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Golden Rim Resources Ltd

Published : October 31st, 2016

Quarterly Activities Report 30 September 2016

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Quarterly Activities Report 30 September 2016

Quarterly Activities Report‌

For the period ended 30 September 2016

Golden Rim Resources Ltd (ASX: GMR) is developing its project portfolio. The Company has advanced exploration projects in Chile and Burkina Faso.

The Paguanta Zinc-Silver-Lead Project, in Chile, has a significant JORC Mineral Resource and US$31.5m in past expenditure. GMR plans to conduct drilling with the aim of expanding the higher grade portion of the resource.

The Korongou Gold Project, in Burkina Faso, has widespread gold mineralisation. GMR has outlined a considerable Exploration Target.

Head Office

Office 7, Level 2

609 Canterbury Road SURREY HILLS VIC 3127 AUSTRALIA

T: + 61 3 9836 4146

www.goldenrim.com.au

Contact

Craig Mackay Managing Director [email protected]

Directors

Glenister Lamont, Non Executive Chairman Craig Mackay, Managing Director

Rick Crabb, Non Executive Director

Overview

Paguanta, Chile

  • Golden Rim finalised the acquisition of a 70% interest in the Paguanta Zinc-Silver-Lead Project in northern Chile.

  • Paguanta is now the Company's flagship project.

  • Since the start of 2016, there has been a strong rise in zinc (52%) and silver (28%) prices making the acquisition a timely and exciting new opportunity for shareholders.

  • Golden Rim's due diligence on Paguanta revealed that coherent higher grade mineralisation predominantly associated with a hydrothermal breccia in the Cathedral Vein at the Patricia Prospect is likely to be the focus for future mine development.

  • An initial Exploration Target of approximately 4.5Mt to 6.8Mt at approximate grades of 4.5% to 6.7% zinc, 1.5% to 2.3% lead and

  • Golden Rim has re-established the exploration camp at Paguanta and is currently arranging for an exploration office to be opened in Iquique (120km southwest of Paguanta).

  • Previous ground magnetic and Induced Polarisation (IP) / Resistivity geophysical data from Patricia has been remodelled with the results coinciding with the vein-hosted mineralisation, suggesting an extension to the east and southeast.

  • A 12 line-km Magneto-Telluric (MT) geophysical survey commenced at Patricia with the objective of better defining the extensions of the mineralisation at depth and along strike to the east.

  • Mr Alex Raab was appointed as Exploration Manager in Chile.

100 g/t to 150 g/t silver has been estimated for Patricia for potential extensions to the higher grade portion of the Mineral Resource1 at Patricia.

1 Details of the Mineral Resource were previously announced by Golden Rim on 10 May 2016 "Golden Rim to Acquire Advanced Silver-Lead-Zinc-Copper Project in Chile".

Golden Rim Resources Ltd I ABN 39 006 710 774 I Office 7, Level 2, 609 Canterbury Road, Surrey Hills VIC 3127, Australia I PO Box 378, West Perth WA 6872, Australia

www.goldenrim.com.au I [email protected] I T + 61 3 9836 3146

Paguanta Project, Chile

Paguanta is located in the Tarapacá Region of northern Chile, approximately 195km northeast of Iquique and 30km west of the Chile-Bolivia border. Paguanta is situated approximately 40km northeast of BHP Billiton's Cerro Colorado Mine, which has a Mineral Resource of 400Mt @ 0.62% copper for 5.5Blb of copper and annual copper cathode production of approximately 175Mlb.

During the Quarter, Golden Rim finalised the transaction with Herencia Resources plc (Herencia) to acquire all the issued shares in Herencia's wholly owned subsidiary Paguanta Resources Chile SA (PRC). PRC holds 70% of the shares in Compania Minera Paguanta SA (CMP) which holds the primary mineral concessions at the Paguanta zinc-silver-lead project in northern Chile.

The final acquisition price for Paguanta was US$1.49m cash. In addition to the cash consideration, Golden Rim will issue US$0.8m in fully paid ordinary shares (Shares) to Herencia at a deemed issue price equal to the 20 day volume weighted average price (VWAP) in the event of a decision to mine at Paguanta.

Past expenditure on the project is approximately US$31.5m (A$41.4m1). Work completed on the project includes:

  • more than 40,000m of drilling (predominantly Diamond drilling)

  • the majority of a feasibility study.

Golden Rim's due diligence on Paguanta revealed that coherent higher grade mineralisation predominantly associated with a hydrothermal breccia in the Cathedral Vein at Patricia is likely to be the Company's focus for a future mine development (Figure 1).

The higher grade mineralisation is mainly associated with the Cathedral Vein and is open at depth and along strike.

The Paguanta Project is now the Company's current focus. Since the start of 2016, there has been a strong rise in zinc (52%) and silver (28%) prices making the acquisition a timely and exciting new opportunity for shareholders.

Exploration Target

Mining Plus Pty Ltd (Mining Plus) has estimated an initial Exploration Target in accordance with JORC (2012) for the potential strike and depth extensions to the higher grade mineralisation at Patricia. The results of this study are presented in Table 1 and the area included in the Exploration Target is depicted in Figure 2.

The Exploration Target represents polymetallic endowment in addition to the current Mineral Resource2 for the Patricia deposit.

1 Calculated at the conversion rate of US$1 = A$0.76

2 Details of the Mineral Resource were previously announced by Golden Rim on 10 May 2016 "Golden Rim to Acquire Advanced Silver-Lead-Zinc-Copper Project in Chile".

Table 1. Patricia Exploration Target Estimation

Tonnage Range (Mt)

Zinc Grade Range (%)

Lead Grade Range (%)

Silver Grade Range (g/t)

Gold Grade Range (g/t)

80%

120%

80%

120%

80%

120%

80%

120%

80%

120%

4.5

6.8

4.5

6.7

1.5

2.3

100

150

0.16

0.24

Notes:

1) 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 Resource and it is uncertain if further exploration will result in the estimation of Mineral Resources.

  1. Mining Plus created an indicative mineralisation model to identify the potential location and size of the immediate strike and dip extensions to the current mineralised system utilising Leapfrog Geo implicit modelling software to create solids at a 3% cut-off grade and a maximum vein width of 5m.

  2. The Exploration Target was based on drilling data, surface geochemical data and a 3D model of Induced Polarisation (IP) chargeability data. The surface geochemical data (1,930 samples) and IP geophysical data (survey by Zonge, Chile, 2012) were utilised to support the continuity of mineralisation in areas where drilling was more sparse.

  3. A total of 28 RC drill holes (3,626m) and 11 Diamond drill holes (1,338m) were used to prepare the Exploration Target. The holes are generally drilled on lines spaced from 20m - 250m apart, with a spacing along the lines ranging from 30m - 200m. The holes used for the Exploration Target are depicted on Figure 3.

  4. A base for the Exploration Target was set at 3250mRL - 200m below the base of the current drilling. The Exploration Target extends along strike for 250m from the eastern-most drill hole.

  5. The Exploration Target was calculated using a SG of 3.2 g/cm3

Commencement of On-Ground Activities in Chile

During the Quarter, Golden Rim re-established the exploration camp at Paguanta. Golden Rim is currently also arranging for an exploration office to be opened in Iquique (120km southwest of Paguanta).

During the Quarter, earthmoving equipment was mobilised to repair access roads in preparation for drilling. A detailed geological mapping program at Patricia is underway to better define the extent of and the structural controls on the mineralisation.

Subsequent to the end of the Quarter, Golden Rim appointed Mr Alex Raab as Exploration Manager in Chile. As well as focusing on the Paguanta Project, Mr Raab will assist the Company with new business development and, in particular, assessing and evaluating new minerals project opportunities in South America.

Geophysical Studies

During the Quarter previous ground magnetic and Induced Polarisation (IP) / Resistivity geophysical data from the Patricia Prospect was remodelled. A Chilean company, Southernrock Geophysics (Southernrock), was contracted to review and remodel the previous geophysical data collected at Paguanta.

The magnetic response coincides with the vein-hosted mineralisation at Patricia and suggests an extension to the east and southeast.

IP / Resistivity data defines coincident high chargeability IP and elevated resistivity anomalies around the Patricia mineralisation. A second significant coherent high chargeability anomaly to the southeast of Patricia remains untested by drilling.

In addition to the data remodelling, a 12 line-km Magneto-Telluric (MT) geophysical survey was conducted by Southernrock at Patricia with the objective of better defining the extensions of the

mineralisation at depth (below the extent of the previous IP / Resistivity survey) and along strike to the east.

The results of the MT survey were received and released subsequent to the end of the Quarter.

Burkina Faso Gold Projects

Korongou Project

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 4). The Korongou Project is comprised of one permit (Korongou) which is 90% owned by Golden Rim.

The initial Exploration Target for Korongou, detailed in Table 2, 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 gold.

Table 2. Korongou Exploration Target Estimation

Exploration Target Area

Tonnage Range

Gold Grade Range (g/t)

Gold Ounces Range

90%

110%

90%

110%

90%

110%

Guitorga North

2,924,000

3,573,000

1.9

2.4

201,000

246,000

Guitorga South

3,643,000

4,452,000

1.4

1.7

178,000

219,000

MCA/MCB Pits

719,000

879,000

1.8

2.2

47,000

57,000

Diabouga

669,000

818,000

3.0

3.7

73,000

89,000

TOTAL

7,954,000

9,722,000

1.8

2.2

500,000

611,000

Notes:

1) 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.

  1. 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.

  2. 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.

No field work was carried out on the Korongou Project during the Quarter.

MNG Group of companies (MNG) has withdrawn from its agreement to enter into an unincorporated joint venture with respect to Korongou. Golden Rim is now actively seeking other divestment opportunities. Given the current positive market sentiment on gold, Golden Rim will endeavour to maintain an up-side interest in any potential transaction.

Babonga and Yako Projects

No field work was completed on the Babonga and Yako projects during the Quarter.

Read the rest of the article at www.publicnow.com
Data and Statistics for these countries : Australia | Bolivia | Burkina Faso | Chile | Georgia | Niger | All
Gold and Silver Prices for these countries : Australia | Bolivia | Burkina Faso | Chile | Georgia | Niger | All

Golden Rim Resources Ltd

CODE : GMR.AX
ISIN : AU000000GMR9
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Golden Rim is an exploration gold company based in Australia.

Golden Rim is listed in Australia. Its market capitalisation is AU$ 19.7 millions as of today (US$ 15.3 millions, € 12.6 millions).

Its stock quote reached its highest recent level on February 24, 2012 at AU$ 0.28, and its lowest recent point on January 29, 2016 at AU$ 0.00.

Golden Rim has 1 787 819 904 shares outstanding.

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Financials of Golden Rim Resources Ltd
10/31/2016Quarterly Activities Report 30 September 2016
Corporate news of Golden Rim Resources Ltd
7/28/2016Golden Rim Completes Acquisition of the Paguanta Project
5/9/2016Golden Rim to Acquire Advanced Base Metals Project in Chile
4/28/2016Quarterly Activities and Cashflow Reports 31 March 2016
1/29/2016Quarterly Activities / Cashflow to 31 December 2015
11/26/2015Golden Rim Completes its 2015 AGM
11/4/2015Quarterly Activities and Cash Flow Report 30 September 2015
10/30/2015Quarterly Activities & Cashflow Report 30 September 2015
10/30/2015Notice of 2015 Annual General Meeting
9/8/2015Appendix 4G and 2015 Corporate Governance Statement
9/8/20152015 Annual Report to shareholders
7/30/2015Quarterly Activities and Cashflow Report June 2015
4/10/2015Director Resignation
3/26/2015Geophysical Results Show Multiple Anomalies at Kor
3/22/2015ARM: Strong Working Capital Position, Exploration
3/17/20154000m RC Drilling Program Commences at Korongou
3/16/2015Notice of Change of Interest of Substantial Holder
3/16/2015Secondary Trading Notice and Appendix 3B
3/11/2015Half Yearly Report to 31 December 2014
2/25/2015Placement to Sprott and Acorn
2/15/2015US$500,000 Deposit for Balogo Sale Received
2/11/2015Guitorga Gold Anomaly at Korongou Exceeds 3.5km
11/5/2014Operations in Burkina Faso Continue Uninterrupted
10/31/2014Ceasing to be a substantial holder
11/26/2013Price of Shares Issued under Share Purchase Plan
11/22/2013Golden Rim Completes its 2013 Annual General Meeting
11/15/2013Excellent Gravity Gold Recoveries Confirmed at Balogo
10/30/2013Share Purchase Plan Offer
8/15/2013Notice of Ceasing to be a Substantial Holder
7/25/2013Trenching Intersects High Grade Mineralisation
4/26/20134,000m Drilling Program Commences at Korongou, Burkina Faso
4/17/2013Golden Rim Completes General Meeting
4/9/2013Becoming a substantial holder
4/9/2013Appendix 3Y Crabb, Mackay, Rodgers, Lamont
3/13/2013Notice of General Meeting
3/11/2013Completion of Positive Scoping Study on the Netiana Lodes
3/7/2013Letter to Shareholders, Entitlement Offer
2/22/2013Mali Assets Divested for US$4.4 Million
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