Diamond Drilling Extends the Netiana Lodes at Depth

Transcription

1 ASX/Media Announcement 21 December 2012 Diamond Drilling Extends the Netiana Lodes at Depth New diamond hole intersections include: o 13m at 22.0 g/t gold from 42m, including 1m at 123 g/t gold from 42m (BDH029); o 1.9m at 15.9 g/t gold from 65.1m and 11.5m at 16.8 g/t gold from 77m (BDH013); o 5m at 7.3 g/t gold from 163m (BDH015); o 1.9m at 15.0 g/t gold from 277.4m (in end of hole) (BDH025); o 3m at 8.4 g/t gold from 148m (BDH014). Deeper drilling has successfully extended the depth of the central portion of the Netiana Lodes from the previous drilling depth of 85m to at least 220m depth. Multiple, stacked, high grade gold lodes continue to be intersected and these lodes remain open at depth and down plunge to the NE. Infill diamond drilling continues to demonstrate the excellent continuity of the very high grade, shallow, oxide gold mineralisation in the Netiana Lodes. The original drilling program was extended by an additional 3 diamond holes and 8 reverse circulation (RC) holes to test for extensions of the Netiana Lodes to the NE. All of the drilling is now complete. Assays have been received for 19 of the 22 diamond holes drilled. Assays for the 8 additional RC holes remain pending. With laboratory closure over the Christmas/New Year period, the outstanding assays are not expected until mid-january The maiden JORC resource for the Netiana Lodes will be calculated once all of the assays have been received. Golden Rim Resources Ltd (Golden Rim; ASX: GMR) today announced that it has received the second batch of results from its current drilling program at the Netiana Lodes at its Balogo Project in Burkina Faso. The drilling was designed to test for extensions of the high-grade gold mineralisation associated with the Netiana Lodes from a vertical depth of 85m to a depth of approximately 200m and to confirm high grade intercepts (57m at 40.6 g/t gold and 31m at 65.6 g/t gold) obtained from previous reverse circulation (RC) drilling programs. The original program was for 19 holes, with 3,055m of diamond drilling and 1,425m of RC drilling. This program was extended with an additional 3 diamond holes completed for 653m and an Golden Rim Resources Ltd I ABN I Level 2, 10 Outram Street, West Perth WA 6005, Australia I PO Box 378, West Perth WA 6872, Australia I info@goldenrim.com.au I T I F

2 additional 8 RC holes for 1,073m. These extra holes were drilled to test for strike extensions of the Netiana Lodes to the NE. A total of 3,662 new assays were received for 14 holes (BDH013 to BDH022, BDH024, BDH025, BDH028 and BDH029) (Figure 1). Assays for the RC pre-collar of BDH023 were received, but results from the diamond tail remain pending. Assays remain pending for diamond holes BDH026, BDH027, BDH030 and RC holes BRD251 to BRC 258. A list of all new significant gold intercepts is provided in Table 1. The new gold intercepts were obtained on 8 drill sections (9,975N, 10,000N, 10,025N, 10,037.5N, 10,050N, 10,062.5N, 10,075N and 10,100N). Drill Section 9,975N BDH019 intersected multiple lodes with 3.9m at 1.1 g/t gold from 169.1m (Lode 1) and 1m at 4.2 g/t gold from 221m (Lode 2). This extends the mineralisation on section 9,975N a further 70m down dip to a vertical depth of 130m. There are no deeper holes on this section and the mineralisation remains open at depth. Drill Section 10,000N BDH020 and BDH021 intersected post-mineralisation granite (possibly a dyke or a larger intrusion) where down-dip extensions of mineralisation were expected. This limits the vertical depth of mineralisation on this section to around 150m. Drill Section 10,025N Holes BDH014, 015, 022 and 023 were drilled on this section (Figure 2). BDH014 intersected low grade gold mineralisation in the expected Lode 1 position and then intersected 3m at 8.4 g/t gold from 148m (Lode 2). BDH015 intersected Lode 1 at 163m (5m at 7.3 g/t gold) and intersected Lode 2 at 175m (5m at 2.1 g/t gold). BDH022 intersected Lode 1 at 205m (5.7m at 2.5 g/t gold) and Lode 2 at 220m (6.2m at 1 g/t gold). A new deeper lode (Lode 3) was also intersected at 239.5m which returned 3.5m at 3.8 g/t gold. Assays were only received for the RC pre-collar of BDH023 to a depth of 200m. Assays remain pending for the diamond tail of this hole (200m to 360m), however most of this drill core consists of granite, which is expected to terminate further depth extensions to Lodes 1, 2 & 3 in this area. At this stage, the drilling on section 10,025N has extended the mineralisation approximately 100m below the previous drilling to at least 200m vertical depth. Drill Section 10,037.5N BDH013 was collared on this infill section approximately 14m NE of previous holes BDH012 (13m at 111 g/t gold in Lode 1) and BRC218 (31m at 65.6 g/t gold in Lode 1). Page 2

3 BDH013 returned 1.9m at 15.9 g/t gold from 65.1m (Lode 1) and 11.5m at 16.8 g/t gold from 77m (Lode 1). The mineralisation remains open at depth. Drill Section 10,050N BDH024 intersected 9.2m at 1.7 g/t gold from 155.8m which represents Lode 1. Lode 2 was intersected at 175m and it returned 6m at 2.6 g/t gold. BDH025 intersected granite in the areas where Lodes 1 and 2 were expected. The hole then passed through the granite and intersected 1m at 5.1 g/t gold from 254m, 1m at 2.3 g/t gold from 267m and 1.9m at 15 g/t gold from 277.4m, which remains open in the bottom of the hole. These deeper intercepts may represent new lodes (Lodes 3, 4 & 5) and they provide significant new targets for follow-up drilling (Figure 3). The drilling on section 10,050N has extended the mineralisation approximately 120m below the previous drilling to at least 220m vertical depth. The mineralisation remains open at depth. Drill Section 10,062.5N BDH029 was collared on this infill section approximately 28m east of BDH013. BDH029 intersected 13m at 22 g/t gold from 42m (Lode 1) including 1m at 123 g/t gold from 42m. This intersection is approximately 40m vertically below the surface. The mineralisation remains open at depth. Drill Section 10,075N Holes BDH016, BDH017, BDH026 and BDH027 were drilled on this section. BDH016 intersected Lode 1 at 80m (6m at 2.5 g/t gold) and a weakly mineralised zone in the expected position of Lode 2. BDH017 intersected thin Lode 1 mineralisation at 123m (1m at 4.4 g/t gold) and again, Lode 2 was only weakly mineralised (6m at 0.5 g/t gold from 157m). All assay results for BDH026 and BDH027 remain pending. Both holes intersected prospective zones of quartz veining and pyrite mineralisation. In BDH027 this mineralisation was intersected 240m below surface. Drill Section 10,100N Only a single hole (BDH028) was drilled on section 10,100N and it returned a thin intercept of 1.2m at 1.2 g/t gold from 185m. Maiden JORC Resource Estimate The additional holes extended the drilling program on the Netiana Lodes by two weeks. The last batch of drilling samples has just been submitted to the laboratory in Ouagadougou, the capital of Burkina Faso. With the laboratory closure over the Christmas/New Year period, the outstanding assays are not expected until mid-january The maiden JORC resource for the Netiana Lodes will be calculated once all of the assays have been received. Page 3

4 Golden Rim s Managing Director, Mr Craig Mackay, said the deeper diamond drilling program on the Netiana Lodes at Balogo has been successful. In the central portion of the Netiana Lodes, we have now intersected multiple zones of high grade mineralisation below 200m depth on several drill sections. These lodes remain open at depth and they seem to plunge to the NE he said. In addition, our infill drilling continues to demonstrate the excellent continuity of the very high grade, shallow, oxide gold mineralisation at Netiana. We look forward to receiving the last batch of drilling assays around mid-january 2013, which will allow us to proceed and calculate the maiden JORC resource for the Netiana Lodes Mr Mackay said. For further information, please contact: -ENDS- Hayley Butcher Anna Staples Golden Rim Resources AMN Corporate Company Secretary anna@amncorporate.com About Golden Rim Resources Limited Golden Rim Resources Ltd (ASX: GMR) is an exploration company with a focus on gold. The Company is active in West Africa, with a pipeline of six gold projects covering around 4,100km 2 in the highly prospective Birimian greenstone belts of Burkina Faso and Mali. Golden Rim has recently made a significant, near-surface, high grade gold discovery at its Balogo Project in Burkina Faso. Drilling intercepts at Balogo are arguably some of the best gold intercepts obtained in West Africa in recent years. The Company has conducting a deeper diamond drilling program at Balogo to extend the gold mineralisation at depth and it aims to calculate a JORC resource towards the end of With continued success at Balogo and at its other projects in West Africa, Golden Rim is poised to deliver significant growth and value to shareholders. Page 4

5 Figure 1. Location of drill holes, significant gold intercepts and mineralised zones at the Netiana Lodes. Page 5

6 Figure 2. Drill section 10,025N at the Netiana Lodes.

7 Figure 3. Drill section 10,050N at the Netiana Lodes.

8 Table 1. Significant new diamond drilling intersections from the Netiana Lodes From To Hole ID Intersection Lode (s) (m) (m) BDH g/t gold Netiana BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold Page 8

9 From To Hole ID Intersection Lode (s) (m) (m) BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold BDH g/t gold Including g/t gold BDH g/t gold Notes: 1. Holes BDH013 to BDH018 were drilled entirely by diamond core drilling. Holes BDH019 to BDH023, BDH028 and BDH029 were drilled with RC pre-collars and diamond tails. 2. Analysis performed by the BIGS laboratory, Ouagadougou, Burkina Faso, using standard fire assay/aas methods. Samples returning values greater than 50 g/t gold were re-assayed using a gravimetric finish. 3. All results of QA/QC samples are routinely monitored to be within acceptable limits for the type of assay method used. 4. All assays are quoted to one decimal place. 5. Gold intercepts were calculated with a 0.5 g/t gold cut-off. A maximum of 3m internal dilution was allowed. No upper cut-off has been applied. 6. All intervals quoted are down hole depths Page 9

10 The information in this public report that relates to exploration results and mineral resources is based on information compiled by Mr Craig Mackay who is a member of The Australasian Institute of Mining and Metallurgy. Mr Mackay is an employee of Golden Rim Resources Ltd. Mr Mackay has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Mackay consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Further Company Information E: info@goldenrim.com.au W:goldenrim.com.au Capital Structure Issued Shares: 458,706,231 Unlisted Options: 33,950,000 Major Shareholders Royal Group, Abu Dhabi 12.4% Acorn Capital 7.6% Share Registry Security Transfer Registrars Pty Ltd 770 Canning Highway APPLECROSS WA 6153 AUSTRALIA T: F: E: registrar@securitytransfer.com.au W: securitytransfer.com.au Page 10