Golden Rim Resources (ASX: GMR) has debuted a maiden mineral resource of 1 million ounces of contained gold for its Kouri gold project in Burkina Faso.
Overall, the maiden indicated and inferred resource comprised 20.8 million tonnes at 1.5 grams per tonne gold at a cut-off grade of 0.5g/t gold.
The relatively lower grade gold tonnage was seen from the surface to about 90m below ground, with about 15.3% of the mineral resource being in the indicated category while 84.7% was inferred.
Golden Rim managing director Craig Mackay called the release of the maiden mineral resource a “milestone” for Golden Rim.
“We have now advanced our grassroots gold discovery to a significant mineral resource of one million ounces, which has exceeded our expectation and is approximately double the exploration target,” the geologist-director said.
“The sizable, and potentially open-pittable, mineral resource and the excellent results of our initial metallurgical test work on the gold mineralisation, which achieved gold recoveries in excess of 95.5% across all material types, have provided the project with a solid foundation on which to move forward.”
Golden Rim’s resource statement was based on 271 reverse-circulation holes totalling 37,832m and 12 diamond holes for 1,513m between April 2013 and March 2018 over 3.2km of strike.
Still to come
The mineral resource statement does not include the high-grade lodes found by the company south-east of the Guitorga Lodes, which the company reported to market last week on 30 April 2018
Higher-grade intercepts of 6m at 25.2g/t gold, including 1m at 114g/t gold, were encountered during drilling.
Golden Rim’s resource statement also excludes the visible gold lode uncovered by artisanal miners in the Guitorga Lodes eastern area, where the company soon plans to start drilling.
Exploration continues at Kouri
The A$12.93 million company also intends to continue its RC-drilling program at Kouri and has a number of high-priority targets to drill this field season, including the high-grade lode it flagged last week.
Golden Rim chief of 11 years Mr Mackay said the company planned to continue drilling for the next year.
“The next step at Kouri is to continue our drilling to further extend the mineral resource. The mineral resource has only been estimated to approximately 90m below surface and it remains open at depth,” he said.
The company tipped the mineralisation could extend to 130m below surface and open pit mining would likely be appropriate.
“We now plan to continue our drilling over the next 12 months to test additional targets in the immediate mineral resource area and then the highly prospective shear zone that extends 12.5km to the south-west,” Mr Mackay said.
Golden Rim securities were up 11.6% to A$0.048 by late morning.