Drilling underway at Kada gold project. Source: Golden Rim Resources/Twitter
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  • Exploration company Golden Rim Resources (GMR) buys a further 26 per cent interest in the Kada gold project in eastern Guinea, taking its total interest to 51 per cent
  • The requirements of its second earn-in interest is satisfied in the Kada Joint Venture (JV) by sole funding expenditure not less than US$4 million (A$5.36 million) within 24 months of acquisition
  • Golden Rim has also exercised its right to a third earn-in interest of an additional 24 per cent of the project, taking the total interest to 75 per cent
  • The maiden Inferred Mineral Resource of 25.5 million tonnes (Mt) at 1.1 grams per tonnes (g/t) gold for 930,0002 ounces contained gold was released on March 3
  • GMR shares are up 5.06 per cent, trading at 8.3 cents per share

Golden Rim Resources (GMR) acquired a further 26 per cent interest in the Kada gold project in eastern Guinea, taking its total interest to 51 per cent.

The company satisfied the requirements of its second earn-in interest in the Kada Joint Venture (JV) by sole funding expenditure not less than US$4 million (A$5.36 million) within 24 months of acquisition.

It had also exercised its right to a third earn-in interest of an additional 24 per cent of the project, taking the total interest to 75 per cent.

To achieve this interest, Golden Rim was required to fund the preparation of a definitive feasibility study (DFS) for Kada.

The maiden Inferred mineral resource of 25.5 million tonnes (Mt) at 1.1 grams per tonnes (g/t) gold for 930,0002 ounces contained gold was released on March 3.

There was no time frame for completion of the DFS and Golden Rim’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.

Following analysis of results from auger and exploration drilling conducted on Kada over the past year, Golden Rim and its joint venture partner elected to withdraw from agreements for two additional permits in Damissa Koura and Kankan West.

The Damissa Koura permit is contiguous to Kada to the east, but 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, approximately 60 kilometres south of Kada, has not reflected any prospectivity of note.

Golden Rim believes that Guinea remains one of the most under-explored countries in West Africa.

GMR shares were up 5.06 per cent, trading at 8.3 cents per share as of 3:53 pm AEST.

GMR by the numbers
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