1.5km copper anomaly outlined at balogo
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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
ASX/Media Announcement
8 August 2011
1.5km Copper Anomaly Outlined at Balogo Golden Rim Resources Ltd (ASX: GMR, Golden Rim) today announced it has received highly anomalous soil sample copper assays from its Balogo Project in Burkina Faso, West Africa. After significant copper mineralisation was identified with gold mineralisation in the initial reverse circulation drilling program at Balogo, a total of 696 soil samples from the previously defined major gold-in-soil anomalies were submitted for multi-element analysis (ICP) for 36 elements. This assaying was conducted by ALS Chemex in Johannesburg. The results from the multi-element analyses outlined an extensive NE-trending copper-in-soil anomaly (>200ppm copper) covering an area of 1.5km x 0.3km (Figure 1). The highest sample value in the anomaly area is 2,100ppm copper. The trend and extent of the copper anomaly exactly coincides with the mapped outcrop trend of the Cobra Shear Zone which is expressed on surface as a low ridge of exposed quartz-malachite-magnetite veining surrounded by a halo of strong disseminated pyrite and magnetite alteration (Photograph 1). The copper anomaly starts in the SW in the vicinity of Hole BRC001 (12m at 0.24 g/t gold, 0.61% copper from 19m and 11m at 0.40 g/t gold; 0.50% copper from 55m), where the first outcrops of the Cobra Shear occur. The shear zone is then obscured by soil cover further to the southwest. Drilling to date has only partially tested the shear for around 600m of strike NE from BRC001. An additional outcropping zone of at least 650m in a NE direction has not been tested by drilling. Recently obtained aeromagnetic data also suggests the Cobra Shear Zone may then strike for a further 3.2km to the NE but it lies under soil cover (Figure 2). A total of 35 holes (BRC033 - BRC067) for 4,012m were recently drilled by Boart Longyear in the Phase 2 program at Balogo. Gold and copper assays from this program are pending. Most of the Phase 2 holes were drilled to the SW of the Cobra Shear Zone to test an area of disseminated, intrusion-hosted, copper and gold mineralisation that was intercepted in the Phase 1 drilling. Only a single hole (BRC067) was completed in the Cobra Shear Zone and within the copper anomaly. This hole was drilled to test the depth extext of the highly significant mineralisation that was intercepted in Hole BRC013 (11m at 2.15 g/t gold, 2.75 % copper from 25m). Golden Rim’s Managing Director, Mr Craig Mackay, said, “We have now outlined a major copper-in-soil anomaly at Balogo which we believe enhances the exploration potential of the Cobra Shear Zone.” “We plan to re-commence reverse circulation drilling at Balogo soon after the wet season. Our first priority for this drilling is the Cobra Shear Zone and the untested portion of the major copper-in-soil anomaly,” said Mr Mackay.
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For further information, please contact: Hayley Butcher Anna Staples Golden Rim Resources AMN Corporate Company Secretary +61 (0)400 205 433 +61 8 9481 5758 [email protected]
About Golden Rim Resources Limited
Golden Rim Resources Ltd (ASX: GMR) is an exploration and mining company with a focus on copper and gold. The Company is active in West Africa, with gold resources and licences covering over 4,000km2 in the highly prospective Birimian greenstone belts of Mali and Burkina Faso.
With experienced management and extensive local teams in the Company’s permanent offices in Mali and Burkina Faso, Golden Rim is able to move quickly and efficiently in order to maximise potential opportunities.
Abu Dhabi-based Royal Group is a substantial shareholder and strategic partner of Golden Rim. Through an alliance company, Royal Falcon Mining LLC, the companies have secured advanced copper/gold projects (Falun and Bersbo) in Sweden and are seeking further significant investments.
Golden Rim is pursuing an active program of drilling in Mali, Burkina Faso and Sweden and is poised to deliver significant growth and value to shareholders.
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Figure 1. Balogo copper-in-soil results showing the major copper anomaly in the northeast portion of the Cobra Shear Zone.
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Figure 2. Balogo copper-in-soil results on the high resolution magnetics.
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Figure 3. Balogo gold-in-soil results on the high resolution magnetics.
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Photograph 1. Outcropping quartz-malachite-magnetite veining in the Cobra Shear Zone. The mineralisation is surrounded by a halo of strong disseminated pyrite and magnetite alteration.
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The information in this public report that relates to exploration results and mineral resources is based on information compiled by Mr Craig Mackay who is a member of The Australasian Institute of Mining and Metallurgy. Mr Mackay is a permanent employee of Golden Rim Resources Ltd. Mr Mackay has sufficient experience 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.
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