f28bf502-290e-4dd8-9746-4b11534125d3.pdf
Quarterly Activities Report
For the period ended 30 September 2015
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Golden Rim Resources Ltd (ASX: GMR) is active in West Africa, with a pipeline of gold projects covering over 1,500km2 in the highly prospective Birimian greenstone belts of Burkina Faso and Mali.
At the Korongou Project, in Burkina Faso, Golden Rim has recently outlined widespread gold mineralisation, including a large bedrock auger gold anomaly.
Head Office
Level 2
10 Outram Street
WEST PERTH WA 6005 AUSTRALIA
T: + 61 8 9481 5758
www.goldenrim.com.au
Exploration Office
Level 1
19 Prospect Street BOX HILL VIC 3128 AUSTRALIA
T: + 61 3 9890 2311
Contact
Craig Mackay Managing Director [email protected]
Directors
Rick Crabb, Non Executive Chairman Craig Mackay, Managing Director Glenister Lamont, Non Executive Director
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Highlights
Korongou, Burkina Faso
1.8 g/t to 2.2 g/t gold has been identified at Korongou.
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Most of the gold zones included in the Exploration Target are open along strike and at depth.
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In particular, a 900m gap in the drilling between the Guitorga North and Guitorga South areas offers scope to expand the Exploration Target.
Cautionary Statement: The potential quantity (tonnage) and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resources and it is uncertain if further exploration will result in the estimation of Mineral Resources.
Corporate
Golden Rim has undertaken extensive reviews of a number of new minerals project opportunities that have arisen as a result of the general difficult climate for the mining sector.
Korongou Project, Burkina Faso
The Korongou Project covers part of a highly prospective Lower Proterozoic Birimian Samira Hill greenstone belt in Burkina Faso and is traversed by a significant NE-trending fault splay which is connected to the major Markoye Fault system. This fault system controls a number of major gold deposits in Burkina Faso, including Kiaka (5.9 Moz gold), Bomboré (5.2 Moz gold) and Essakane (6.2 Moz gold). The mineralised fault system extends into western Niger where the 2Moz Samira Hill is located (Figure 1).
Exploration Target
With the completion of the Phase 3 RC drilling at Korongou (June quarter), an Exploration Target was calculated for gold mineralisation identified within the Guitorga North, Guitorga South, MCA/MCB Pits and Diabouga areas (Figure 2).
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Golden Rim Resources Ltd I ABN 39 006 710 774 I Level 2, 10 Outram Street, West Perth WA 6005, Australia I PO Box 378, West Perth WA 6872, Australia www.goldenrim.com.au I [email protected] I T + 61 8 9481 5758 I F + 61 8 9481 5759
The initial Exploration Target for Korongou, detailed in Table 1, is estimated in a range of 7,954,000 to 9,722,000 tonnes grading from approximately 1.8 to 2.2 g/t gold and containing approximately 500,000 to 611,000 ounces of gold1.
Table 1. Korongou Exploration Target Estimation
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Exploration Target Area
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Tonnage Range
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Gold Grade Range (g/t)
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Gold Ounces Range
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90%
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110%
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90%
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110%
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90%
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110%
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Guitorga North
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2,924,000
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3,573,000
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1.9
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2.4
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201,000
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246,000
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Guitorga South
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3,643,000
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4,452,000
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1.4
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1.7
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178,000
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219,000
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MCA/MCB Pits
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719,000
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879,000
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1.8
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2.2
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47,000
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57,000
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Diabouga
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669,000
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818,000
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3.0
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3.7
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73,000
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89,000
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TOTAL
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7,954,000
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9,722,000
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1.8
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2.2
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500,000
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611,000
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Notes:
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The Exploration Target was estimated using the following parameters: 0.5 g/t gold cut-off grade; maximum of 100m strike extent from drill holes (where the continuity of the mineralisation is supported by mapping, the location of artisanal workings or anomalous auger results); maximum of 70m vertical extent below surface for the Guitorga North, Guitorga South and Diabouga areas; maximum of 120m vertical extent below surface for the MCA/MCB Pits area; minimum downhole intercept width of 2m; and SG of 2.5.
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A total of 94 RC drill holes were used to prepare the Exploration Target. The holes are generally drilled on lines spaced from 40m - 100m apart, with a spacing along the lines ranging from 40m - 50m.
Most of the zones of gold mineralisation included in the Exploration Target are open along strike and at depth. The Exploration Target was only calculated to a maximum of 70m below surface for the Guitorga North, Guitorga South, and Diabouga areas. Deeper drilling is expected to extend the Exploration Target below 70m.
Of particular interest is a 900m gap in the drilling between the Guitorga North and Guitorga South areas which also offers scope to expand the Exploration Target (Figure 2). This gap area lies within the Guitorga auger anomaly and includes highly anomalous auger results up to 4,413 ppb (4.4 g/t), 2,306 ppb (2.3 g/t), 1,537 ppb (1.5 g/t), and 1,464 ppb (1.5 g/t) gold.
No field work was carried out on the Korongou Project during this quarter due to the commencement of the wet season.
Sebba Project, Burkina Faso
No field work was completed on the Sebba Project during the quarter. During the quarter, Golden Rim relinquished the permits comprising the Sebba Project.
Babonga Project, Burkina Faso
No field work was completed on the Babonga Project during the quarter. Golden Rim continued its divestment activity for Babonga.
1 The potential quantity (tonnage) and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resources and it is uncertain if further exploration will result in the estimation of Mineral Resources
Yako Project, Burkina Faso
No field work was completed on the Yako Project during the quarter. Golden Rim continued its divestment activity for Yako.
Mali Project (Sepola)
No work was completed on the projects in Mali during the quarter.
Golden Rim continued its divestment activity for the Sepola Project and continues to discuss divestment opportunities.
Corporate
As expected, during the wet season in Burkina Faso there was little expenditure on exploration activities.
Golden Rim notes the civil unrest that occurred in Burkina Faso during the quarter, leading up to the general elections scheduled to be held on 29 November 2015. As Golden Rim's activities were limited, due to the wet season, there was no impact to the Company's operations. Golden Rim, however, intends to await the outcome of the general elections before proceeding further exploration activities.
Golden Rim also considered numerous new minerals project opportunities during the quarter. As a result of the current difficult climate for the mining sector, some attractive opportunities have arisen, across a range of commodities. Golden Rim continues with its investigations into new opportunities where these have the potential to create shareholder value.
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Figure 1. Location of Golden Rim's Burkina Faso permits and projects.