Golden Rim Resources acquires stake in Guinea gold project
Special Report: Golden Rim Resources (ASX: GMR) has expanded its reach into gold-rich West Africa, acquiring a 75 per cent stake in the Kada project in Guinea to complement its flagship Kouri asset in Burkina Faso.
The Kada project lies 36km along a strike zone in Guinea’s Siguiri Basin, which runs north to AngloGold Ashanti’s 10 million-ounce Siguiri gold mine.
“Kada provides an exciting new opportunity for Golden Rim in one of the most under-explored countries in West Africa,” managing director Craig Mackay said.
The Kada project was extensively explored by Newmont Mining, with the large miner drilling a total of 33,857m in 297 holes. Newmont’s drilling uncovered broad, parallel high grade gold zones.
Highlight intercepts included 9m at 8.4 grams per tonne gold from 78m, and 4m at 28.9g/t gold from 20m.
But around 90 per cent of the gold-in-soil anomalies at Kada are untested, including sample sites that returned values of up to 22.5g/t gold.
The company said Kada is a typical Birimian stacked vein system, similar to its 1.4 million oz Kouri gold project in Burkina Faso.
Golden Rim has the right to acquire Kada project in three stages, starting with an initial 25 per cent in exchange for $US2.5m of its shares, then 26 per cent by spending $US4m on exploration activity, and a further 24 per cent stake at a feasibility project stage.