Golden Rim has transferred this information, which relates to previously owned projects in West Africa, to Endeavour Exploration, a subsidiary of TSX-listed Endeavour Mining Corporation.
The consideration payable under the agreement with Endeavour is US$600 000.
Receipt of the funds strengthens Golden Rim Resources’ financial position as it continues through its busy exploration period at Kouri.
The company has now completed its diamond drilling programme at the Banouassi prospect at Kouri. The programme comprised 12 holes of HQ drilling for a total of 1 527 m.
The programme commenced early in October 2017 and has been completed ahead of schedule. Logging and sampling of the drill core has been completed and all samples for the diamond drilling have been submitted to a laboratory in Burkina Faso for gold analysis.
An RC drilling programme comprised of approximately 120 holes for approximately 15 000 m of drilling is on-going at Banouassi. The RC drilling commenced on 10 October 2017 and to date 37 holes for a total of 4 400 m have been completed.
Samples for 30 holes have now been submitted to the laboratory for gold analysis. Both the diamond and RC drilling programmes include infill drilling and drilling to test for extensions to the gold mineralisation at depth and along strike.
The programmes are designed to target the more than 20 north-east trending, parallel gold mineralised zones (Guitorga Lodes) that comprise the bulk of the current exploration target at Banouassi of approximately 500 000 to 610 000 oz of gold at an approximate grade range of 1.8 g/t to 2.2 g/t gold and a number of east-west trending cross-structures that may have the potential to host high grade gold mineralisation.
The potential quantity (tonnage) and grade of the exploration target is conceptual in nature Golden Rim Resources advises. There has been insufficient exploration to estimate a mineral resources and it is uncertain if further exploration will result in the estimation of mineral resources.
Historical drilling at Banouassi extends to only 70 m below surface. The current drilling has been extended to approximately 120 m below surface.
RC drilling is planned to be conducted on a 50 m x 25 m spacing around significant gold mineralisation identified in historical drilling and a 100 m x 50 m spacing in areas where no previous drilling has been conducted, such as the current 650 m gap in the drilling on the Guitorga Lodes.
The results from these programmes and the company’s other recent RC drilling programme are expected to be combined with the previously identified mineralisation that was included in the exploration target with the aim of delivering a maiden mineral resource for Kouri following the completion of the drilling programme.