Golden Rim Resources Ltd (ASX:GMR) focus is on developing its gold projects in West Africa. The company has projects in Mali and Burkina Faso.
Golden Rim Resources (ASX: GMR), an exploration and mining company with a focus on copper and gold, has finalised agreements to acquire 12 prospective gold exploration permits in Burkina Faso in West Africa.
In a statement, the company said over the past 6 months it has "carefully selected these permits covering an area of approximately 2,730km2, strategically located on multiple greenstone belts highly prospective for the discovery of significant gold mineralisation."
Golden Rim said all of the licences were selected based on their association with major mineralising structures (most of the large gold deposits in Burkina Faso have been discovered near these major mineralising faults).
Craig Mackay, managing director, said “despite competition from other companies, we have secured a large area of highly prospective and under-explored ground in Burkina Faso.”
“This acquisition complements our existing gold projects and infrastructure in Mali and provides another key opportunity in the company's growth strategy in West Africa.”
“We plan to fast track our exploration in Burkina Faso and to obtain early results from these exciting new properties – work has already commenced,” he said.
Golden Rim "now has a quality gold licence portfolio covering over 3,100km2 in West Africa, which is the fastest growing gold producing region in the world."
To date, Golden Rim has completed site inspections of 5 permit areas, Gonsin, Balogo, Keri, Yipely and Galgouli-Sud. The company?s geologists who have extensive experience in Burkina Faso are currently conducting visits to the remaining 7 permit areas.
Initially, Golden Rim said it intends to commence exploration on the Gonsin Permit. The Gonsin Permit is directly adjacent and along strike from Cluff Gold PLC?s (Cluff) Kalsaka gold operation.
Access to this permit is considered excellent by the company, which should allow work to continue into the rainy season.
The company expects Geological mapping and rock chip sampling to commence in Gonsin within the next two weeks.
Depending on rig availability, a scout Reverse Circulation drilling program is planned for Gonsinin mid-June.
Golden Rim continues to review additional opportunities in Burkina Faso and expects to finalise
additional permit acquisition agreements by the end of the June Quarter.