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ASARA RESOURCES LIMITED — Capital/Financing Update 2011
May 26, 2011
64427_rns_2011-05-26_088cb510-ae53-405f-adcc-90bb3dcfc422.pdf
Capital/Financing Update
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ASX/Media Announcement
27 May 2011
Encouraging Preliminary Gold-in-Soil Results from Galgouli South
Golden Rim Resources Ltd (ASX: GMR, Golden Rim ) today announced it has received positive preliminary soil sample assays from its Galgouli South Project area in Burkina Faso, West Africa.
Galgouli South is located in southern Burkina Faso and covers an area of 251km[2] . The licence is approximately 40 km northwest of Ampella Mining’s Konkera deposit (2.2 Moz gold) (Figure 1). Prior to the work commenced by Golden Rim in April 2011 the licence was unexplored.
Results from 2268 soil samples (total of 2,700 samples collected) were received and demonstrated significant gold-in-soil anomalism. Gold-in-soil results up to 1.13 g/t gold were obtained over an area of 760m x 370m (Figure 2).
Golden Rim’s Managing Director, Mr Craig Mackay, said he was pleased to receive the positive results.
“We have outlined a coherent soil anomaly over an area of 760m north-south and up to 370m east-west at the Wewekera Prospect, which is shown in the attached map,” said Mr Mackay.
“This newly defined zone is of interest to us because of the high gold-in-soil values, such as 1.12 g/t and 1.07 g/t gold, and because there may be a structural connection between Wewekera and the shear zone that hosts Ampella’s Konkera gold deposit,” he said.
The main area of gold anomalism at Wewekera occurs on the eastern edge of a small magnetic high anomaly near the contact of greenstone and intrusive units. The anomaly lies between two WNWtrending interpreted structures which form part of a fault splay system which runs eastward into Ampella’s licences. One of these major faults is interpreted to be a splay off the shear zone that hosts the Konkera deposit.
Rock chip results (total of 130 rock chip samples collected) up to 2.39 g/t gold were obtained in the vicinity of the new soil anomalies.
A program of geological mapping and power auger sampling is underway to follow-up these significant gold-in-soil results.
-ENDS-
For further information, please contact:
Hayley Butcher Ann M Nahajski Golden Rim Resources AMN Corporate Company Secretary +61 (0)400 205 433 +61 8 9481 5758 [email protected]
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
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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 3,300km[2] 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. Location of Golden Rim’s Galgouli South Project, Burkina Faso
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Figure 2. Gold-in-soil results for the Wewekera Prospect, Galgouli South Project
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Photograph 1. Golden Rim’s power auger rig sampling soils at Galgouli South
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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 an 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.
Further Company Information
E: [email protected] W:goldenrim.com.au
Capital Structure
Issued Shares: 359,396,731 Unlisted Options: 39,650,000
Major Shareholders
PAL Technology Services LLC 13.10% Rick Crabb 5.79%
Share Registry
Security Transfer Registrars Pty Ltd 770 Canning Highway APPLECROSS WA 6153 AUSTRALIA
T: + 61 8 9315 2333 F: + 61 8 9315 2233 E: [email protected] W: securitytransfer.com.au
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