Golden Rim has acquired a further 26% interest in the Kada Gold Project


Golden Rim increases interest in Kada Gold Project. (Credit: Steve Bidmead from Pixabay)

West African gold explorer Golden Rim Resources Limited (ASX: GMR; Golden Rim or Company) is pleased to provide an update on its gold project interests in Guinea, West Africa.

Kada Gold Project Earn-In

Golden Rim has acquired a further 26% interest in the Kada Gold Project (Kada), having satisfied the requirements of its second earn-in interest in the Kada Joint Venture by sole funding expenditure not less than US$4 million within 24 months of acquisition. The Company’s interest in Kada is now 51%.

The Company has also exercised its right to a third earn-in interest of an additional 24% of the project (for a total 75% interest). To achieve this interest, Golden Rim is required to fund the preparation of a Definitive Feasibility Study (DFS) for Kada. There is no time frame for completion of the DFS and Golden Rim’s immediate plan is to systematically conduct additional exploration over the Kada permits, outside of the maiden Mineral Resource area, with the objective of expanding the oxide gold resource. The maiden Inferred Mineral Resource of 25.5Mt at 1.1g/t gold for 930,0002 ounces contained gold was released on 3 March 2022.

Kada comprises two permits, Kada and Bamfele, located in the Siguiri Basin in eastern Guinea and covers approximately 200km2.

Damissa Koura and Kankan West permits

Following analysis of results from auger and exploration drilling conducted on Kada over the past year, Golden Rim and its joint venture partner elected to withdraw from agreements for two additional permits originally announced on 27 January 2021. The Damissa Koura permit is contiguous to Kada to the east. With the now delineated north-south trending Kada Gold Corridor at Kada, Damissa Koura has become of less interest to the Kada Joint Venture. The Kankan West permit, approximately 60km south of Kada, has not reflected any prospectivity of note.

Source: Company Press Release