ASX/Media Announcement
12 February 2015
Guitorga Gold Anomaly at Korongou Exceeds 3.5km
Auger drilling at Korongou has extended the significant Guitorga gold anomaly at the
Banouassi prospect by a further 700m to the NE.
The dimensions of the Guitorga anomaly are now 3.5km x 0.4km.
The Guitorga anomaly remains open along strike to the NE and SW.
The new auger gold results from the Guitorga anomaly continue to have a very high gold tenor and include: 4,502 ppb (4.5 g/t), 1,503 ppb (1.5 g/t) 1,320 ppb (1.3 g/t) and 1,113 ppb (1.1 g/t) gold.
Golden Rim Resources Ltd (Golden Rim; ASX: GMR) today announced assay results from its ongoing auger drilling program at the Korongou Project in Burkina Faso.
Assays for a further 386 auger holes have been received from the Guitorga anomaly at the Banouassi prospect. They include holes drilled on a 200m x 25m spacing to determine the strike extent of the significant new Guitorga gold anomaly and infill holes drilled on a 100m x 25m spacing to test the internal continuity of the Guitorga anomaly.
The strike extent of the Guitorga anomaly (>50 ppb gold) has been extended by 700m to the NE
and now covers an area of 3.5km x 0.4km. The anomaly still remains open to the NE and SW.
The new results from the Guitorga anomaly continue to be high grade and include peak sample values of 4,502 ppb (4.5 g/t), 1,503 ppb (1.5 g/t), 1,320 ppb (1.3 g/t) and 1,113 ppb (1.1 g/t) gold.
The anomaly remains very broad across its centre (400m wide) and then appears to narrow to the SW. The new auger results suggest the anomaly may be getting wider (>500m) to the NE and it may be converging with the Diabouga anomaly.
Considerable amounts of quartz veining hosted in sheared and altered andesite continues to be
logged by Golden Rim's geologists in the auger holes within the Guitorga anomaly.
There has been no previous drilling in the SW and central area of the Guitorga anomaly. Limited previous drilling in the NE part of the Guitorga anomaly returned a number of significant (> 0.5 g/t gold) results including:
1m at 1.1 g/t gold (25 - 26m); 2m at 1.3 g/t gold (55 - 57m) and 1m at 10.0 g/t gold (76 -
77m) in hole BARC006;
Golden Rim Resources Ltd I ABN 39 006 710 774 I Level 2, 10 Outram Street, West Perth WA 6005, Australia I PO Box 378, West Perth WA 6872, Australia www.goldenrim.com.au I [email protected] I T + 61 8 9481 5758 I F + 61 8 9481 5759
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2m at 1.4 g/t gold (6 - 8m); 5m at 4.7 g/t gold (16 - 21m), including 1m at 21.3 g/t gold;
9m at 1.4 g/t gold (50 - 59m) ; and 12m at 0.5 g/t gold (72 - 84m) in hole BARC007;
1m at 1.2 g/t gold (83 - 84m); 4m at 1.1 g/t gold (101 - 105m); 13m at 2.0 g/t gold (120 -
133m), including 1m at 14.9 g/t gold; and 4m at 0.9 g/t gold (139 - 143m) in hole
BARC044;
1m at 13.8 g/t gold (53 - 54m); 1m at 3.0 g/t gold (59 - 60m); 3m at 0.9 g/t gold (86 -
89m); 1m at 7.5 g/t gold (100 - 101m); and 5m at 1.0 g/t gold (113 - 118m) in hole
BARC046.
All previous drill holes at Guitorga intersected multiple zones of gold mineralisation. They confirm the anomalous results of the auger drilling are highlighting areas of significant in-situ bedrock gold mineralisation. The previous drilling was confined to the northern margin of the Guitorga anomaly and did not test the highest grade portion of the anomaly in this area, which lies 130m SE of the drilling and includes auger results up to 4,502 ppb (4.5 g/t) and 1,320 ppb (1.3 g/t) gold.
Further infill auger drilling at 100m x 25m is underway over the Guitorga gold anomaly.
Golden Rim's Managing Director, Craig Mackay, said "We are pleased that the substantial new gold anomaly at Guitorga has been extended even further. We are now in the process of completing our infill auger drilling at Guitorga to determine the best parts of the anomaly on which we will focus our follow-up RC drilling campaign".
-ENDS- For further information, please contact:
Craig Mackay Hayley Butcher
Golden Rim Resources Golden Rim Resources
Managing Director Company Secretary
+61 3 9890 2311 +61 8 9481 5758
Page | 2 32854_2
Gridded Auger (gold ppb) Auger conlours (gold ppb)
- > 500 5
100 -- 10
Rockchips (godl ppm)
+ > 15
+ 5 lo 15
N
o o o
D so -
20
-so
+ 0.5 lo 5 00
-D 20 --1oo
• 0.5
D 1o --soo
D 5 Gold mni eralised
D 1 shear
2' 43'
12' 42'
12' 41'
12' 40'
o 1,000
metres
Figure 1. Location of prospects, rock chip samples and auger gold anomalies over satellite imagery at the Banouassi prospect.
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Rockehips (gold ppm) Auger geoehem (gold ppb) Auger eontours (gold ppb)
+ > 15 > 500 5
179,000mE 180,000mE
..
+ 5 to 15 • 100 lo 500 -- 10 • D o D o
• 0.5 lo 5 • 50 to 100 -- 20 • •
• 0.5
20 lo 50 so
• -- 100
o D o
• • (b • • D
• RC eollar
1 to 10 • -=> • • • D
1 • D • o • D
--RC drill traee
lntarpreted zone of •
• o . oo • •
- Pitoutline
mineralisation DO • • o • D
licanca boundary • o • o g
-- Mineralised trend
• • OD • •
-... D
o
-o •
• •
(/)
D • • • •
o • • • • •
o o D o
3z D D • o
• • D •
• D • o
D • • • o
• D o •
• o • •
o o • •
• o •
• • • • l
o•
.. • .i
O>
§
3z G v •l
o-.J
Q\ fQ
•
D
t
l
§ De • •l
o 500 metres
•
178,000 mE 179,000 mE
• • •l
180,000 mE
Page 14
l l l
Figure 2. Location of auger and RC drill holes over satellite imagery at the Banouassi prospect area.
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Appendix 1: JORC Code (2012 Edition), Assessment and Reporting Criteria
Section 1: Sampling Techniques and Data
Criteria
|
JORC Code Explanation
|
Explanation
|
Sampling
Techniques
|
Nature and quality of sampling (eg cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc). These examples should not be taken as limiting the
broad meaning of sampling.
Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.
Aspects of the determination of mineralisation that are Material to the Public Report. In cases where 'industry standard' work has been done this would be relatively simple (eg 'reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30 g charge for fire assay'). In other cases more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (eg submarine nodules) may warrant disclosure of detailed information.
|
All of the sampling described in this
report refers to power auger drill samples.
The hole was drilled to the top of weathered bedrock. The bottom of each hole was sampled as a 1m interval down the hole.
Location of each hole was recorded by hand held GPS with positional accuracy of approximately +/- 5 metres. Location
data was collected in WGS 84, UTM zone
30N or 31N.
All auger samples were submitted to BIGS Laboratory in Ouagadougou for preparation and gold analysis by 12 hour BLEG with a 1ppb detection limit.
|
Drilling
techniques
|
Drill type (eg core, reverse circulation, open-hole hammer, rotary air blast,
auger, Bangka, sonic, etc) and details
(eg core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc).
|
The drilling was carried out using a 4WD- mounted power auger rig.
|
Drill sample
recovery
|
Method of recording and assessing core and chip sample recoveries and results assessed.
Measures taken to maximise sample recovery and ensure representative nature of the samples.
Whether a relationship exists between sample recovery and grade and
whether sample bias may have
occurred due to preferential loss/gain of fine/coarse material.
|
Sample recovery is not assessed for auger drilling as it is a geochemical method.
In general recoveries are good because the hole has to be cleared in order for the screw-type drill rods to advance downwards.
|
Logging
|
Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource
estimation, mining studies and
metallurgical studies.
|
None of these sample results will be used in for Mineral Resource estimation.
The bottom metre of each auger hole was geologically logged in a qualitative
fashion.
|
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Criteria
|
JORC Code Explanation
|
Explanation
|
Whether logging is qualitative or quantitative in nature. Core (or costean,
channel, etc) photography.
The total length and percentage of the relevant intersections logged.
|
Sub-sampling techniques and sample preparation
|
If core, whether cut or sawn and whether quarter, half or all core taken.
If non-core, whether riffled, tube sampled, rotary split, etc and whether
sampled wet or dry.
For all sample types, the nature, quality and appropriateness of the sample preparation technique.
Quality control procedures adopted for all sub-sampling stages to maximise representivity of samples.
Measures taken to ensure that the sampling is representative of the in situ material collected, including for
instance results for field
duplicate/second-half sampling.
Whether sample sizes are appropriate to the grain size of the material being sampled.
|
The entire sample is submitted for assay, so no sub-sampling is required and the sample is representative of what is in the hole.
Samples were transported by road to
BIGS Laboratory in Ouagadougou.
At the laboratory all samples were weighed, dried and crushed to -2mm in a jaw crusher. A split of the crushed sample was subsequently pulverised in a ping
mill to achieve a nominal particle size of
85% passing 75um.
Field QC procedures involve the use of certified reference material as assay standards. The insertion rate of these averaged 1:30.
The sample sizes are considered to be appropriate for this early stage of exploration and the commodity being targeted.
|
Quality of assay data and laboratory tests
|
The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered
partial or total.
For geophysical tools, spectrometers, handheld XRF instruments, etc, the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.
Nature of quality control procedures adopted (eg standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (ie lack of bias) and precision have been established.
|
The laboratory used a bulk leach extractable gold (BLEG) method for gold analysis.
No geophysical tools were used to determine any element concentrations.
Internal laboratory QAQC checks are reported by the laboratory.
|
Verification of sampling and assaying
|
The verification of significant intersections by either independent or
alternative company personnel.
The use of twinned holes.
Documentation of primary data, data entry procedures, data verification, data
storage (physical and electronic)
protocols.
Discuss any adjustment to assay data.
|
Twin holes were not used to verify results.
Sample data is compiled and digitally captured by Golden Rim geologists.
The compiled digital data is verified and validated by the Company's database geologist.
Reported results are compiled by the Company's Senior Geologist and the Managing Director.
There were no adjustments to the assay data.
|
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Criteria
|
JORC Code Explanation
|
Explanation
|
Location of data points
|
Accuracy and quality of surveys used to locate drill holes (collar and down-
hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.
Specification of the grid system used.
Quality and adequacy of topographic control.
|
Collar locations were recorded by hand held GPS with positional accuracy of approximately +/- 5 metres. Location data was collected in WGS 84, UTM zone 30N or 31N.
All holes were drilled vertically. Given the shallow reconnaissance nature of the holes, no downhole surveying was undertaken.
|
Data spacing and distribution
|
Data spacing for reporting of
Exploration Results.
Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.
Whether sample compositing has been applied.
|
The drill holes are spaced 25m apart
along N-S orientated lines, either 100m or
200m apart.
This type of drilling is not appropriate for the calculation of any Mineral Resource estimate.
There was no sample composting.
|
Orientation of data in relation to geological structure
|
Whether the orientation of sampling achieves unbiased sampling of
possible structures and the extent to
which this is known, considering the deposit type.
If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
|
The auger drill lines are orientated at approximately 90 degrees to the general strike direction.
|
Sample security
|
The measures taken to ensure sample security.
|
Samples are stored on site prior to road transport by Company personnel to the laboratory in Ouagadougou, Burkina Faso.
|
Audits or reviews
|
The results of any audits or reviews of sampling techniques and data.
|
There has been no external audit or review of the Company's techniques or data.
|
Section 2: Reporting of Exploration Results
Criteria
|
JORC Code explanation
|
Explanation
|
Mineral tenement and land tenure status
|
Type, reference name/number, location and ownership including agreements or
material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or
national park and environmental
settings.
The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.
|
The auger drilling results are from the Korongou permit. Golden Rim is in an agreement to acquire 90% of the Project.
Tenure is in good standing.
|
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Criteria
|
JORC Code explanation
|
Explanation
|
Exploration done by other parties
|
Acknowledgment and appraisal of exploration by other parties.
|
The area that is presently covered by the Korongou permit has undergone some previous mineral exploration.
|
Geology
|
Deposit type, geological setting and style of mineralisation.
|
The Korongou Project covers part of a highly prospective Lower Proterozoic Birimian, Samira Hill Greenstone belt and is traversed by a significant NE- trending fault splay which is
connected to the major Markoye Fault system. This fault system controls a number of major gold deposits in Burkina Faso, including Kiaka (5.9
Moz), Bomboré (5.2 Moz) and
Essakan (6.2 Moz).
The mineralisation lies in a package of highly altered volcanic and volcaniclastic host rocks and is associated with a major gold-in-soil anomaly and a prominent dilational structural jog along a regional NE- trending shear zone.
|
Drill hole
Information
|
A summary of all information material to the understanding of the exploration
results including a tabulation of the following information for all Material drill holes:
o easting and northing of the drill hole collar elevation or RL (Reduced Level - elevation above sea level in metres) of the drill
hole collar
o dip and azimuth of the hole
o down hole length and interception
depth
o hole length.
If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
|
Auger drilling is a reconnaissance exploration technique. Typically the last meter of each auger hole represents in situ material. As such, results are presented as end of hole point samples for each auger hole.
Drill hole intersections are not reported in this announcement. Tabulation of drill hole data is not considered material to understanding of the reported results.
Appropriate locality maps for some of the holes accompany this announcement.
|
Data aggregation methods
|
In reporting Exploration Results, weighting averaging techniques,
maximum and/or minimum grade
truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.
Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.
The assumptions used for any
|
Drill hole intersections are not reported in this announcement.
Metal equivalent values are not reported in this announcement.
|
Page | 8 32854_2
Criteria
|
JORC Code explanation
|
Explanation
|
reporting of metal equivalent values
should be clearly stated.
|
Relationship between mineralisation widths and intercept lengths
|
These relationships are particularly important in the reporting of Exploration Results.
If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.
If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (eg
'down hole length, true width not
known').
|
The reported results are from early stage reconnaissance exploration; as such the orientation of geological structure is uncertain.
Drill hole intersections are not reported in this announcement.
Results are presented graphically as point samples in the attached maps and plans.
|
Diagrams
|
Appropriate maps and sections (with scales) and tabulations of intercepts
should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and
appropriate sectional views.
|
Maps are provided in the main text.
|
Balanced reporting
|
Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low
and high grades and/or widths should
be practiced to avoid misleading reporting of Exploration Results.
|
Results are presented graphically as point samples in the attached maps and plans.
|
Other substantive exploration data
|
Other exploration data, if meaningful and material, should be reported
including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples - size and method of treatment; metallurgical test results;
bulk density, groundwater, geotechnical
and rock characteristics; potential deleterious or contaminating substances.
|
Other previously reported exploration data (including geological mapping, rock chip sampling and RC drill collars) has been included in the attached plans.
|
Further work
|
The nature and scale of planned further work (eg tests for lateral extensions or
depth extensions or large-scale step- out drilling).
Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.
|
Further auger drilling is planned to follow up the results reported in this announcement.
Promising results will then be followed up (where practical) with trenching
and RC drilling.
|
Page | 9 32854_2
The information in this report that relates to exploration results and mineral resources is based on information compiled by Mr Craig Mackay, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy. Mr Mackay is a full-time employee of Golden Rim Resources Ltd. Mr Mackay has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Mackay consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this report relating to previous drilling results:
(a) is based on information contained in the announcement, Korongou Delivers Significant RC Drilling Results dated 18
June 2013, and is compiled by Mr Craig Mackay who is a member of The Australasian Institute of Mining and
Metallurgy. Mr Mackay is an employee of Golden Rim Resources Ltd. Mr Mackay has sufficient experienc e which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is
undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting
of Exploration Results, Mineral Resources and Ore Reserves. Mr Mackay consents to the inclusion in the report of the matters based on his information in the form and context in which it appears. Golden Rim continues to report
exploration results as defined under the 2004 edition of the JORC Code where those results were initially reported prior to the 2012 edition of the JORC Code. Those exploration results have not been reported to comply with the
2012 edition of the JORC Code on the basis that the information has not materially changed since it was last reported; and
(b) is extracted from the announcement Korongou Delivers Significant Drilling Results dated 7 July 2014 and has been reported in accordance with the 2012 edition of the JORC Code. This announcement is available on the Company's website (www.goldenrim.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in this announcement.
Further Company Information
E: [email protected]
W:goldenrim.com.au
Capital Structure
Issued Shares: 1,296,536,216
Unlisted Options: 229,625,067
Major Shareholders
Aurora Minerals 15.9% Sprott 13.7%
Acorn Capital 8.6%
Royal Group, Abu Dhabi 4.2%
Share Registry
Security Transfer Registrars Pty Ltd
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APPLECROSS WA 6153
AUSTRALIA
T: + 61 8 9315 2333
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E: [email protected]
Page | 10 32854_2