Golden Rim Resources

Financials:

Primary ticker: ASX:GMR
Stage of development: Exploration
Primary minerals: Gold, Silver, Lead, Zinc, Copper
Project to promote: Kada Gold Project
Project location: Guinea, Chile
Website: goldenrim.com.au
Corporate presentation: Click here

Golden Rim Resources Limited is an ASX listed exploration company with a portfolio of advanced minerals projects in Guinea and Burkina Faso, West Africa and in Chile, South America.

The Company’s flagship project is the advanced Kada Gold Project in eastern Guinea. Guinea remains one of the most under-explored countries in West Africa. Golden Rim has outlined a maiden Inferred Mineral Resource of 25.5Mt at 1.1g/t gold for 930Koz, the majority of which is shallow oxide gold mineralisation. Most of the 200km2 project area remains poorly explored and there is considerable upside to expand the oxide gold inventory. The next drilling campaign with focus evaluating newly discovered oxide gold mineralisation (11m @ 6.3g/t & 10m @ 5.6g/t gold) north of the Mineral Resource. A Mineral Resource update is scheduled for the end of Q1/CY2023 and the Company plans to complete a Scoping Study by end of Q2/CY2023.

The Company discovered and has outlined an Indicated and Inferred Mineral Resource of 50Mt at 1.3g/t gold for 2Moz at the Kouri Gold Project, located in north-east Burkina Faso. Kouri covers 325km2 of highly prospective Birimian greenstones. With the focus on Kada, work is currently on hold and the Company is evaluating options to realise value.

In northern Chile, Golden Rim has the Paguanta Copper and Silver-Lead-Zinc Project. Historically a silver mine, the Company has outlined a Measured, Indicated and Inferred Mineral Resource of 2.4Mt at 88g/t silver, 5.0% zinc and 1.4% lead for 6.8Moz silver, 265Mlb zinc and 74Mlb lead at the Patricia Prospect. The Mineral Resource remains open.

At the adjacent Loreto Copper Project in Chile, Golden Rim has signed a US$17.6M Option and Joint Venture agreement with Teck Chile whereby Teck Chile can acquire up to a 75% interest in the project.

Cash: AUD$2M
Debt: NIL

Major shareholders: 
Capital DI 11.3%
Jetosea – 8.2%
Adonis Pouroulis 6%
Management Ownership – 6.5%

Management Profile

Craig Mackay – Managing Director
Craig is a geologist with more than 30 years’ experience. He is also a Member of the Australian Institute of Mining and Metallurgy and the Australian Institute of Company Directors. Mr Mackay has held positions with a number of major resource companies, including Shell, Acacia Resources Ltd and AngloGold Ashanti Ltd. Mr Mackay has been a director of Golden Rim since 2004 and Managing Director since 2007.

What is your rationale for taking part in 121 Mining Investment?

Marketing to promote the Company’s flagship oxide gold project (Kada Gold Project) in Guinea and the plan to deliver a Scoping Study by mid-2023. The Company is looking to build long-term investor/fund raising support.

What recent news would you like to highlight to investors attending?

The Kada gold mineralisation is open along strike along a major regional shear zone. Recent auger drilling along this shear zone has identified strong gold anomalism in bedrock for 15km (Kada Gold Corridor) suggesting there is excellent potential for considerably more oxide gold to be delineated at Kada.

The first RC drilling along the Kada Gold Corridor has intersected high-grade oxide gold mineralisation (11m @ 6.3g/t & 10m @ 5.6g/t gold). The Company expected the existing 0.9Moz gold inventory to grow substantially.

Regionally the gold mineralisation at Kada lies 35km along strike from the 13Moz gold Siguiri Mine owned by AngloGold Ashanti. The Kada mineralisation is soft (potentially free-digging), free-milling with high gold recoveries. It is very similar to the mineralisation at the Siguiri Mine.

What are your key goals in 3 months, 6 months, 12 months?

3 Months:
Completion of resource definition drilling and the preparation of JORC Mineral Resource update at Kada.

6 Months:
Completion of a Scoping Study/PEA at Kada

12 Months:
Completion of a feasibility study at Kada

What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?

Current lack of market awareness for the Kada Gold Project and the on-going challenge as a junior to raise sufficient funding to advance the project. The Company is enhancing its marketing activities. The Company is activity seeking cornerstone investors for long-term support.

What do you think makes your company such a compelling investment?

Currently our share price looks very low compared to our peers. The delivery of a JORC Mineral Resource update and a Scoping Study for Kada in the near-term are expected to provide strong catalysts for a valuation re-rate.

What are the top 3 key investor takeaways?

1. Golden Rim are focused on an advanced, ex-Newmont, oxide Kada gold project in Guinea
2. There is potential for a large gold resource, pre-dominantly of soft, free-digging, free-milling oxide material.
3. The Company is under-valued and the delivery of a near-term JORC Mineral Resource update and Scoping Study is expected to provide catalysts for a valuation re-rate.
4. The Company also believes it can generate considerable value in the planned divestments of its 2Moz Kouri gold project in Burkina Faso and its advanced Paguanta silver-lead-zinc project in Chile.
5. Golden Rim’s new US$17.6M Loreto copper project joint venture with Teck in Chile is also an exciting opportunity for  shareholders. We expect Teck to commence drilling a major porphyry copper target at Loreto 1H/2023.