Burkina Faso – Following a successful rights issue and shortfall offer, Golden Rim Resources has successfully raised a total of approximately US$2.57 million (before costs).
The company is now fully funded to undertake its planned work programs at its Kouri gold project.
Golden Rim Resources’ planned work programmes comprise of drilling, metallurgical test work and a resource estimation for Kouri. The drilling programme includes approximately 1 500 m of diamond drilling and 15 000 m of reverse circulation (RC) drilling and is expected to be completed over the coming three months.
The drilling programme comprises infill drilling and drilling designed to test for extensions of the gold mineralisation at depth and along strike.
Following the results of the drilling programmes the company expects to be able to deliver a maiden mineral resource estimate for Kouri, by the end of the year.
The drill core from the diamond drilling will be used to undertake metallurgical test work.
The rainy season in Burkina Faso is expected to be finished by the end of September following which the company intends to commence its planned activities.
Golden Rim Resources has engaged a diamond drilling contractor and arrangements have been made to upgrade the roadway to enable rig mobilisation. The company also expects to engage an RC drilling contractor shortly.
“We are pleased to have had such a successful capital raising and to have the support of a leading Australian broking house, Hartleys.
“We are now fully funded to conduct a major resource drill-out at Kouri and are excited to commence work within the next few weeks,” says Golden Rim Resources MD Craig Mackay.