Golden Rim Resources (ASX: GMR) has completed the acquisition of Lafi Gold and its assets – effectively quadrupling its Kouri gold tenement holding in west Africa.
Acquiring Lafi Gold gives Golden Rim ownership of the Margou and Goueli permits, which adjoin Golden Rim’s Kouri asset in Burkina Faso.
The Kouri gold project area has expanded from 58 square kilometres to 245sq km.
“The completion of this deal is transformational for Golden Rim,” the company’s managing director Craig Mackay said.
“We have now quadrupled the area of Kouri and our control over the highly gold prospective Samira Hill shear zone has increased from 16km to 40km.”
“There’s also a good possibility for us to make new gold discoveries in the new permits, which are almost completely unexplored.”
In consideration for Lafi Gold, Golden Rim issued 71.14 million ordinary shares to Lafi Gold’s holders.
To secure the permits, Golden Rim also agreed to acquire 100% of Nemaro Gold SARL, of which, Lafi Gold owns 85%.
Golden Rim paid Nemaro’s vendors US$91,535 to bag the remaining 15% giving it 100% ownership of both Lafi Gold and Nemaro.
The company has also given Nemaro’s vendors an option to secure 7.9 million Golden Rim shares at an exercise price of $0.016 each.
As part of the deal, Lafi Gold’s largest shareholder the Pella Group has become a substantial holder in Golden Rim – now owning a 7.98% interest.
Kouri gold project
Golden Rim has firmed up a mineral resource at Kouri of 1.4 million ounces of contained gold. The company pointed out the resource comprises less than 10% of the total strike length, covering about 3.2km.
The bulk of the strike is within the newly acquired Margou and Goueli permits and remains unexplored.
However, Golden Rim has begun reverse circulation drilling at the Granite target within Marogou.
A 12-hole campaign will be carried out, and once completed, will then target the north-east strike of gold lodes that feed into Goueli.
Previous rock chip sampling at Granite returned 12.1 grams per tonne gold and 5.2g/t gold.
Additionally, three trenches were excavated across artisanal workings and revealed 4m at 1.8g/t gold, 5m at 1.4g/t gold and 2ma t 2.7g/t gold.
The highest-grade result was 1m at 8.8g/t gold.
Once the rainy season has finished, Golden Rim will carry out auger drilling and ground magnetic and induced polarisation geophysical surveys across the newly acquired permits.
“We’ve got some exciting first prospect areas to drill and we have already started drilling on the Granite target,” Mr Mackay said.
By early afternoon, shares in Golden Rim had risen more than 18% to $0.013.