ASARA RESOURCES LIMITED — Capital/Financing Update 2019

Dec 18, 2019

ASX/Media Announcement

19 December 2019

New High-Grade Gold Zone Discovered at Kouri 9m at 3.6g/t including 1m at 15.1g/t

Key Points:

• Diabatou Prospect Drilling :

• A new zone of high-grade gold mineralisation has been discovered at the Diabatou Prospect with a drill intercept of 9m at 3.6g/t gold from 49m, including 1m at 15.1g/t gold in MRC016.

• This new zone of mineralisation remains open along strike and at depth and is associated with a 400m , ENE-trending corridor of intense artisanal workings and a coincident magnetic low anomaly.

• Gravimetric re-assaying of the previous bonanza-grade intercept of 7m at 121.2g/t gold from 41m, including 1m at 783.8g/t gold in MRC008 returned 7m at 116.2g/t gold , including 1m at 750.4g/t gold .

• Initial follow-up drilling around the bonanza gold drill intercept in MRC008 did not return extensions to the mineralisation. Further studies indicate drilling may need to be conducted in a different orientation. Additional follow-up holes are planned for January 2020.

• Drilling and Exploration Progress :

• The current 9,200m reverse circulation ( RC ) and 4,000m diamond drilling program is progressing well, with 1,652m of RC drilling (13 holes) and 1,031.9m of diamond drilling (7 holes) completed to date.

• Approximately 1/3 of the planned 15,000m auger program has been completed on the Margou Permit.

• A major 550 line km Induced Polarisation ( IP ) and ground magnetic geophysical survey across the Margou and Gouéli permits is now complete with the final report expected to be delivered in January 2020.

West African gold explorer, Golden Rim Resources Ltd (ASX: GMR) ( Golden Rim , Company ), is pleased to provide the following update on the major exploration campaign at the Company’s Kouri Gold Project ( Kouri ) in Burkina Faso.

RC Drilling at Diabatou Prospect

A new zone of high-grade gold mineralisation has been discovered with a drill hole intercept of 9m at 3.6g/t gold , from 49m, including 1m at 15.1g/t gold in MRC016 (Figures 1 & 2). This new zone of mineralisation remains open along strike and at depth.

The new high-grade zone lies 1km SW of the zone of high-grade gold mineralisation previously obtained in MRC008 (7m at 121.2g/t gold from 41m, including 1m at 783.8g/t gold from 44m) and is associated with a 400m , ENE-trending corridor of intense artisanal workings (Figure 2). Previous rock chip samples from the area returned results of 14.7g/t gold, 6.3g/t gold and 5.5g/t gold.

Golden Rim Resources Ltd I ABN 39 006 710 774 I Level 2, 609 Canterbury Road, Surrey HillsVIC3127, Australia I PO Box 124, Surrey Hills VIC 3127, Australia www.goldenrim.com.au I info@goldenrim.com.au I T + 61 3 9836 4146

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Follow-up RC drilling on this new high-grade gold zone is planned for January 2020.

Commenting on the new RC results and the ongoing exploration programs at Kouri, Golden Rim’s Managing Director, Craig Mackay, said:

“The Kouri Gold Project continues to deliver great results with the discovery of a further new zone of high-grade gold mineralisation at the Diabatou Prospect.

The Company continues to be busy with numerous exploration programs currently underway at Kouri including diamond drilling, which is progressing well at the Gouéli Permit. The diamond program is designed to test the northeast strike extent of the gold lodes that comprise the 1.4Moz Mineral Resource. Strong mineralisation has been observed in drilling samples and we eagerly await our assay results from this area.

Further, our systematic geochemical and geophysical surveys throughout the Margou and Gouéli permit areas are also going well. We expect this work to deliver additional exciting drill targets in what was previously an unexplored area as we head into 2020.”

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Figure 1. Drill hole, rock chip sample locations and the IP chargeability-high anomalies at Diabatou on a satellite image.

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Seven additional RC holes (MRC016 – 022) for 908m have been completed at the Diabatou Prospect. The holes were designed to test several areas of artisanal workings and the southern end of a previously reported IP chargeability-high anomaly. Location details for the RC drill holes are provided in Table 1 and Figure 2. Assay results are provided in Table 2. Assays for MRC022, which is located 360m ENE of MRC016 are pending.

Despite intersecting various zones of quartz and/or pyrite mineralisation, no significant gold assays were obtained in MRC017 – 021. The strong pyrite mineralisation intersected in MRC017 – 019 seems to adequately explain the IP anomaly (Figure 2).

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Figure 2. Insert Map A - Drill holes, rock chip samples and IP chargeability-high anomalies in the vicinity of the new southern high-grade gold zone at Diabatou on a satellite image.

Diamond Drilling at Diabatou Prospect

A total of 5 diamond holes (MDH001 – 005) for 773.9m have been completed at the Diabatou Prospect to test for extensions to the high-grade gold mineralisation intersected in previous RC drill hole MRC008. Location details for the new diamond drill holes are provided in Table 1 and Figures 1 and 3. Assay results are provided in Table 2.

Hole MDH001 was a twin hole to MRC008 (collared 1.5m NW) and intersected a mineralised zone of disseminated and veinlet quartz-pyrite-hematite-carbonate in sheared granite adjacent to the high-grade intercept in MRC008. While specks of visible gold were observed between 44-45m in MDH001 (opposite the interval of 1m at 783.8g/t gold in MRC008), the assays from MDH001 did not produce significant gold results. The highest intercepts obtained were 1m at 1.0g/t gold (44-45m) and 1m at 1.1g/t gold (54-55m). Follow-up check assaying confirmed these results (see Table 3).

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Hole MDH002, which was drilled 70m beneath MDH001 and MRC008, and holes MDH003 – 005, which were drilled to the NE and the SW to test the interpreted strike extent of the high-grade mineralisation, intersected a number of zones of weak quartz-pyrite mineralisation and again, did not return significant gold results. The highest grade mineralisation was an intercept of 1m at 3.5g/t gold (135-136m) in MDH005.

Commenting on the diamond drilling results, Golden Rim’s Managing Director, Craig Mackay, said:

“Although we are disappointed by the initial results, we believe the drilling around the bonanza-grade mineralisation may need to be conducted in a different orientation. Further studies have identified several cross-cutting structures that may host the high-grade mineralisation and that lie parallel to the current drilling direction. Drill testing of these crossstructures is planned for January 2020.”

Further studies have included a detailed analysis of the core orientation readings in MDH001 and additional geological mapping in the area.

The detailed core analysis (MDH001) has revealed that the mineralisation opposite the interval of 1m at 783.8g/t gold in MRC008 is related to a highly fractured zone in the granite. As a result, core orientation readings are not possible and the orientation remains unclear. The only reliable orientations in MDH001 relate to shear-related quartz-pyrite-carbonate mineralisation within the granite. This mineralisation strikes 060[0] , dips steeply to the NW, and it is only associated with low-grade gold results.

Recent geological mapping has located mineralised cross-structures that clearly lie parallel to the current drilling direction at the Diabatou Prospect. These have also been subject to artisanal mining. One of these structures strikes 150[0] and dips 65-85[0] NE and lies 200m SW of MRC008. Another structure with a similar strike, but an unknown dip, has been interpreted to extend through the zone of high-grade mineralisation in MRC008. Of note, previous rock chip samples from artisanal workings related to this structure returned 8.4g/t gold and 12.1g/t gold (Figure 3).

Another possibility is that the gold mineralisation at the Diabatou Prospect is nuggetty. The occurrence of nuggetty gold is not uncommon in the shear-zone hosted gold deposits in Burkina Faso. Currently, the largest gold deposit in Burkina Faso is Essakane (7Moz) and it is comprised of nuggetty gold. IAMGOLD has successfully defined Mineral Resources at Essakane and has developed a ~380,000oz/yr mining operation[1] .

Additional follow-up drilling in the high-grade gold zone to further understand the mineralisation, comprising several RC holes, is planned for January 2020.

1 www.iamgold.com (Operations/Operating Mines, Essakane Gold Mine, Burkina Faso)

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Figure 3. Insert Map B - Drill holes, rock chip samples and IP chargeability-high anomalies in the vicinity of the bonanza-grade gold zone at Diabatou on a satellite image. Interpreted cross-structures are indicated in yellow.

Check Assaying & Future Assaying

A check assaying program was conducted on core from MDH001. Residue samples of 2.5kg were submitted to an alternative laboratory for both 50g charge fire assay and 1kg Bulk Leach Extractable Gold (BLEG) assay. The repeat gold assays were similar to the initial gold results and a comparison of the analyses are provided in Table 3.

In addition, the remaining ½ drill core for the mineralised zone in MDH001 has been submitted for assay and results are pending.

The residue drill samples associated with the original high-grade intercept in MRC008 (7m at 121.2g/t gold from 41m, including 1m at 783.8g/t gold from 44m) were re-assayed by gravimetric analysis. The gravimetic assays returned an intercept of 7m at 116.2g/t gold , including 1m at 750.4g/t gold , which is very similar to the fire assay intercept. A comparison of the assays for the individual sample intervals is provided in Table 4.

With the potential for some nuggetty gold at Kouri, the Company intends to conduct its future drilling assaying on larger sample volumes (7kg rather than 2.5-3kg) and will change its assaying technique from the standard 50g charge fire assaying to 1kg, 12-hour LeachWELL assaying with 50g charge fire assaying on residues where LeachWELL results are >0.3g/t gold. Of note, IAMGOLD are utilising the same LeachWELL assaying procedures on their drill holes samples from Essakane that will be implemented at Kouri[2] .

2 www.sedar.com (18 January 2019: 43-101 Technical Report – Mineral Resource Estimate, Grossey Deposit, Essakane Mine, Burkina Faso, IAMGOLD Corporation)

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Drilling Progress

The Company’s current 9,200m RC and 4,000m diamond drilling program at Kouri is progressing well. To date, 1,652m of RC drilling (13 holes) and 1,031.9m of diamond drilling (7 holes) have been completed. Currently diamond drilling is being conducted at the Gouéli Permit and RC drilling is suspended (due to rig availability) with re-commencement expected in January 2020.

In addition to holes reported in this announcement, holes MRC022 (Diabatou Prospect), MRC023 – 025 (Diabatou South East Prospect), and GDH001 – 002 and GRC006 – 008 (Gouéli Permit / NE strike extent to the 1.4Moz Mineral Resource) have also been completed and assays are pending (Table 1).

Upon re-commencement of drilling, as a priority, RC drilling will focus on follow-up holes on the high-grade gold mineralisation at the Diabatou Prospect.

A 15,000m auger drilling program is also underway at the Margou Permit. To date, approximately 1/3 of the program has been completed with a total of 717 auger holes (4,177m) completed (Figure 4).

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Figure 4. Location of exploration permits, prospect areas, recent rock chip sample locations and geophysical and auger survey outlines at Kouri on a greyscale airborne magnetic image.

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Regional Exploration Progress

Extensive geochemical and geophysical surveys throughout the Margou and Gouéli permit areas are progressing quickly (Figure 4).

The field data collection for a major 550 line km ground magnetic and gradient-array IP survey (with 100m spaced lines) across the Margou and Gouéli permits has been completed. Data processing has commenced and a final report on the geophysical survey is expected by the end of January 2020.

Geological mapping and rock chip sampling continues throughout the Margou and Gouéli permits. A total of 987 rock chip samples have been collected from outcrop and artisanal pits across the permits. The Company expects to provide an update on the auger and rock chip results in January 2020.

-ENDS-

For further information, visit www.goldenrim.com.au or please contact:

Golden Rim Resources Craig Mackay Managing Director Golden Rim Resources +61 3 9836 4146 craig@goldenrim.com.au

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Table 1. New diamond and RC drill hole collar details

Hole ID	Easting (m)	Northing (m)	RL (m)	Zone	Dip (o)	Azimuth (o)	EOH (m)	Prospect	Assaying Status
MDH001	187,300	1,412,527	300	31N	-55	180	80	Diabatou	Received
MDH002	187,300	1,412,550	300	31N	-60	180	165.3	Diabatou	Received
MDH003	187,240	1,412,527	300	31N	-55	150	153.5	Diabatou	Received
MDH004	187,323	1,412,580	300	31N	-55	150	200.1	Diabatou	Received
MDH005	187,302	1,412,566	300	31N	-55	150	175	Diabatou	Received
MRC016	186,544	1,411,809	245	31N	-55	330	130	Diabatou	Received
MRC017	186,569	1,412,064	248	31N	-55	150	120	Diabatou	Received
MRC018	186,594	1,412,020	253	31N	-55	150	120	Diabatou	Received
MRC019	186,619	1,411,977	260	31N	-55	150	120	Diabatou	Received
MRC020	186,839	1,411,998	286	31N	-55	330	120	Diabatou	Received
MRC021	186,864	1,411,954	276	31N	-55	330	138	Diabatou	Received
MRC022	186,889	1,411,911	290	31N	-55	330	160	Diabatou	Pending
MRC023	189,974	1,411,594	299	31N	-55	330	132	Diabatou SE	Pending
MRC024	189,974	1,411,663	288	31N	-55	330	132	Diabatou SE	Pending
MRC025	189,994	1,411,544	280	31N	-55	330	120	Diabatou SE	Pending
GDH001	180,998	1,409,314	300	31N	-55	150	138	Gouéli	Pending
GDH002	181,022	1,409,271	290	31N	-55	150	120	Gouéli	Pending
GRC006	181,090	1,409,359	290	31N	-55	150	120	Gouéli	Pending
GRC007	181,112	1,409,316	290	31N	-55	150	120	Gouéli	Pending
GRC008	181,136	1,409,273	290	31N	-55	150	120	Gouéli	Pending

Notes:

• MDH prefix denotes Diamond drilling in the Margou Permit. MRC prefix denotes RC drilling in the Margou Permit.

• GDH prefix denotes Diamond drilling in the Gouéli Permit. GRC prefix denotes RC drilling in the Gouéli Permit.

• Co-ordinate projection: UTM, WGS 84 zone 31 North.

Table 2. Significant intercepts (≥0.5 g/t gold) from the regional drilling at Kouri

Hole ID	From (m)	To (m)	Significant Gold Intersections
MDH001	44	45	1m at 1.0g/t Au
	54	55	1m at 1.1g/t Au
MDH002	83	84	1m at 0.8g/t Au
MDH004	187	188	1m at 0.7g/t Au
MDH005	38	39	1m at 0.6g/t Au
	135	136	1m at 3.5g/t Au
MRC016	49	58	9m at 3.6g/t Au
	50	51	Incl. 1m at 15.1g/t Au
	72	73	1m at 1.1g/t Au
MRC020	36	37	1mat 0.5g/tAu
MRC021	126	127	1m at 2.6g/t Au

Notes:

• All reported intersections are assayed at 1m intervals

• Intercept cut-off grade is 0.5g/t gold

• Intervals are reported with a maximum of 3m of internal dilution unless the total intercept grade falls below 0.5 g/t gold.

• Intercept intervals (From and To) are the down hole distances from the collar start (origin) detailed in Table 1.

• Sample preparation and assaying conducted by BIGS Laboratory in Ouagadougou, Burkina Faso.

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• The samples were assayed by Fire Assay. A 200g sub-sample is taken from the RC samples for analysis. A 50g charge weight is fused with litharge-based flux, cupelled and the prill dissolved in aqua regia and gold tenor is determined by AAS.

• No significant intercepts returned in drill holes MDH003, MRC017, MRC018 and MRC019

Table 3. MDH001 Check Assaying

Hole ID	From (m)	To (m)	BIGS FA (Gold g/t)	ALS FA (Gold g/t)	ALS BLEG (Gold g/t)
MDH001	40	41	<0.005	<0.01	0.001
MDH001	41	42	<0.005	0.01	0.01
MDH001	42	43	<0.005	<0.01	0.001
MDH001	43	44	0.07	0.04	0.08
MDH001	44	45	1.03	1.26	1.03
MDH001	45	46	<0.005	<0.01	0.003
MDH001	46	47	0.01	0.01	0.002
MDH001	47	48	0.03	0.02	0.01
MDH001	48	49	0.09	0.09	0.09
MDH001	49	50	<0.005	<0.01	0.003
MDH001	50	51	<0.005	0.01	0.001
MDH001	51	52	<0.005	0.01	0.004
MDH001	52	53	<0.005	0.01	0.004
MDH001	53	54	0.03	0.02	0.02
MDH001	54	55	1.08	**0.94 **	0.96
MDH001	55	56	0.28	0.25	0.29
MDH001	56	57	<0.005	0.01	0.002
MDH001	57	58	<0.005	<0.01	0.002
MDH001	58	59	<0.005	0.01	0.002
MDH001	59	60	0.01	0.01	0.01

Notes:

• <0.005 denotes less than the lower detection limit of the assay method

• FA means Fire Assay. A 200g sub-sample is taken from the RC samples for analysis. A 50g charge weight is fused with litharge-based flux, cupelled and the prill dissolved in aqua regia and gold tenor is determined by AAS.

• BLEG means Bulk Leach Extractable Gold. Gold by accelerated cyanide leach using LeachWELL Assay Tabs with AAS finish. 4 hour leach.

• BIGS means BIGS Laboratory in Ouagadougou, Burkina Faso

• ALS means ALS Laboratory in Ouagadougou, Burkina Faso

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Table 4. MRC008 Gravimetric Re-Assaying

Hole ID	From (m)	To (m)	BIGS FA (Gold g/t)	BIGS GRA (Gold g/t)
MRC008	41	42	1.05	0.92
MRC008	42	43	0.14	0.14
MRC008	43	44	29.84	28.83
MRC008	44	45	783.8	750.4
MRC008	45	46	23.96	23.93
MRC008	46	47	8.88	8.89
MRC008	47	48	0.54	0.61
MRC008	55	56	0.36	0.31
MRC008	56	57	12.47	11.66
MRC008	57	58	3.55	3.68
MRC008	58	59	5.54	5.52
MRC008	59	60	0.35	0.31
MRC008	105	106	0.42	0.61

Notes:

 FA means Fire Assay. A 200g sub-sample is taken from the RC samples for analysis. A 50g charge weight is fused with litharge-based flux, cupelled and the prill dissolved in aqua regia and gold tenor is determined by AAS.

 GRA means Gravimetric Assay. 50g charge fire assay with a gravimetric finish.

 BIGS means BIGS Laboratory in Ouagadougou, Burkina Faso

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Competent Persons Statements

The information in this report relating to previous exploration results and the Mineral Resource at Kouri are extracted from the announcements: Second Extensive High Grade Gold Target Identified at Kouri dated 11 November 2019; 1.6km Geophysical Anomaly Associated with High Grade Gold at Kouri dated 1 November 2019; Major Exploration Campaign Accelerates at Kouri dated 15 October 2019; Drilling Further Extends Gold Mineralisation Beyond Existing 1.4Moz Mineral Resource at Kouri dated 2 September 2019; Second High-Grade Zone Discovered in Granite at Kouri dated 28 August 2019; 784g/t Gold Bonanza Intercept at Kouri dated 5 August 2019; 1.4 Million Oz of Gold in Upgraded Kouri Mineral Resource dated 3 December 2018; and has been reported in accordance with the 2012 edition of the JORC Code. These announcements are available on the Company’s website (www.goldenrim.com.au). The Company confirms that it is not aware of any new information or data that materially affects the information included in these announcements and, in the case of the Mineral Resource estimate, that all material assumptions and technical parameters underpinning estimate continue to apply and have not materially changed.

Forward Looking Statements

Certain statements in this document are or maybe “forward-looking statements” and represent Golden Rim’s intentions, projections, expectations or beliefs concerning among other things, future exploration activities. The projections, estimates and beliefs contained in such forward-looking statements necessarily involve known and unknown risks, uncertainties and other factors, many of which are beyond the control of Golden Rim, and which may cause Golden Rim’s actual performance in future periods to differ materially from any express or implied estimates or projections. Nothing in this document is a promise or representation as to the future. Statements or assumptions in this document as to future matters may prove to be incorrect and differences may be material. Golden Rim does not make any representation or warranty as to the accuracy of such statements or assumptions.

About Golden Rim Resources

West African gold explorer, Golden Rim Resources Limited (ASX: GMR), is focused on the discovery and development of gold projects in West Africa.

With a decade of experience working in Burkina Faso, the Company is well placed to turn discoveries into real value for shareholders.

The Kouri Gold Project, located in north-east Burkina Faso, contains over 1.4Moz in defined Mineral Resources, with significant upside potential to grow.

Kouri is traversed by a significant NE-trending fault splay that is connected to the major Markoye Fault system. This fault system controls a number of major gold deposits in Burkina Faso, including Kiaka (5.9 Moz gold), Bomboré (5.2 Moz gold), Essakane (7 Moz gold) and Sanbrado (2.8 Moz gold). The mineralised fault system extends into western Niger where the 2.5 Moz Samira Hill is located.

For more information: www.goldenrim.com.au

ASX Code: GMR Market Capitalisation: A$15m Issued Shares: 1,163m

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Appendix 1: JORC Code (2012 Edition), Assessment and Reporting Criteria

Section 1: Sampling Techniques and Data

Criteria	JORC Code Explanation	Explanation
Sampling Techniques	Nature and quality of sampling (e.g. cut channels, random chips, or specific specialised industry standard measurement tools appropriate to the minerals under investigation, such as down hole gamma sondes, or handheld XRF instruments, etc.). These examples should not be taken as limiting the broad meaning of sampling.	The sampling described in this report refers to diamond (DD), and reverse circulation (RC) drilling. The diamond drilling was sampled using a geological lithology and/or mineralisation boundary bracketing system whereby samples are no less than 0.5m and no more than 2.0m. The diamond drill core was cut in half with a core saw on site. Half of the core was sampled (right side), retaining the other half on site. RC samples are collected by a three-tier riffle splitter using downhole sampling hammers with nominal 127 to 140mm holes. Samples were all collected by qualified geologists or under geological supervision. The samples are judged to be representative of the rock being drilled. The nature and quality of sampling is carried out under QAQC procedures as per industry standards.
	Include reference to measures taken to ensure sample representivity and the appropriate calibration of any measurement tools or systems used.	Sampling is guided by Golden Rim’s protocols and Quality Control procedures as per industry standards. To ensure representative sampling, 1m RC samples are collected from a cyclone, passing them through a 3-tier riffle splitter (producing a 2kg sample). Duplicate samples are taken every 30thsample. Measures were taken to avoid wet RC drilling.
	Aspects of the determination of mineralisation that are Material to the Public Report.	Samples were submitted to BIGS Laboratory and ALS Laboratories in Ouagadougou for preparation and analysis. The entire sample is dried, coarse crushed and pulverised to better than 85% of the material passing through a 75-micron (Tyler 200 mesh) screen. Fire Assay: A 200g sub-sample is taken from the samples for analysis. A 50g charge weight is fused with litharge-based flux, cupelled and the prill dissolved in aqua regia and gold tenor is determined by AAS. BLEG: Gold by accelerated cyanide leach using LeachWELL Assay Tabs with AAS finish. 4-hour leach. Up to 3kg sample.
Drilling Techniques	Drill type (e.g. core, reverse circulation, open- hole hammer, rotary air blast, auger, Bangka, sonic, etc.) and details (e.g. core diameter, triple or standard tube, depth of diamond tails, face- sampling bit or other type, whether core is oriented and if so, by what method, etc.).	The RC rig is EDM 2000 with rods diameter of 114,3mm. The DD rig is YDX 1800 with HQ rods of 63mm. All drill holes were planned to be drilled an optimum angle for intersecting the mineralisation (50 to 60 degrees). Downhole surveying occurred (where-ever possible) at 30m intervals down hole. Thelocationofeach holewasrecorded byhandheld GPS

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Criteria	JORC Code Explanation	Explanation
		with positional accuracy of approximately +/-5m.
Drill sample recovery	Method of recording and assessing core and chip sample recoveries and results assessed.	The diamond drill core was collected in aluminium boxes; labelled with the name of the drill hole, box number and from-to meterage. Drill core strings are identified at the start and end of each string with wooden blocks. All RC samples are weighed to determine recoveries. Samples are recovered directly from the rig (via the cyclone and a 3-tier riffle splitter) in 1m intervals.
	Measures taken to maximise sample recovery and ensure representative nature of the samples.	All drill samples are visually checked for recovery, moisture and contamination. A technician is always present at the rig to monitor and record recovery. Recoveries are recorded in the database. There are no significant sample recovery problems. The RC rig has an auxiliary compressor and boosters to help maintain dry samples. When wet samples are encountered, the RC drilling is discontinued.
	Whether a relationship exists between sample recovery and grade and whether sample bias may have occurred due to preferential loss/gain of fine/coarse material.	No relationship is seen to exist between sample recovery and grade. No sample bias is due to preferential loss/gain of any fine/coarse material due to the acceptable sample recoveries obtained by both drilling methods.
Logging	Whether core and chip samples have been geologically and geotechnically logged to a level of detail to support appropriate Mineral Resource estimation, mining studies and metallurgical studies.	Logging of drill samples recorded lithology, mineralogy, mineralisation, weathering, alteration, colour and other features of the samples. Structural measurements are taken from DD core when orientated core is available. The geological logging was done using a standardised logging system. This information and the sampling details were transferred into Golden Rim’s drilling database. All drilling has been logged to a standard that is appropriate for the category of Resource which is being reported.
	Whether logging is qualitative or quantitative in nature. Core (or costean, channel, etc) photography.	Logging is both qualitative and quantitative, depending on the field being logged.
	The total length and percentage of the relevant intersections logged.	100% of each relevant intersection is logged in detail.
Sub-sampling techniques and sample preparation	If core, whether cut or sawn and whether quarter, half or all core taken.	For diamond drilling, the standard sample interval was between 0.5-2m lengths of half core. When duplicate samples were taken quarter core samples were taken. The sampling interval may be broken at changes in geology or mineral zone, so the length of the sample interval can vary. A technician cut the core in half along the axis using a diamond cutting saw, at intervals defined by the geologist during logging. Half of the core is stored in the tray for backup purposes, while the other half is collectedina plastic bagforchemical

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Criteria	JORC Code Explanation	Explanation
		analysis. The bag includes two tickets (one that is loose inside sample bag and one which is stapled to interior of bag) which identify the sample number. The sample numbers are also written on both sides on the exterior of the sample bag. The geologist leaves one ticket in the core tray at the beginning of each sample interval and stores a duplicate of the ticket with the same number, hole-id, from, to, etc. Samples were then put into sealed sacks and stored securely on site at project.
	If non-core, whether riffled, tube sampled, rotary split, etc and whether sampled wet or dry.	RC samples were collected on the rig using a three-tier riffle splitter. The majority of the samples were dry. On the rare occasion that wet samples were encountered, they were dried prior to splitting with a riffle splitter. The standard RC sample interval was 1m.
	For all sample types, the nature, quality and appropriateness of the sample preparation technique.	Samples were transported by road to BIGS Laboratory and/or ALS Laboratory in Ouagadougou. The sample preparation for all samples follows industry best practice. At the laboratory, the entire sample is dried, coarse crushed and pulverised to better than 85% of the material passing through a 75-micron (Tyler 200 mesh) screen.
	Quality control procedures adopted for all sub- sampling stages to maximise representivity of samples.	Golden Rim has protocols that cover the sample preparation at the laboratories and the collection and assessment of data to ensure that accurate steps are used in producing representative samples. The crusher and pulveriser are flushed with barren material at the start of every batch.
	Measures taken to ensure that the sampling is representative of the in-situ material collected, including for instance results for field duplicate/second-half sampling.	Sampling is carried out in accordance with Golden Rim’s protocols as per industry best practice. Field QC procedures involve the use of certified reference material as assay standards, blanks and duplicates for the auger samples. Field duplicates were taken on 1m RC splits using a riffle splitter.
	Whether sample sizes are appropriate to the grain size of the material being sampled.	The sample sizes are considered appropriate to correctly represent the style of mineralisation, the thickness and consistency of the intersections.
Quality of assay data and laboratory tests	The nature, quality and appropriateness of the assaying and laboratory procedures used and whether the technique is considered partial or total.	Fire Assay: A 200g sub-sample is taken from the RC samples for analysis. A 50g charge weight is fused with litharge-based flux, cupelled and the prill dissolved in aqua regia and gold tenor is determined by AAS. BLEG: Gold by accelerated cyanide leach using LeachWELL Assay Tabs with AAS finish. 4-hour leach. Up to 3kg sample. The analytical method is considered appropriate for this mineralisation style and is of industry standard.

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Criteria	JORC Code Explanation	Explanation
		The quality of the assaying and laboratory procedures are considered to be appropriate for this deposit type.
	For geophysical tools, spectrometers, handheld XRF instruments, etc., the parameters used in determining the analysis including instrument make and model, reading times, calibrations factors applied and their derivation, etc.	No geophysical tools were used to determine any element concentrations.
	Nature of quality control procedures adopted (e.g. standards, blanks, duplicates, external laboratory checks) and whether acceptable levels of accuracy (i.e. lack of bias) and precision have been established.	Sample preparation checks for fineness were carried out by the laboratory as part of their internal procedures to ensure the grind size of 90% passing 75 microns. Internal laboratory QAQC checks are reported by the laboratory. Review of the internal laboratory QAQC suggests the laboratory is performing within acceptable limits. For RC samples, Golden Rim inserts one blank, one standard and one duplicate for every 30 samples.
Verification of sampling and assaying	The verification of significant intersections by either independent or alternative company personnel.	Reported results are compiled and verified by the Company’s Senior Geologist and the Managing Director.
	The use of twinned holes.	None of the drill holes in this report are twinned.
	Documentation of primary data, data entry procedures, data verification, data storage (physical and electronic) protocols.	Primary field data is collected by Golden Rim geologists on standardised logging sheets. This data is compiled and digitally captured. The compiled digital data is verified and validated by the Company’s database geologist.
	Discuss any adjustment to assay data.	The primary data is kept on file. There were no adjustments to the assay data.
Location of data points	Accuracy and quality of surveys used to locate drill holes (collar and down-hole surveys), trenches, mine workings and other locations used in Mineral Resource estimation.	Drill Collar locations were recorded by hand held GPS with a positional accuracy of approximately +/- 5 metres. Down-hole surveys were completed at the end of every drill hole (where possible) using a Reflex down-hole survey tool. Measurements were taken at approximately every 50 meters. At the completion of the program all holes will be surveyed with a DGPS, which has locational accuracy of +/- 0.1m, X, Y and Z.
	Specification of the grid system used.	Location data was collected in either UTM grid WGS84, zone 31 North or UTM grid WGS84, zone 30 North
	Quality and adequacy of topographic control.	Topographic control was established by using a survey base station.
Data spacing and distribution	Data spacing for reporting of Exploration Results.	Drilling is conducted has been conducted along lines, with holes spaced at 25 to 50m along that line.
	Whether the data spacing and distribution is	Drillcollarspacing and distributionare sufficientfor

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Criteria	JORC Code Explanation	Explanation
	sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	exploration drilling.
	Whether sample compositing has been applied.	There was no sample composting.
Orientation of data in relation to geological structure	Whether the orientation of sampling achieves unbiased sampling of possible structures and the extent to which this is known, considering the deposit type.	All drill holes reported here were drilled approximately at right angles (150 or 180 degrees) to the strike of the target mineralisation.
	If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.	No orientation-based sampling bias has been identified in the data at this point.
Sample security	The measures taken to ensure sample security.	Samples are stored on site prior to road transport by Company personnel to the laboratory in Ouagadougou, Burkina Faso.
Audits or reviews	The results of any audits or reviews of sampling techniques and data.	There has been no external audit or review of the Company’s techniques or data.

Section 2: Reporting of Exploration Results

Criteria	JORC Code explanation	Explanation
Mineral tenement and land tenure status	Type, reference name/number, location and ownership including agreements or material issues with third parties such as joint ventures, partnerships, overriding royalties, native title interests, historical sites, wilderness or national park and environmental settings.	The reported drilling results are from the Kouri, Gouéli and Margou permits. Golden Rim owns 100% of the permits.
	The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.	Tenure is in good standing.
Exploration done by other parties	Acknowledgment and appraisal of exploration by other parties.	The area that is presently covered by the Kouri Project has undergone some previous mineral exploration.
Geology	Deposit type, geological setting and style of mineralisation.	The Kouri Project covers part of a highly prospective Lower Proterozoic Birimian, Samira Hill Greenstone belt and is traversed by a significant NE-trending fault splay which is connected to the major Markoye Fault system. This fault system controls several major gold deposits in Burkina Faso, including Kiaka (5.9 Moz), Bomboré (5.2 Moz) and Essakan (7 Moz). The mineralisation lies in a package of highly altered volcanic and volcaniclastic host rocks and is associated with a major gold-in-soil anomaly and a prominent dilational structural jog along a regional NE-trending shear zone.
Drill hole	A summary of all information material to the	The bodyof the report contains tables summarisingthe DD

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Criteria	JORC Code explanation	Explanation
Information	understanding of the exploration results including a tabulation of the following information for all Material drill holes:  easting and northing of the drill hole collar elevation or RL (Reduced Level – elevation above sea level in metres) of the drill hole collar  dip and azimuth of the hole  down hole length and interception depth  hole length.	and RC location data (Hole ID, Easting, Northing, Dip, Azimuth and total Depth) and a list of significant (gold ≥ 0.5g/t for the regional targets and gold ≥ 0.3g/t for the Mineral Resource) intercepts. Appropriate locality maps for some of the holes also accompanies this announcement. Further information referring to the drill hole results can be found on Golden Rim’s website http://www.goldenrim.com.au/site/News-and-Reports/ASX- Announcements
	If the exclusion of this information is justified on the basis that the information is not Material and this exclusion does not detract from the understanding of the report, the Competent Person should clearly explain why this is the case.
Data aggregation methods	In reporting Exploration Results, weighting averaging techniques, maximum and/or minimum grade truncations (eg cutting of high grades) and cut-off grades are usually Material and should be stated.	DD samples were taken at intervals ranging from 0.5m to 2.0m. They were based on observed geological and/or mineralisation boundaries For the 0.5 g/t Au cut-off calculations, up to 3m (down hole) of internal waste, unless the total intercept grade falls below 0.5 g/t gold (Regional Targets). For the 0.3 g/t Au cut-off calculations, up to 3m (down hole) of internal waste, unless the total intercept grade falls below 0.3 g/t gold (Mineral Resource). No weighting or high-grade cutting techniques have been applied to the data reported. Assay results are quoted rounded to 1 decimal place.
	Where aggregate intercepts incorporate short lengths of high grade results and longer lengths of low grade results, the procedure used for such aggregation should be stated and some typical examples of such aggregations should be shown in detail.	Not applicable in this document as no exploration results are announced.
	The assumptions used for any reporting of metal equivalent values should be clearly stated.	Metal equivalent values are not reported in this announcement.
Relationship between mineralisation widths and intercept lengths	These relationships are particularly important in the reporting of Exploration Results.	The reported drilling results are from exploration drilling, designed to test possible extensions to the known Mineral Resource.
	If the geometry of the mineralisation with respect to the drill hole angle is known, its nature should be reported.	The orientation of the mineralised zone has been established and the RC drilling was planned in such a way as to intersect mineralisation in a perpendicular manner.
	If it is not known and only the down hole lengths are reported, there should be a clear statement to this effect (e.g. ‘down hole length, true width not known’).	Not applicable in this document

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Criteria	JORC Code explanation	Explanation
Diagrams	Appropriate maps and sections (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.	Maps are provided in the main text.
Balanced reporting	Where comprehensive reporting of all Exploration Results is not practicable, representative reporting of both low and high grades and/or widths should be practiced to avoid misleading reporting of Exploration Results.	The accompanying document is considered to represent a balanced report.
Other substantive exploration data	Other exploration data, if meaningful and material, should be reported including (but not limited to): geological observations; geophysical survey results; geochemical survey results; bulk samples – size and method of treatment; metallurgical test results; bulk density, groundwater, geotechnical and rock characteristics; potential deleterious or contaminating substances.	There is no other exploration data which is considered material to the results reported in the announcement.
Further work	The nature and scale of planned further work (eg tests for lateral extensions or depth extensions or large-scale step-out drilling).	Promising results will be followed up (where practicable) with trenching and further RC or DD drilling. Exploration and infill drilling will continue to target projected lateral and depth extensions of the mineralisation and to increase the confidence in the Mineral Resource.
	Diagrams clearly highlighting the areas of possible extensions, including the main geological interpretations and future drilling areas, provided this information is not commercially sensitive.	Refer to main body of this report.

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