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Golden Rim Resources expands Mogoyafara South gold resource by 13%

Golden Rim Resources (ASX: GMR) has expanded its gold resource at the Mogoyafara South Prospect at the Sepola Project in western Mali following the completion of its Phase 1 drilling program.

A new resource estimate conducted by Coffey Mining Pty Ltd revised the JORC Inferred Resource at the Mogoyafara South Prospect to 3,463,000 tonnes at 1.48 g/t gold for a total of 165,000 ounces of gold.

This is a 13% increase on the previous estimate. The global JORC Inferred Resource for the Sepola Project (which includes the gold resources at the Mogoyafara South and Linnguekoto Prospects) now stands at 3,756,000 tonnes at 1.5 g/t gold for 181,000 ounces.

Craig Mackay, Managing Director of Golden Rim, said he “was pleasantly surprised with the increase in the gold resource at Mogoyafara South.”

“Golden Rim’s Phase 1 drilling program was not designed to expand the resource significantly, but rather to verify the gold grade and geometry of ore zones located at the Prospect by the previous explorer. To then obtain an increase of the resource was an excellent bonus outcome,” said Mackay.

“We are now in the process of finalising our targeting for a much larger Phase 2 drilling program at Mogoyafara South,” he said.

“The aim of this program is to expand the gold resource significantly by drilling along strike from the current resource blocks and by testing a number of new targets being identified in our geophysical and geochemical exploration programs.”

“Dependent on drill rig availability, Phase 2 drilling program is scheduled to commence towards the end of April.”

Golden Rim has also completed detailed aeromagnetic/radiometric and induced polarisation (NYSE:IP) geophysical surveys, and rock chip geochemical sampling over the Mogoyafara South Prospect.

Only a part of the IP survey data has been received to date. The geophysical and geochemical data has defined additional targets for potential strike extensions of the gold-bearing mineralisation, along with a number of new target areas.

Drilling of these new target areas will form part of the Phase 2 drilling program.

Golden Rim shares rose 4% to 12 cents in trading today.

Disclosure: The author holds no positions in the company