ASX-listed Golden Rim Resources has inked an agreement with Lafi Gold to acquire two exploration permits, Goueli and Margou, adjacent to the company’s Kouri gold project in Burkina Faso.
Burkina Faso – The Goueli and Margou permits lie adjacent to the eastern boundary of the Kouri permit, where Golden Rim Resources has delineated a 1.4 Moz gold mineral resource. The mineralisation at Kouri appears to extend into to the Goueli and Margou permits providing significant potential to further increase the mineral resource.
In consideration for acquisition of all the shares in Lafi Gold (a company in the Pella Group of companies), Golden Rim has agreed that it will issue Golden Rim shares to the shareholders of Lafi Gold, subject to obtaining Golden Rim shareholder approval.
Following completion of the acquisition, the shareholders of Lafi Gold are expected to hold 14.9% of the issued capital of Golden Rim and the Pella Group (the largest shareholder of Lafi Gold) will nominate a representative to the board of Golden Rim.
“The acquisition of the Goueli and Margou permits is another key milestone for Kouri,” says Golden Rim Resources MD Craig Mackay.
“Completion of the transaction will secure the direct strike extent of the 1.4 Moz mineral resource and provides a further 24 km of highly gold prospective shear zone for us to explore for additional gold resources.
“We will welcome the Pella Group to Golden Rim and to our board. Pella have a strong record of both exploration and mine development in Africa,” says Mackay.
According to Adonis Pouroulis, chairman of the Pella Group, Pella have been following Golden Rim Resources’ progress for some time at Kouri and are very encouraged by the results achieved thus far.
“We therefore could not think of a better team to develop the Goueli and Margou licences to their full potential. We hope to repeat the success we achieved in Senegal with Toro Gold’s successful development of the Mako deposit which has come into annual production of circa 150 000 oz of gold, on time and under budget.
“Pella is delighted to become a significant shareholder in Golden Rim Resources and believe that the Goueli and Margou licences will augment the Kouri project to create a unique West African gold opportunity. We look forward to supporting Golden Rim Resources in its future endeavours,” Pouroulis adds.
Goueli and Margou permits at a glance
The Goueli and Margou exploration permits cover an area of 188.2 km2. They lie directly adjacent to the eastern boundary of the Kouri permit. The combined permit package increases the Kouri gold project area to 245 km2.
The highly prospective Samira Hill shear zone that hosts Golden Rim’s 1.4 Moz mineral resource at Kouri extends for a further 24 km directly into the Goueli and Margou permits. Following completion of the transaction, the company’s control over the highly prospective Samira Hill shear zone will increase from 16 km to 40 km.
Previous explorers of the Goueli and Margou permit area include Outokumpu, Ashanti Goldfields, Avgold and Newmont. Exploration activities include geological and regolith mapping, rock chip sampling, stream sediment sampling, soil and laterite sampling, pitting, trenching, a magnetic and radiometric airborne survey on a 100 m line-spacing and limited drilling.
Newmont explored the permits intermittently between 2003 and 2012. Soil and lateritic gravel surface sampling was utilised to outline gold anomalous areas for drilling. Golden Rim’s experience at Kouri is that surface geochemical sampling is ineffective in targeting bedrock gold mineralisation as transported soil cover generally ranging from 1-3 m exists over much of the region.
Newmont completed a reverse circulation (RC) drilling programme comprising 86 holes (total of 4 175 m).
Lafi Gold has previously conducted intermittent exploration since 2012. Work has included rock chip sampling, trenching and an RC drilling programme comprising 32 holes (total of 2 500 m).
The Goueli and Margou permits remain underexplored. Golden Rim has identified two priority areas for its initial exploration activity within the permits. They include the direct strike extension area to the northeast of the mineral resource where follow-up RC drilling is planned.
The other priority area is located a further 10 km to the northeast where the Samira Hill shear zone wraps around a large granodiorite intrusion. The company believes this area to be highly prospective for gold mineralisation and an auger drilling programme is planned.