The company has paid Epsilon, a local mining vendor company, US$115 000 for its 10% interest, giving Golden Rim Resources 100% ownership of Kouri.
The small-scale mining licence previously held by Epsilon over a 1 km² area of Kouri has been relinquished. The previously agreed discovery bonus payment to Epsilon of $1/oz gold on 90% of any JORC mineral resource at a decision to mine at Kouri has also been cancelled.
Recently, Golden Rim Resources was granted a new exploration licence which covers the previous Korongou licence area, by the Ministry of Mines in Burkina Faso. The Korongou licence was due to expire on 13 October 2017. The Korongou name was changed to Kouri.
The licence for the Kouri gold project covers an area of approximately 57 km² for an initial three year period that can be renewed twice providing up to a total of nine years of tenure.
About Kouri gold project
Kouri lies on a major mineralised fault zone that extends to the north-east into western Niger, where the 2 Moz Samira Hill gold deposit is located. To the south-west the fault zone is connected to the Markoye Fault system which controls a number of large gold deposits in Burkina Faso, including Kiaka (5.9 Moz gold), Bomboré (5.2 Moz gold) and Essakane (6.2 Moz gold).
The major fault zone strikes for 16 km through the Kouri licence. To date, Golden Rim Resources has focussed its exploration on the Banouassi prospect (Banouassi) in the north-east portion of the licence which covers around 3 km of strike along the fault zone.
Golden Rim has previously completed 15 800 m of reverse circulation (RC) drilling and has discovered at least 20 parallel, north-east-trending gold zones at Banouassi in a 1 km wide corridor. Best intercepts include: 21 m at 5.6 g/t gold from 13 m and 10 m at 4.5 g/t gold from 15 m.
In July 2015 an initial exploration target of approximately 500 000 oz – 611 000 oz of gold at an approximate grade range of 1.8 g/t to 2.2 g/t gold has been outlined at Banouassi.
Most of the zones of gold mineralisation included in the exploration target are open along strike and at depth. The exploration target was generally only calculated to a maximum of 70 m below surface.
Deeper drilling would allow the gold mineralisation to be extended below 70 m. Further, there is a 900 m gap in the drilling which also offers scope to discovery additional mineralisation.
With infill drilling Golden Rim Resources expects to be able outline a maiden JORC mineral resource at Kouri.