Korongou Project Exploration Update

Transcription

1 ASX/Media Announcement 8 October 2014 Korongou Project Exploration Update Field exploration work has re-commenced at Korongou following a two month hiatus due to the rainy season. A 20,000m auger drilling program (approximately 4,000 holes at 200m x 25m spacing) is now underway. A 284 line km Induced Polarisation (IP) and ground magnetic geophysical survey (100m x 25m spacing) is scheduled to start on 10 October Consultants have been engaged to reprocess existing aeromagnetic data and to produce a structural interpretation of Korongou. Golden Rim Resources Ltd (Golden Rim and Company, ASX: GMR) today announced it has recommenced its field exploration activities at Korongou, Burkina Faso. Auger drilling is underway and other planned exploration activities including the IP and ground magnetic surveys will commence this week. Golden Rim s Managing Director, Craig Mackay, said The Company is excited about the recommencement of work at Korongou following the rainy season. We are looking forward to following up on our previous successful auger drilling program results and to identify new gold mineralisation targets beneath the shallow soil and laterite cover Shareholders can look forward to a steady news flow from Korongou over the next three to four months. Golden Rim believes there is potential to discover a large gold deposit at Korongou beneath the shallow cover and, subject to the outcome of the auger drilling and geophysical programs, the Company is scheduling an RC drilling program to test new target areas early in the new year, Mr Mackay said. Auger Drilling The auger drilling program will comprise approximately 4,000 holes and will total around 20,000m. Two power auger rigs are being used for the program with holes initially planned on a 200m x 25m pattern. The drilling program is expected to take approximately three months to complete. Earlier this year, auger drilling outlined a substantial gold anomaly at the Banouassi Prospect under shallow laterite and soil cover. The anomaly covers an area of 1.2km x 0.2km and includes peak sample results of 2,017 ppb, 1,622 ppb, 1,616 ppb and 1,593 ppb gold (Figure 1). The anomaly extends west from the Kom Line of artisanal workings and remains open to the west. The auger sample results suggest large areas of Korongou outside the artisanal workings and under shallow cover may be gold mineralised _1

2 The new program is intended to systematically extend the bedrock geochemical coverage over a much larger portion of Korongou. Geophysical Survey A 284 line kilometre IP and ground magnetic geophysical survey (100m x 25m spacing) is scheduled to commence across selected areas of Korongou on 10 October The survey will be conducted by SAGAX Afrique and is expected to take two months to complete. The data from the geophysical survey will be integrated with the auger drilling results to delineate new gold targets for RC drill testing. Aeromagnetic Processing and Structural Interpretation The Company has engaged a consultant geophysicist to reprocess the existing aeromagnetic data over Korongou and to identify possible magnetite destruction areas (magnetic lows) that may be related to hydrothermal alteration associated with gold mineralisation. Further, the Company has also engaged a specialist geologist to carry out a structural interpretation of Korongou. Both the geophysical and structural interpretations are being conducted to assist in determining priority areas for the on-going auger drilling program. -ENDS- For further information, please contact: Craig Mackay Hayley Butcher Golden Rim Resources Golden Rim Resources Managing Director Company Secretary Page 2

3 Figure 1. Location of prospects, gold mineralised shear structures (red lines), areas of auger drilling and planned IP/ground magnetic survey area, over satellite imagery at Korongou. Page 3

4 Photograph 1. Golden Rim s auger rig in operation at Korongou. Photograph 2. Golden Rim geologists logging the drill cuttings from the auger rig. Each pile represents a down hole metre. Page 4

5 The information in this report relating to previous exploration results is extracted from the announcement Substantial Gold Anomaly Outlined at Korongou dated1 August 2014 and has been reported in accordance with the 2012 edition of the JORC Code. This announcement is available on the Company s website ( The Company confirms that it is not aware of any new information or data that materially affects the information included in this announcement. Further Company Information E: info@goldenrim.com.au W:goldenrim.com.au Capital Structure Issued Shares: 1,033,356,887 Unlisted Options: 96,000,000 Major Shareholders Aurora Minerals 9.95% Acorn Capital 8% Royal Group, Abu Dhabi 5.27% Share Registry Security Transfer Registrars Pty Ltd 770 Canning Highway APPLECROSS WA 6153 AUSTRALIA T: F: E: registrar@securitytransfer.com.au Page 5