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Golden Rim Resources Ltd. (ASX:GMR) provided the drilling results on Tuesday. It relates to the further reverse circulation drilling undertaken at the Red Hill satellite gold prospect located within its 100% owned Kouri Gold Project in Burkina Faso.
This follow-up drilling outlined a further strike and depth extensions to the gold mineralization with a new intercept of 10m at 4.1g/t gold, obtained 40m beneath a previous intercept of 11m at 3.4g/t gold.
As per the companyâs information, total four holes were drilled in the new follow-up drilling at Red Hill which revealed excellent continuity of mineralization that remains open at depth. Golden Rim further believes that there is a considerable scope to delineate more gold mineralization at Red Hill with systematic drilling along the magnetic anomalies.
Golden Rimâs Managing Director, Craig Mackay stated that Red Hill outlines a promising satellite gold discovery 4.5km from its 1.4 million ounces of gold Mineral Resource at Kouri. The company is further excited about the outstanding grades and continuity in the gold mineralization.
Moreover, the gold mineralization intersected in two holes, NKRC047 and NKRC054, is reportedly the best gold mineralization located to date at Red Hill and is situated at the intersection between two major shear zones and their associated magnetic high anomalies. The company stated that closely spaced gold intercepts of 2m at 2.6g/t gold, 3m at 2.1g/t gold and 9m at 1.0g/t gold were obtained 100m along strike from the gold mineralization intersected in holes NKRC054 and NKRC047.
The gold mineralization at Red Hill lies under shallow cover for which the company plans to start trenching shortly to confirm the orientation of the mineralization before drilling further. The announcement read that all the drill holes that have targeted these significant shear-related magnetic high anomalies at Red Hill have intersected gold mineralization. The results explained that these magnetic anomalies are related to cross-cutting shear zones which are considered as a part of the Samira Hill Fault system.
Mr. Mackay further informed that going forward, the company targets to systematically test the large magnetic anomalies related to the mineralization that have always delivered positive results at Red Hill.
On the financial front, Golden Rim reported a loss of $7.6 million for the fiscal year 2018. The cash and cash equivalents stood at $1.203 million as at 30 June 2018.
GMR traded flat today, 15 January 2019. However, 5,668,443 shares changed hands in todayâs trading session. The stock last traded at $0.017. In the past 12 months, GMR stock price has fallen 68.52%, and over the past three months, it has plunged by 5.56%.
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