The maximum number of new Golden Rim Resources shares that were available to be issued under the rights issue was 858 153 600 and therefore the resulting shortfall is 433 535 811 shares.
“We are pleased with the results of the rights issue and the support we have received from our existing shareholders,” says Golden Rim Resources MD, Craig Mackay.
“Arrangements are being made to commence our drilling program at Golden Rim Resources’ flagship project, the Kouri gold project in Burkina Faso, as soon as possible”.
Golden Rim Resources’ portfolio continues to provide optionality and has enabled the shift to focus on Kouri with minimum disruption and with the ability to potentially unlock significant value for shareholders.
The company’s recently conducted reverse circulation drilling at Kouri returned very encouraging results.
Kouri has an existing JORC exploration target of approximately 500 000 – 611 000 oz of gold at an approximate grade range of 1.8 g/t to 2.2 g/t gold (~70 m depth).
With additional infill and deeper drilling Golden Rim Resources intends to convert the JORC exploration target to a maiden mineral resource by end of 2017.
The recent drilling results suggest the mineral resource will be larger than the exploration target, with new intercepts such as 18 m at 5.4 g/t gold, from 2 m, including 2 m at 45.6 g/t gold, located well outside the exploration target area.
Golden Rim Resources’ focus will return to West Africa and Kouri, of which it owns 100%, will become its flagship project.
Golden Rim Resources plans to outline a maiden JORC Mineral Resource at Kouri by the end of 2017.
While Golden Rim Resources has delivered on its technical goals at the Paguanta zinc-silver-lead-gold project (Paguanta) in Chile, it is receiving little value on the Australian Securities Exchange, as is reflected in its share price.
Feature image credit: Golden Rim Resources