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ASARA RESOURCES LIMITED — Capital/Financing Update 2012
May 24, 2012
64427_rns_2012-05-24_ef5349cb-f7c6-4868-a077-4e4c869039cf.pdf
Capital/Financing Update
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ASX/Media Announcement
25 May 2012
High Grade Gold Results from Sepola, Mali
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Two significant new artisanal mining sites have been located in the Sepola Project, Mali;
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Rock chip samples from these areas have returned high grades, including 57 g/t gold, 56 g/t gold, 55.6 g/t gold, 45 g/t gold and 22.1 g/t gold ;
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The new results are considerably higher in grade than those from previous rock chip sampling, trench sampling and drilling at the Mogoyafara South Prospect;
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The artisanal mining sites and coincident magnetic anomalies provide attractive drilling targets and offer potential to outline additional gold mineralisation to expand the current resource base at Sepola.
Golden Rim Resources Ltd ( Golden Rim, ASX: GMR) today announced that high grade gold results have been obtained from two new artisanal mining sites within the Sepola Project, in western Mali.
A total of 40 rock samples were collected from the artisanal sites. Samples returning values greater than 0.5 g/t gold are presented in Table 1.
One of these sites is at the Mogoyafara South Prospect where Golden Rim has previously defined an Inferred Resource of 3,463,000 tonnes at 1.48g/t gold for a total of 165,000oz gold, which remains open along strike and at depth.
The new artisanal mining activity at Mogoyafara South commenced in late March 2012 and is located in the eastern portion of the prospect area, in the vicinity of trench T17. The artisanal miners are exploiting gold-bearing, NW-SE-trending, limonitic quartz veins originally exposed in the trenching.
The new grab rock chip samples from this veining in the vicinity of T17 returned gold values including 57.0 g/t gold, 56.0 g/t gold, 55.6 g/t gold and 45.0 g/t gold. Golden Rim’s previously reported channel rock chip sample intercepts from trench T17 included 12m at 3.5 g/t gold, 26m at 0.7 g/t gold, 29m at 2.3 g/t gold and 13m at 1.3 g/t gold .
The samples were collected over an area of approximately 0.3km[2] and lie outside the current resource area. Further drilling in this area is expected to extend the resource to the SE and potentially link the two resource areas in the Eastern Zone at Mogoyafara South.
The second new artisanal mining area is located 2.9km SW of the Mogoyafara South Prospect and has been called the Bahe workings. Rock chip samples of limonitic quartz with malachite (copper oxide) staining returned gold grades of 22.1 g/t gold, 11.1 g/t gold, 9.4 g/t gold and 3.5 g/t gold .
The Bahe workings lie on the southern end of a prominent NW-SE-trending magnetic-high anomaly which extends for a strike length of at least 2.4km. The Bahe magnetic anomaly is of a similar magnitude
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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and lies parallel to the NW-SE-trending magnetic anomalies associated with the eastern and western zones that comprise the Inferred Resource at Mogoyafara South.
Previous regional soil sampling returned a spot gold anomaly of 133ppb on a sample line located approximately 100m north of the artisanal mining site. No previous drilling has been conducted in the Bahe area.
Golden Rim’s Managing Director, Mr Craig Mackay, said the high grade gold rock chip results from the new artisanal sites are encouraging.
“The artisanal mining sites and coincident magnetic anomalies provide attractive drilling targets and offer potential for Golden Rim to outline further higher grade gold mineralisation to add to its existing resource base at Sepola,” said Mr Mackay.
Golden Rim notes that the recent coup in Mali has had little impact on its exploration activities. The Company continues to monitor the situation through its specialist security consultants. Golden Rim continues to be buoyed about the prospectivity of its projects in Mali.
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For further information, please contact:
Hayley Butcher Anna Staples Golden Rim Resources AMN Corporate Company Secretary +61 400 205 433 +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 permits covering around 5,000km[2] in the highly prospective Birimian greenstone belts of Burkina Faso and Mali.
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.
Golden Rim is pursuing an active program of drilling in Burkina Faso and Mali and is poised to deliver significant growth and value to shareholders.
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Figure 1. Location of the Bahe artisanal mining site and the new artisanal mining site at the Mogoyafara South Prospect on an image of the high resolution airborne magnetics.
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Figure 2. Location of the new artisanal mining site and new rock chip sample results at the Mogoyafara South prospect.
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Table 1. Rock chip samples greater than 0.5 g/t gold.
| Prospect | Gold (g/t) | Comments |
|---|---|---|
| Mogoyafara South | 7.1 | Limonitic quartz vein, trend 140 degrees |
| 4.2 | Limonitic quartz vein, trend 140 degrees | |
| 4.8 | Limonitic quartz vein, trend140 degrees | |
| **57 ** | Limonitic quartz vein, trend 140 degrees | |
| 15.1 | Limonitic quartz vein, trend140 degrees | |
| 45 | Limonitic quartz vein, trend 140 degrees | |
| 8.4 | Limonitic quartz vein, trend140 degrees | |
| 7.1 | Limonitic quartz vein, trend 140 degrees | |
| 56 | Limonitic quartz vein, trend 140 degrees | |
| 55.6 | Limonitic quartz vein, trend140 degrees | |
| 8.4 | Limoniticquartz vein,trend 060 degrees | |
| Bahe | 0.6 | Limonitic quartz vein, trend 020 degrees |
| 0.6 | Limonitic quartz vein, trend 000 degrees | |
| 22.1 | Quartz vein with malachite stains | |
| 1.3 | Quartz vein with malachite stains | |
| 11.1 | Limonitic quartz vein, trend 090 degrees | |
| 2.6 | Limonitic quartz vein, trend 090 degrees | |
| 0.8 | Quartz vein with malachite stains | |
| 3.5 | Quartz vein with malachite stains | |
| 9.4 | Limonitic quartz vein, trend 040 degrees | |
| 1.4 | Limonitic quartz vein, trend 090 degrees |
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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: 413,306,231 Unlisted Options: 29,950,000
Major Shareholders
Royal Group, Abu Dhabi 13.18% Acorn Capital 7.03%
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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