Golden Rim Resources has announced that it will raise more than US$5 million to accelerate drilling at its Kouri gold project in Burkina Faso.
Burkina Faso – The announcement comes after Golden Rim received firm commitments for a share placement to raise about $1.82 million in conjunction with a fully underwritten rights issue to raise a further $3.45 million, altogether totaling $5.27 million.
The funds raised are intended to be used for exploration work at Kouri, in particular, drilling, including reverse circulation (RC) drilling, diamond drilling and auger drilling and an Induced Polarisation (IP) geophysical survey; and general working capital.
Kouri shows real potential
Golden Rim recently completed a transformational transaction to acquire two permits that adjoin Kouri, increasing the project area from 58 km² to 245 km². Further, the company has secured the exclusive right to purchase another adjoining permit that will increase the project area by an additional 80km².
The first drilling in the new permits at Kouri has returned exceptional results including a bonanza intercept of 7m at 121.2 g/t gold from 41m, including 1m at 783.9 g/t gold from 44m at the Diabatou prospect. A portion of the funds raised will be utilised for diamond drilling follow-up around this high grade intercept and for a systematic auger drilling programme and Induced Polarisation (IP) geophysical survey to identify additional target areas in the new permits which remain almost totally unexplored.
Read more about Kouri’s recent’s successes
Drilling (diamond and RC) will be conducted along the projected northeast strike extension of the 1.4 Moz mineral resource at Kouri, extending into the new permits and around newly discovered high grade gold mineralisation at Maré which lies 1.5 km west of the mineral resource.
Golden Rim believes that with further drilling there is extraordinary potential for it to build on its existing Mineral Resource at Kouri. Drilling is scheduled to commence around mid-September, following the rainy season.