Golden Rim hits gold paydirt again; shares take off
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Special Report: Golden Rim shares are on the move again after the gold hopeful uncovered yet more high-grade gold — this time from as far as 18km northeast of the current resource at its Kouri gold project in Burkina Faso.
News of Golden Rim Resources’ (ASX:GMR) latest success drove shares up 25 per cent today.
Investors were excited by the fact the company had uncovered two new areas yielding high-grade gold, as well as the discovery of more high-grade gold at one of its previously explored prospects.
Golden Rim now has the results back from an additional 289 rock chip samples collected from the Margou and Gouéli permits.
High-grade gold continues to cluster at the Kogodou prospect, one of four areas previously identified as a high-grade find.
Kogodou extends for over 3.8km directly east of the current 1.4-million-ounce resource.
Rock chip sampling from this prospect delivered peak gold grades of 32.3 grams per tonne (g/t), 29.2g/t, 22.4g/t, 14.5g/t and 11.7g/t.
This same area previously yielded top grades of 41.2g/t.
To put that into perspective, anything over 5g/t is usually considered high-grade.
On top of that, Golden Rim made two new discoveries, the first 12.5km and the second 18km northeast of the current resource.
The first area yielded 13g/t gold, while the second returned a peak result of 24.4g/t.
Golden Rim said the first area consisted of two parallel lines, about 50m apart, of artisanal workings that each extend for 250m.
The company noted that the location of these workings corresponded to a magnetic low in the new ground geophysical data and the pressure shadow of a major granodiorite intrusion.
A pressure shadow is a microstructure in deformed rocks that occurs adjacent to a relatively large mineralised structure.
Meanwhile, the second area has not been covered by the new ground geophysical survey.
The significance of all of this is that the latest find continues to confirm the potential for a major extension to the resource to the east.
Preliminary ground magnetic data from the recently completed geophysical survey suggests the stronger gold mineralisation at the Kogodou prospect may be associated with a series of four major east-to-west-trending cross-structures.
Golden Rim’s Kouri project is connected to a major fault system which controls a number of really big gold deposits in Burkina Faso, like Kiaka (5.9moz), Bomboré (5.2moz), Essakane (7moz) and Sanbrado (2.8moz).
The Kouri deposit itself — about 3.2km long and defined to about 115m depth — remains ‘open’, which means Golden Rim hasn’t found where the gold ends in any direction.
This all bodes really well for Golden Rim’s goal of hitting its 2-million-ounce resource target.