Broad Zones Of Deep Oxide Gold Mineralisation Identified
West African gold explorer, Golden Rim Resources Ltd (ASX: GMR) has achieved positive results from its due diligence drilling at the Kada Gold Project in Guinea.
The company said due diligence diamond holes confirm the multiple broad zones of oxide gold mineralisation identified in previous diamond, RC and air core drilling conducted by Newmont.
Best new intersections include:
o 18m at 2.0g/t goldfrom 1m;
o 78m at 1.4g/t goldfrom 71m, including 10m at 2.1g/t goldfrom 72m; and 34m at 2.1g/t goldfrom 87m
o 7m at 4.3g/t goldfrom 0m (in laterite)
o 43m at 1.7g/t goldfrom 109m; including: 21m at 2.6g/t goldfrom 130m.
Golden Rim said the interpreted mineralised zones extend north-south for a least 1.4kmwith a central area of intense mineralisation that is 500m wideand may be controlled by a cross-structure.
Managing Director, Craig Mackay, said the due diligence holes are located in the east of this 500m wide area. To the west of these holes Newmont drilling returned parallel gold intersections equally as wide.
Mr Mackay said the company’s technical due diligence of Kada is now complete and the preparation of the definitive documentation is progressing well. The company is seeking shareholder approval to acquire an initial interest in Kada, at its Annual General Meeting scheduled to be held on November 9, 2020.
“The drilling has also confirmed that the gold mineralisation is deeply weathered, with an oxide zone extending in places to more than 130m below surface. In addition, the oxide material is so soft we have been able to cut drill core with a knife to obtain the 1⁄2 core samples for assaying.” Mr Mackay said.
“An initial review of the previous Newmont metallurgical test work is also encouraging.
“Given the positive attributes of the mineralisation and with a central mineralised core that is 500m wide, Kada appears well suited to low cost open pit mining.
“The company believes the project can be advanced quickly. With nearly 300 previous drill holes, there is an opportunity to calculate a maiden JORC Mineral Resource at Kada in the near-term and then to considerably expand on this Mineral Resource given the exceptional exploration upside in the project area.
“The company is working to finalise the transaction to acquire this exciting new project as soon as possible”. Mr Mackay said considerable upside to outline additional gold mineralisation in the area of Newmont drilling is evident. For example, a thick, 70m wide, zone of mineralisation located 200m west of KDH001 – KDH003, which was only drilled by Newmont to ~70m below surface and remains open at depth, offers a priority target for follow-up drilling.
