Emerging West African gold developer, Golden Rim unearthed high grade gold minerals at its 100% owned Kouri gold project located in the northeast of Burkina Faso. It’s the flagship project of the company that contains over 1milion ounces of gold which can even grow further.
Early this week the company announced the commencement of 3000m reverse circulation (RC) drilling program at Kouri. Under the drilling-for-equity agreement with ASX listed mining services company Ausdrill Limited, Golden Rim plans to get approximately 24 holes drilled with the range of 120m-150m.
Golden Rim’s Managing Director, Craig Mackay said the Golden Rim has discovered several new target areas such as Guitorga West, Red Hill and the new wide zone of gold mineralization that lies immediately outside the company’s 1Moz Mineral Resource.
On the basis of yet to be released structural study and mineral resource update the company’s drilling program targets auger bedrock anomalies at Guitorga West, Guitorga North and Red Hill, high-grade gold shoot areas within and beneath the Mineral Resource, the river channel area between the Mineral Resource and Guitorga West and gold lodes that company has newly identified in recent trenching.
Whereas, the aircore drilling at Babonga Gold Project in Burkina Faso identified a widespread bedrock gold mineralization, including a coherent zone of bedrock gold mineralization over an area of 1Km x 200m. And the ore sorting test work at Paguanta, Chile has demonstrated that an upgrade in the zinc, lead and silver grades of between 60-75% was attainable.
For the year ended 30 June 2018, Golden Rim Resources (ASX: GMR) reported loss of $7.6 million, higher than previous year’s loss of $7.3 million. As at 30 June 2018, the cash balance of the company stood at $1.203 million, reflecting funds received from equity raising.
Despite announcing the commencement of drilling program at Kouri, Golder Rim’s shares traded at lower levels. GMR’s stock price plunged 6.25% to last close at $0.015 on 22 November 2018. The historical performance of the stock has shown worst results as GMR has fallen 64.44% over the past one year as at 22 November 2018.
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