Golden Rim Identifies New Gold Targets at Kada

Highlights

• Air core (AC) drilling returned numerous anomalous gold results, at both the Sadan and Massan South prospects, including 22m @ 0.9 g/t gold.
• 3,500m of diamond drilling (DD) at Bereko and Massan prospects is progressing well; 2,060m drilled to date.
• Golden Rim is developing a pipeline of prospects to drive continued growth of the Kada Mineral Resource Estimate (MRE).
• Updated Massan MRE and maiden Bereko MRE on track for delivery in 2023.

Golden Rim’s Managing Director, Tim Strong, commented:

“Discovering gold at the Sadan prospect confirms our view that Kada still has a significant amount of gold ounces to uncover. We feel we have only scratched the surface when it comes to Kada, with 930,000 ounces at Massan across a 1km strike, and another very attractive target in Bereko, 9km to the north. We are now focussed on filling in the gaps across Kada’s 15km long bedrock gold corridor, and we are confident this will uncover further zones of mineralisation and underpin Resource growth.

“Recent RC results at Sounkou[1] (17m @ 1.3 g/t) and now promising aircore results at Sadan and Massan South are proof that Kada is a substantial gold deposit, and we look forward to using these new results to drive targeted exploration forward.”

Kada Exploration Drilling

Golden Rim’s 3,000m AC drilling program targeting new discoveries is now complete, while its 3,500m DD program testing open mineralisation and providing structural information commenced in March 2023 is ongoing.

In addition, Golden Rim recently completed a 10,000m RC drilling program at Kada which comprised exploration drilling at the Bereko Prospect and north of the MRE area within the Massan Prospect, as well as some resource extension and infill drilling around the margins of the MRE.

AC drill hole collar details are provided in Table 1 and the hole locations are depicted in Figure 1. All significant new gold intersections are presented in Table 2.

Air core Drilling

Golden Rim completed a 3,000m AC drilling program in March to explore the newly discovered Nounkoun target identified in field mapping (Figure 1), as well as prospective geophysical anomalies within Massan and Bereko. A total of 64 holes for 2922m were drilled, as follows:

• 19 holes for 1,009m at Bereko
• 8 holes for 414m at Massan
• 7 holes for 327m at Massan South
• 22 holes for 1,047m at Sadan
• 8 holes for 125m at Bamfele.

Assays were received for 12 holes and announced on 24 April 2023. Results for a further 44 holes across all prospects have now been received, with results for the remaining eight holes pending. Multiple holes contain anomalous gold values, highlights include:

o   SDAC013:

22m @ 0.9 g/t gold from 28m

o   SDAC009:

12m @ 0.5 g/t gold from 4m

4m @ 1.6 g/t gold from 44m

o   SDAC010:

4m @ 1.0 g/t gold from 5m

10m @ 0.3 g/t gold from 39m

o   MSAC012:

4m @ 1.2 g/t gold from 8m

Drilling consistently intersected a series of interbedded strongly weathered, intensely oxidised sedimentary rocks, mostly siltstone and greywacke with minor shales. Mineralisation is encountered in all rock types.

These encouraging new results, coupled with the recent discovery at the Sounkou prospect 13km southwest of the MRE area at Massan, present additional prospective target areas for follow-up as Golden Rim continues to expand its gold inventory at Kada. The Company is on track to deliver a MRE update later in 2023.

Mineralised zones will be re-assayed using 1m intervals to further define the mineralisation.    

Current Progress & Next Steps

RC drilling at Bereko and Massan is now complete, with assays pending for the final 14 holes (1,487m) at Massan. Results for these holes, and the final trenches at Massan, are expected during May.

The final eight AC drillhole results are expected in May, and diamond drilling at Massan and Bereko will continue until completion; expected to be late May. Result will then be analysed over the coming wet season in preparation for an MRE upgrade at Massan and a maiden MRE at Bereko.

This announcement was authorised for release by the Board of Golden Rim Resources Ltd.

ABOUT GOLDEN RIM RESOURCES

Golden Rim Resources Limited is an ASX listed exploration company with a portfolio of advanced minerals projects in Guinea and Burkina Faso, West Africa and in Chile, South America.

The Company’s flagship project is the advanced Kada Gold Project in eastern Guinea. Guinea remains one of the most under-explored countries in West Africa. Golden Rim has outlined a maiden Inferred Mineral Resource Estimate of 25.5Mt at 1.1g/t gold for 930Koz[2], the majority of which is shallow oxide-transitional gold mineralisation. Golden Rim is focussed on growing the Mineral Resource Estimate. Most of the 200km² project area remains under explored and there is considerable upside for the discovery of additional oxide gold mineralisation.

The Company has outlined an Indicated and Inferred Mineral Resource of 50Mt at 1.3g/t gold for 2Moz[3] at the Kouri Gold Project, located in north-east Burkina Faso, and it also holds the Paguanta Copper and Silver-Lead-Zinc Project in northern Chile  which has a Measured, Indicated and Inferred Mineral Resource of 2.4Mt at 88g/t silver, 5.0% zinc and 1.4% lead for 6.8Moz silver, 265Mlb zinc and 74Mlb lead[4] at the Patricia Prospect, which remains open. The Company is seeking to divest these projects to focus on Kada.

At the adjacent Loreto Copper Project in Chile, Golden Rim has signed an Option and Joint Venture agreement with Teck Chile whereby Teck Chile can acquire up to a 75% interest in the project.

ASX:GMR
Market Capitalisation: A$19.5 million
Shares on Issue: 591.6 million

Competent Persons Statements

The information in this report relating to previous exploration results and Mineral Resources are extracted from the announcements: Maiden Drilling at Sounkou prospect hits 17m @ 1.3g/t dated 24 April 2023; Kada drilling delivers 56m @ 1.7g/t gold at Massan, 9m @ 2.8g/t gold at Bereko dated 05 April 2023; Golden Rim intercepts 9m @ 3.3gt oxide gold at Kada dated 17 March 2023; GMR hits 57m @ 1.0g/t gold in Oxide at Kada dated February 20 2023; GMR intercepts further oxide gold zones at Kada’s Bereko prospect dated 06 February 2023; Golden Rim identifies extensive additional oxide gold target areas at Bereko dated 14 July 2022; Golden Rim Hits 43m at 1.2gt Gold Outside Kada Mineral Resource dated 21 June 2022; Golden Rim Commences Infill Auger Drilling at Bereko Gold Prospects dated 25 May 2022; Golden Rim hits shallow high-grade oxide gold at Bereko dated 19 May 2022; Golden Rim’s Drilling Outside Kada Mineral Resource Area Delivers More Oxide Gold dated 11 May 2022; Kada Maiden Mineral Resource 930Koz Gold dated 3 March 2022; Golden Rim Discovers More Oxide Gold in Exploration Drilling at Kada dated 1 March 2022; Golden Rim hits 171.5g/t gold in sampling at Kada with multiple new targets identified dated 22 February 2022; Golden Rim Discovers Exciting New Zone of Oxide Gold at Kada – 66m at 1.0g/t Gold dated 17 February 2022; Golden Rim Hits More Oxide Gold at Kada – 61m at 1.2ppm Gold from Surface dated 28 January 2022; Golden Rim Continues to Identify Additional Gold Mineralisation at Kada dated 20 January 2022; Kada Delivers Exceptional Shallow Oxide Gold Intersection – 96m at 3.3ppm Gold dated 20 December 2021; Kada Delivers Widest Oxide Gold Intersection to Date – 62m at 1.3ppm Gold dated 14 December 2021; Golden Rim Delivers More Broad Zones of Oxide Gold at Kada dated 19 August 2021; Golden Rim Intersects 32m at 1.4ppm Gold in Oxide at Kada dated 05 August 2021; Golden Rim Expands Kada Bedrock Gold Corridor to 15km dated 30 July 2021; Golden Rim’s Oxide Gold Blanket at Kada Expands to 700m Width dated 26 July 2021; Golden Rim Hits 46m at 1.3ppm Gold at Kada dated 19 July 2021; Golden Rim Continues to Outline Broad Oxide Gold Area at Kada dated 13 July 2021; Golden Rim Confirms Broad Zones of Oxide Gold in Resource Drillout at Kada dated 29 June 2021; Major Bedrock Gold Corridor Extends to 4.7km at Kada dated 20 May 2021; Major 3.5km Bedrock Gold Corridor Confirmed at Kada dated 19 April 2021. These reports are available on the Company’s website (www.goldenrim.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in these announcements and, in the case of the Mineral Resource estimate, that all material assumptions and technical parameters underpinning estimate continue to apply and have not materially changed.

The information in this report that relates to exploration results is based on information compiled by Brendan Hogan, a Competent Person, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Hogan is a full-time employee of the Company and has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’. Mr Hogan consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

Forward Looking Statements

Certain statements in this document are or maybe “forward-looking statements” and represent Golden Rim’s intentions, projections, expectations or beliefs concerning among other things, future exploration activities. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Golden Rim, and which may cause Golden Rim’s actual performance in future periods to differ materially from any express or implied estimates or projections. Nothing in this document is a promise or representation as to the future. Statements or assumptions in this document as to future matters may prove to be incorrect and differences may be material. Golden Rim does not make any representation or warranty as to the accuracy of such statements or assumptions.

Link to the English News: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02664919-3A618149?access_token=83ff96335c2d45a094df02a206a39ff4

[1] ASX Announcement: Kouri Mineral Resource Increases by 43% to 2 Million ounces Gold dated 26 October 2020 (Total Mineral Resource includes: Indicated Mineral Resource of 7Mt at 1.4g/t gold and Inferred Mineral Resource of 43Mt at 1.2g/t gold).

[2] ASX Announcement: New Resource Estimation for Paguanta dated 30 May 2017 (Total Mineral Resource includes: Measured Mineral Resource of 0.41Mt at 5.5% zinc, 1.8% lead, 88g/t silver, 0.3g/t gold; Indicated Mineral Resource of 0.61Mt at 5.1% zinc, 1.8% lead, 120g/t silver, 0.3g/t gold; Inferred Mineral Resource of 1.3Mt at 4.8% zinc, 1.1% lead, 75g/t silver, 0.3g/t gold).

[3] ASX Announcement: Kada Maiden Mineral Resource 930koz Gold dated 3 March 2022.

[4] See GMR ASX Announcement dated 24 April 2023.