ASARA RESOURCES LIMITED — Capital/Financing Update 2019

Aug 4, 2019

ASX/Media Announcement

5 August 2019

784 g/t Gold Bonanza Intercept at Kouri

Highlights:

• Exceptional high-grade gold intercepts received from the first drilling at the new Diabatou (Granite Target) and Maré prospects.

• New results are near-surface and include:

• 7m at 121.2g/t gold from 41m in hole MRC008 at Diabatou, including:

  • 1m at 783.8g/t gold from 44m

• 3m at 7.2g/t gold from 56m in hole MRC008 at Diabatou

• 4m at 9.2g/t gold from 44m in hole BARC347 at Maré, including:

  • 1m at 22.8g/t gold from 45m

• 15m at 3.8g/t gold from 53m in hole BARC347 at Maré, including:

  • 1m at 38.7g/t gold from 54m

• Follow-up drilling at Diabatou and Maré already completed. Assays are pending for 9 RC holes.

• First drilling along the projected northeast strike extension of the 1.4Moz Mineral Resource into the new Gouéli Permit completed. Assay results are pending for 5 RC holes.

West African gold explorer, Golden Rim Resources Ltd (ASX: GMR) ( Golden Rim or the Company ), is pleased to report exceptional high-grade gold intersections from its current reverse circulation ( RC ) drilling program at the Kouri Gold Project ( Kouri ) in Burkina Faso.

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

“The first drilling program at Diabatou has provided spectacular high-grade gold intersections hosted in granite at a shallow depth. These are the best drilling results we have seen from Kouri so far.

To date we have only explored a small portion of the entire granite area within which Diabatou is located. We also recently entered into an agreement giving us the exclusive right to purchase 100% of the Kotouri Exploration Permit which covers the remainder of the granite area not presently owned by Golden Rim.

Golden Rim Resources Ltd I ABN 39 006 710 774 I Level 2, 609 Canterbury Road, Surrey Hills VIC 3127, 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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At Maré, we have discovered further high-grade gold, also at a shallow depth, only 1.5km west of the 1.4Moz gold Mineral Resource and associated with a prominent 4km long IP chargeability geophysical anomaly.

We eagerly await the assay results from an additional 9 drill holes that have been completed around the high grade gold mineralisation at Diabatou and Maré.

The new high grade gold intersections again demonstrate the extraordinary exploration upside at Kouri and the potential for additional grassroots gold discoveries. We are particularly excited about systematically extending our exploration effort throughout the new Margou and Goueli permit areas, both of which remain almost totally unexplored.”

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5 cm
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Photograph 1. Visible gold following the panning of drill chips from the 783.8g/t gold interval in MRC008

To date, 7,827m of RC drilling (62 holes) have been completed from a planned program of 17,000m of RC drilling and 4,000m of diamond drilling (~150 holes) at Kouri. The new assay results are from 13 holes completed at Diabatou and 4 holes completed at Maré (Figure 1). Assay results for 2 holes from Diabatou, 7 holes at Maré and 5 holes at Gouéli are pending. Drill hole location details are provided in Table 1 and depicted in Figures 1 and 4 - 5. Significant gold intercepts (≥0.5 g/t gold) are listed in Table 2. Individual assays for the best gold intersections are provided in Tables 3 and 4.

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Figure 1. Location of prospect areas and drill holes at Kouri.

Diabatou

At Diabatou, within the Margou Permit, 15 holes for 1,946m (MRC001 – MRC015) were completed to test 3 semi-parallel zones of granite-hosted gold mineralisation identified in previous rock chip and trenching sampling. The drill holes intersected multiple east-west trending zones of disseminated pyrite (1-5%) and quartz + carbonate mineralisation hosted in both K-feldspar and plagioclase-rich sheared granite (Figure 4).

Assays for holes MRC001 – MRC013 have been received and the assays for MRC014 and MRC015 are pending.

The best gold intersections were obtained in MRC008 in the southern mineralised zone and include (Figure 2):

• 7m at 121.2g/t gold from 41m, including 1m at 783.8g/t gold from 44m; and

• 3m at 7.2g/t gold from 56m.

The high grade mineralisation is hosted in fresh granite and lies in the western portion of the prospect area beneath artisanal workings where previous rock chip sampling returned 8.4g/t gold. The high-grade gold mineralisation in MRC008 is open at depth and along strike.

A gold intercept of 6m at 1.1g/t gold from 29m (MRC001) was obtained from the central mineralised zone (Figure 4). This gold mineralisation remains open at depth and to the east.

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Figure 2. Drill section at Diabatou (looking east) with high grade gold intercept in MRC008 (section location depicted as A – A’ on Figure 4).

Maré

At Maré, 11 holes for 1,363m (BARC346 – BARC356) have been completed along the Footwall Shear (1km west of the River Channel, 1.5km west of the Mineral Resource) to follow-up previous gold anomalous auger and trenching results (Figure 5).

Assays for holes BARC346 – BARC349 have been received and assays for BARC350 – BARC356 are pending.

Hole BARC347 intersected several zones of strong mineralization hosted in sheared fresh andesite. These include a 5m wide artisanal working (void) from 39m (one of the largest and deepest underground artisanal workings seen at Kouri) and the following intercepts (Figure 3):

• 4m at 9.2g/t gold from 44m, including 1m at 22.8g/t gold from 45m; and

• 15m at 3.8g/t gold from 53m, including 1m at 38.7g/t gold from 54m.

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The high grade gold mineralisation is interpreted to have a true width of approximately 9m , a northeast strike and a steep southerly dip. The mineralisation may be associated with a strong, 4km long, northeast-trending Induced Polarisation ( IP ) chargeability high anomaly that has not previously been tested by drilling (Figure 5). The initial drilling at Maré was orientated to the southeast. The Company’s latest interpretation is that the high grade mineralisation has a steep south-easterly dip and further drilling will be oriented northwest (e.g. BARC356).

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Figure 3. Drill section at Maré (looking northeast) with high grade gold intercepts in BARC347 (section location depicted as B – B’ on Figure 5).

Follow-up Drilling and Planned Drilling

Initial follow-up RC drilling (total of 9 holes) has been completed at Diabatou and Maré around the high grade gold intercepts in holes MRC008 and BARC347 after strong quartz – sulphide mineralisation and visible gold was noted in the initial geological logging.

At Diabatou, 2 holes were completed. One hole (MRC014) was drilled 50m beneath MRC008 and another hole (MRC015) drilled 50m along strike to the east (Figure 4). Assays are pending. Further planned holes were suspended due to access problems resulting from wet weather.

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At Maré, 7 holes were completed (Figure 5). Holes were drilled along strike to the southwest and to the northeast. The dip of the high grade mineralisation is now interpreted as steep to the southeast and the last hole completed at Maré (BARC356) was oriented northwest. Assays are pending.

At Gouéli, 5 holes for 640m (GRC001 – GRC005) have been completed along the projected northeast strike extension of the 1.4Moz Mineral Resource to follow-up previous gold anomalous drilling and rock chip results (Figure 1). Hole details are listed in Table 1. Assay results are pending.

The drilling at Kouri has now been suspended for the remainder of the rainy season. Golden Rim intends to recommence the drilling again in mid-September with diamond drilling in the new high grade gold zones at Diabatou and Maré.

Also in mid-September, a regional auger drilling program is scheduled to commence. The Company plans to systematically explore the entire Diabatou granite area, along with the remainder of the Margou and Goueli permit areas. This auger drilling will be the first exploration conducted on a number of highly prospective cross-structures within the Samira Hill Shear Zone in the Margou Permit (Figure 1).

-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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Figure 4. Location of drill holes at Diabatou (assays pending for holes MRC014 – MRC015) on a satellite image. New gold intersections highlighted in blue boxes.

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Figure 5. Location of drill holes at Maré (assays pending for holes BARC350 – BARC356) on IP chargeability geophysics / satellite image. New gold intersections highlighted in blue boxes.

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Table 1. New RC drill hole collar details

Hole ID	Easting (m)	Northing (m)	RL (m)	Zone	Dip (o)	Azimuth (o)	EOH (m)	Prospect	Assaying Status
MRC001	187,700	1,412,660	284	31N	-55	180	120	Diabatou	Received
MRC002	187,700	1,412,560	296	31N	-55	180	120	Diabatou	Received
MRC003	187,600	1,412,659	300	31N	-55	180	120	Diabatou	Received
MRC004	187,600	1,412,559	302	31N	-55	180	180	Diabatou	Received
MRC005	187,600	1,412,609	293	31N	-55	180	120	Diabatou	Received
MRC006	187,700	1,412,610	288	31N	-55	180	140	Diabatou	Received
MRC007	188,050	1,412,703	284	31N	-55	180	126	Diabatou	Received
MRC008	187,300	1,412,525	300	31N	-55	180	120	Diabatou	Received
MRC009	187,350	1,412,520	286	31N	-55	180	120	Diabatou	Received
MRC010	187,700	1,412,710	291	31N	-55	180	144	Diabatou	Received
MRC011	187,800	1,412,675	288	31N	-55	180	120	Diabatou	Received
MRC012	187,600	1,412,709	294	31N	-55	180	120	Diabatou	Received
MRC013	187,355	1,412,470	308	31N	-55	180	120	Diabatou	Received
MRC014	187,302	1,412,575	291	31N	-55	180	156	Diabatou	Pending
MRC015	187,350	1,412,532	293	31N	-55	180	120	Diabatou	Pending
BARC346	175,749	1,408,495	285	31N	-55	150	132	Maré	Received
BARC347	175,868	1,407,891	285	31N	-55	150	100	Maré	Received
BARC348	175,842	1,407,937	282	31N	-55	150	150	Maré	Received
BARC349	175,779	1,407,843	269	31N	-55	150	120	Maré	Received
BARC350	175,754	1,407,888	270	31N	-55	150	120	Maré	Pending
BARC351	175,730	1,407,930	284	31N	-55	150	150	Maré	Pending
BARC352	175,892	1,407,850	277	31N	-55	150	102	Maré	Pending
BARC353	175,913	1,407,914	288	31N	-55	150	120	Maré	Pending
BARC354	175,887	1,407,955	250	31N	-55	150	132	Maré	Pending
BARC355	175,818	1,407,876	248	31N	-55	150	117	Maré	Pending
BARC356	175,913	1,407,813	250	31N	-55	330	120	Maré	Pending
GRC001	181,113	1,408,845	305	31N	-55	150	112	Gouéli	Pending
GRC002	181,187	1,408,916	305	31N	-55	150	162	Gouéli	Pending
GRC003	180,974	1,409,236	305	31N	-55	150	120	Gouéli	Pending
GRC004	181,001	1,409,188	305	31N	-55	150	126	Gouéli	Pending
GRC005	180,936	1,409,301	305	31N	-55	150	120	Gouéli	Pending

Notes:

 BARC prefix denotes reverse circulation (RC) drilling at Banouassi and Maré.

• MRC prefix denotes RC drilling at Margou

• GRC prefix denotes RC drilling at Gouéli

• Co-ordinate projection:

• UTM, WGS 84 zone 31 North

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

Hole ID	From (m)	To (m)	Significant Gold Intersections
MRC001	29	35	6m at 1.1g/t gold
	76	81	5mat 0.5g/t gold
	115	116	1m at 0.5g/t gold
MRC002	48	50	2m at 0.6g/t gold
	64	65	1mat 0.5g/t gold
MRC004	175	176	1m at 0.7g/t gold
MRC005	41	42	1m at 2.1g/t gold
	53	54	1mat 0.9g/t gold
MRC007	87	89	2m at 0.8g/t gold
	107	108	1m at 0.9g/t gold
MRC008	41	48	7m at 121.2g/t gold
	43	46	including 3m at 279.2g/t gold
	44	45	including 1m at 783.8g/t gold
	56	59	3m at 7.2g/t gold
MRC009	32	34	2m at 1.8g/t gold
	73	74	1m at 2.0g/t gold
MRC010	100	102	2m at 0.6g/t gold
MRC011	43	45	2m at 0.8g/t gold
	85	86	1m at 5.8g/t gold
MRC012	19	21	2m at 1.4g/t gold
	26	27	1m at 0.5g/t gold
	88	89	1mat 0.5g/t gold
	95	96	1m at 1.0g/t gold
BARC347	36	37	Artisanal mining void
	39	44	Artisanal miningvoid
	44	48	4m at 9.2g/t gold
	45	46	including 1m at 22.8g/t gold
	53	68	15m at 3.8g/t gold
	54	55	including 1m at 38.7g/t gold
BARC348	42	43	1mat 0.7g/t gold

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.

• There were 2 different assay techniques used – Leachwell and Fire Assay.

• 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.

• Leachwell - A 2kg sub-sample is taken for analysis by 12-hour Leachwell using 2 Au extracting tablets. Residues of all samples >0.3g/t were submitted for FA50g. 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 MRC003, MRC006, MRC013, BARC346 and BARC349

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Table 3. Best intercepts with individual assays in hole MRC008

Hole ID	From	To	Gold (g/t)	Intersections
MRC008	41	42	1.1	7m at 121.2g/t gold; incl. 3m at 279.2g/t gold; and incl. 1m at 783.8g/t gold
	42	43	0.1
	43	44	29.8
	44	45	783.8
	45	46	24.0
	46	47	8.9
	47	48	0.5
	56	57	12.5	3m at 7.2g/t gold
	57	58	3.6
	58	59	5.5

Table 4. Best intercepts with individual assays in hole BARC347

Hole ID	From	To	Gold (g/t)	Intersections
BARC347	36	37	NA	Artisanal mining voids
	39	44	NA
	44	45	0.972	4m at 9.2g/t gold; incl. 1m at 22.8g/t/ gold
	45	46	22.79
	46	47	9.019
	47	48	4.155
	53	54	4.995	15m at 3.8g/t gold; incl. 1m at 38.7g/t gold
	54	55	38.694
	55	56	1.496
	56	57	1.499
	57	58	1.418
	58	59	1.902
	59	60	2.003
	60	61	0.088
	61	62	0.286
	62	63	0.391
	63	64	0.806
	64	65	0.259
	65	66	1.05
	66	67	0.742
	67	68	1.279

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About Golden Rim Resources

Emerging West African gold developer, 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$9.3m Issued Shares: 773m

Competent Persons Statements

The information in this report that relates to exploration results is based on information compiled by Mr Craig Mackay, a Competent Person who is a member of The Australasian Institute of Mining and Metallurgy. Mr Mackay is a full-time employee of Golden Rim Resources Ltd. Mr Mackay has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity being undertaken to qualify as a Competent Person as defined in the 2012 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.

The information in this report relating to previous exploration results and the Mineral Resource at Kouri are extracted from the announcements: Broad Zones of Gold Mineralisation Identified in Trenching at Kouri dated 11 June 2019; Positive Start to Exploration on New Kouri Permits dated 4 June 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.

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.

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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 reverse circulation (RC) drilling. 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. In cases where ‘industry standard’ work has been done this would be relatively simple (e.g. ‘reverse circulation drilling was used to obtain 1 m samples from which 3 kg was pulverised to produce a 30g charge for fire assay’). In other cases, more explanation may be required, such as where there is coarse gold that has inherent sampling problems. Unusual commodities or mineralisation types (e.g. submarine nodules) may warrant disclosure of detailed information.	Samples were submitted to BIGS Laboratory 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. There were 2 different assay techniques used – Leachwell and Fire Assay. These are described in greater detail below: 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. Leachwell - A 2kg sub-sample is taken for analysis by 12- hour Leachwell using 2 Au extracting tablets. Residues of all samples >0.3g/t were submitted for FA50g. 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.
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 used by Capital Drilling was a truck mounted EDM 2000 Multi-purpose rig. RC drilling was carried out using a 4.5-inch face sampling hammer. All drill holes were planned to be drilled at -55 degrees. This is considered an optimum angle for intersecting the mineralisation. Downhole surveying occurred (where-ever possible) at 30m intervals down hole. The location of each hole was recorded byhand held 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.	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.	Drill samples are visually checked for recovery, moisture and contamination. RC recoveries are logged and recorded in the database. Overall recoveries are >95% for the RC. There are no significant sample recovery problems. A technician is always present at the rig to monitor and record recovery. 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 RC samples recorded lithology, mineralogy, mineralisation, weathering, alteration, colour and other features of the samples. 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.	No drill core was reported in this announcement
	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 in Ouagadougou. The sample preparation for all samples follows industry best practice. At the laboratory, the entire sample is dried, coarse crushed andpulverised to better than 85%of the materialpassing

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Criteria	JORC Code Explanation	Explanation
		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.	There were 2 different assay techniques used – Leachwell and Fire Assay. These are described in greater detail below: 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. Leachwell - A 2kg sub-sample is taken for analysis by 12- hour Leachwell using 2 Au extracting tablets. Residues of all samples >0.3g/t are submitted for FA50g. 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. The analytical method is considered appropriate for this mineralisation style and is of industry standard. 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

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Criteria	JORC Code Explanation	Explanation
		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.	RC 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 RC 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.	RC Drilling conducted has been conducted along a line, with holes spaced at 50m along that line.
	Whether the data spacing and distribution is sufficient to establish the degree of geological and grade continuity appropriate for the Mineral Resource and Ore Reserve estimation procedure(s) and classifications applied.	RC drill collar spacing and distribution are sufficient for 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 RC 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.

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Criteria	JORC Code Explanation	Explanation
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 RC drilling results are from the Kouri, Goueli 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 Information	A summary of all information material to the 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.	The body of the report contains tables summarising the RC location data (Hole ID, Easting, Northing, Dip, Azimuth and total Depth) and a list of significant (gold ≥ 0.5g/t) 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-offgrades are usually Material and should be	All RC samples were taken at 1m intervals. 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

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Criteria	JORC Code explanation	Explanation
	stated.	0.5 g/t gold. 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 RC 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
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 RC 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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