News Column

Golden Rim Resources Ltd. - Drilling Programs Underway at Korongou

May 28, 2014



ENP Newswire - 28 May 2014

Release date- 27052014 - Golden Rim Resources Ltd (ASX: GMR) today announced that an auger and reverse circulation drilling program has commenced at the Korongou Project.

In addition, the final results from the rock chip sampling program at Korongou have been received with further high grade gold assays obtained.

Drilling Programs

As announced on 12 May 2014, the secured convertible loan from Aurora Minerals Ltd became unconditional, paving the way for receipt of $3m in funds. Immediately upon receipt of the funds, auger and reverse circulation (RC) drilling programs commenced at Korongou.

The auger program consists of approximately 3,000m of drilling on a 200m x 25m pattern. Two rigs are currently in operation, with each rig completing approximately 30 holes per day. Korongou has little outcrop and is predominantly covered with shallow laterite and soil.

Mapping completed by Golden Rim to date has focused on areas that have been opened up by artisanal workings. Auger drilling will provide Golden Rim with systematic geochemical coverage beneath the laterite and soil cover. Analysis of aeromagnetic images has shown that there are many interesting structures that are potentially gold-bearing, beneath the cover.

The RC program includes 31 holes for a total of 4,180m. The program is designed to follow-up targets identified from the previous drilling program conducted by Golden Rim. It will also test new areas of artisanal mining where significant rock chips have been returned. Drilling is currently being conducted night and day in two shifts and has been progressing well, with only one night shift delayed due to rain. To date, 16 RC holes have been completed. It is anticipated that there may be an early start to the wet season this year.

Rock Chip Results

In addition to the previously announced results, further high grade gold assays have been obtained from the rock chip program. An additional 57 rock chip samples have been received from the Namagdo and Banouassi prospects. The best new rock chip results include: 122.3 g/t gold, 31.5 g/t gold, 30.1 g/t gold and 19.6 g/t gold.

Samples were taken from in situ outcrop and artisanal workings. Samples were also collected during detailed structural mapping of several open pits recently extended by Epsilon Gold Mines Ltd (Epsilon). Under Golden Rim's agreement to acquire 90% of Korongou, Epsilon Gold Mines Ltd (Epsilon) (the current owner), may continue mining within its small scale mining licence, subject to various restrictions.

Results obtained from quartz veining exposed in the Epsilon pits are particularly encouraging. The rock chip result of 122.3 g/t gold has been obtained from a major NE-trending shear structure being exploited by Epsilon in one pit. Rock chip results up to 7.4 g/t gold were obtained from NS trending tension-gash/stock work veining exposed in the wall of another pit.

Several styles of gold mineralization have been recognised at Korongou. At Banouassi and Namagdo the gold mineralization is associated with quartz veining and with silica-carbonate hematite-pyrite-altered and sheared andesite. At Big Veins the gold mineralization is more disseminated and is generally not related to quartz veining. Rather, it seems to be hosted in sheared and interbedded iron-rich volcaniclastics which have been subjected to silica +/ carbonate alteration.

To date, Golden Rim has collected a total of 288 rock chip samples from across Korongou. There are also historical records for an additional 367 rock chip samples. The highest values (313 g/t, 141 g/t and 122.3 g/t gold) were obtained from quartz veining at Banouassi and Namagdo. The disseminated style of gold mineralization at Big Veins is generally lower in grade, with best results including 22.3 g/t, 9.7 g/t and 5.3 g/t gold.

Golden Rim's Managing Director, Craig Mackay, said 'Our continued exploration work clearly highlights the significance of the gold mineralization at Korongou, which Golden Rim believes to be one of the largest and most prospective areas of gold mineralization in Burkina Faso that has not yet been subject to a modern and systematic exploration campaign.' 'Many drilling targets have been identified and we remain confident that with additional drilling, Korongou has the potential to deliver Golden Rim a major gold resource.' Mr Mackay said.

Contact:

Hayley Butcher

Company Secretary

Golden Rim Resources

Tel: +61 8 9481 5758


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Source: ENP Newswire


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