Investors in Golden Rim Resources (ASX: GMR) will be watching drilling with interest the Sepola Gold Project in Mali. Here's why.
The Sepola Gold Project is 40 kilometres southeast along strike from the Sadiola and Yatela gold mines - these mines have produced greater than 15 million oz of gold.
With this proximity, options open for Golden Rim, including toll treatment agreements of the ore at one of these mines, and early cash flows - should exploration be fruitful.
A 3,000m reverse circulation drilling program is designed to extend and infill the current Inferred Resource of 3,084,000 tonnes at 1.64 g/t gold for 162,000 oz of gold. The drilling should enable portions of this JORC resource to be upgraded from the Inferred Resource to the Indicated Resource category. The majority of the proposed drill holes will be completed at the Mogoyafara prospect. Gold mineralisation at Mogoyafara has considerable tonnage potential and is open along strike and at depth.
Golden Rim is sufficiently encouraged about the prospect to believe it has the potential to produce a major gold deposit. Several drill holes are also planned for the Linnguekoto prospect to follow-up high grade gold mineralisation in the area where a previous drill hole intersected 18 m at 8.19 g/t gold and where Golden Rim’s rock chip sampling of an 80 cm wide quartz vein returned an assay of 1205 g/t (38.7 oz/t) gold.
The drilling program immediately follows Golden Rim’s successful rights issue and placement that raised $3.6 million.
Golden Rim is an exploration and mining company with a focus on gold and copper projects. The current growth strategy is being driven by the Company’s two new gold projects (Sepola and Sanso) in West Africa.
http://www.proactiveinvestors.com.au
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