Golden Rim Resources Ltd. (ASX:GMR) has raised $1.27 million via a rights issue to fund the drilling program at its flagship Kouri Gold Project in Burkina Faso.
The Kouri project lies on a major mineralised fault zone that extends to the northeast into western Niger, where the 2 million ounce (Moz) Samira Hill gold deposit is located.
The fault zone is also connected to the Markoye Fault system which controls a number of large gold deposits, including Kiaka (5.9 Moz gold), Bombore (5.2 Moz gold) and Essakane (6.2 Moz gold).
Kouri’s maiden resource has been scheduled for the end of 2017.
Golden Rim’s recently conducted reverse circulation drilling at Kouri returned very encouraging results.
Kouri has an existing JORC exploration target of circa 500,000 - 611,000 ounces of gold at a grade range of 1.8 g/t to 2.2 g/t gold.
With additional infill and deeper drilling, the company intends to convert the JORC exploration target to a maiden resource by the end of 2017.
Interestingly, the recent drilling results suggest the resource could be larger than the exploration target, with new intercepts such as 18 metres at 5.4 g/t gold from 2 metres.
It is worth noting that Burkina Faso is one of the fastest growing gold mining destinations in the world.