the Newmont gold resource area, and we eagerly await the results,” he said.

At present, three power auger rigs are operating at Kada, with 1262 holes completed over 13,821 metres. The company has received results for 558 of these holes to date.

GMR expects to receive the results of a second batch of assays of 617 auger holes in approximately two weeks.

On the market this afternoon, Golden Rim Resources shares have climbed 22.2 per cent to trade at 1.1 cents at 1:16 pm AEST.

GMR by the numbers
More From The Market Herald
New Hope (ASX:NHC) - Outgoing CEO, Reinhold Schmidt

" New Hope Corporation (ASX:NHC) CEO resigns

New Hope Corporation (ASX:NHC) CEO Reinhold Schmidt has resigned.
ChemX Materials (ASX:CMX)- Non-Executive Director, Warrick Hazeldine

" ChemX Materials (ASX:CMX) expects ASX listing on Tuesday

ChemX Materials (ASX:CMX) is getting ready to list on the ASX Tuesday, January 18.
Essential Metals (ASX:ESS) - Managing Director, Timothy Spencer

" Essential Metals (ASX:ESS) embarks on drilling at Pioneer Dome

Essential Metals (ASX:ESS) is about to begin drilling at the Pioneer Dome lithium project in the…

" Torian Resources (ASX:TNR) confirms Yttrium at Mt Stirling

Torian Resources (ASX:TNR) confirms Yttrium anomalies at its Mt Stirling Central project area in Western Australia's…