ASARA RESOURCES LIMITED — Capital/Financing Update 2019

Jul 14, 2019

ASX/Media Announcement 15 July 2019

Kouri Drilling Update

Highlights:

• Approximately 1/3 (total of 49 holes) of major drilling program at Kouri completed.

• New assays from Red Hill include further significant gold intersections. The best of these include:

• 7m at 1.4g/t gold (NKRC055); 7m at 0.9g/t gold (NKRC060); and 6m at 1.7g/t gold (NKRC073).

• The first assays from within the 1.4Moz gold Mineral Resource have also been received, confirming the continuity of the mineralisation from infill drilling.

• A considerable number of assays remain pending. Assays are expected for a further 18 holes in the next few weeks including assay results from drilling that has intersected strong quartz-sulphide mineralisation at Maré and Diabatou (Granite Target).

Emerging West African gold developer, Golden Rim Resources Ltd (ASX: GMR) ( Golden Rim or the Company ), is pleased to provide an update on its current reverse circulation ( RC ) drilling program at its Kouri Gold Project ( Kouri ) in Burkina Faso.

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

“Our drilling at Kouri is progressing well and we are now approximately 1/3 of the way through our planned 21,000m drilling program with 49 RC holes so far completed. Assays for 18 of these holes are pending.

Following the acquisition of the Margou and Goueli permits, we immediately relocated the drilling rig to Diabatou which is the Granite Target area within the new Margou permit. We have just completed 13 holes at the Granite Target.

The recent drilling at both Margou and Maré has intersected strong mineralisation and we eagerly await the assay results for these areas.

The drilling rig is currently completing additional holes at Maré and we then plan to commence drilling the NE strike extent of the gold lodes that comprise the existing 1.4Moz Mineral Resource into the new Goueli permit.

We are now drilling into the rainy season in Burkina Faso and, at this stage, we aim to continue until the end of July, if possible. We then intend to suspend the drilling through the peak of the rainy season and to re-commence in midSeptember.”

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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To date, 6,200m of RC drilling (49 holes) have been completed from a planned program of 17,000m of RC drilling and 4,000m of diamond drilling (~150 holes) at Kouri. Assay results for 31 holes have been received. Assay results for 18 holes are pending. Drill hole location details are provided in Table 1 and depicted in Figure 1. Significant gold intercepts (≥0.3 g/t gold) are listed in Table 2.

The diamond drilling portion of the program is planned to commence after the rainy season when water near the proposed drill sites is more plentiful. A summary of the results of the RC drilling conducted to date is provided below.

Red Hill

At Red Hill, 22 holes for 2,806m (NKRC055-NKRC076) have been completed to follow-up multiple zones of gold mineralisation outlined in previous drilling (Figure 2).

A north-east trending gold lode (ranging in width between 6m and 10m) has been identified in the southern portion of the Red Hill prospect area, over a 500m strike length. This lode remains open to the north-east and is co-incident with IP (induced polarisation) chargeability high and magnetic high anomalies. Previous intercepts from this lode include 11m at 3.4g/t gold (NKRC047) and 10m at 4.1g/t gold (NKRC054). The best new intercepts from this lode include:

• 7m at 1.4g/t gold from 23m (NKRC055); and

• 6m at 1.7g/t gold from 53m (NKRC073).

An additional parallel gold lode has been discovered to the south of the gold lode described above with an intercept of 7m at 0.9g/t gold from 28m (NKRC060).

The mineralisation at Red Hill will be considered in the next update to the Kouri Mineral Resource model.

River Channel

At the River Channel, which lies outside and 500m south west of the existing 1.4Moz gold Mineral Resource area, 4 holes for 460m (BARC337 - BARC340) have been completed to follow-up a previous intercept of 4m at 44.7g/t gold from 34m (BARC327) in the Footwall Shear. The follow-up holes failed to intersect high grade gold mineralisation. Hole BARC337 that was drilled 20m beneath the intercept in BARC327 returned 3m at 0.4g/t gold from 49m and hole BARC340 drilled 50m along the interpreted strike to the southwest returned 7m at 0.3g/t gold from 21m.

This indicates the high grade mineralisation is either limited in extent or the drilling was conducted in the wrong direction. The mineralised rocks in the River Channel lie under 8m of alluvial sediment and the orientation of the mineralisation is uncertain, meaning it cannot be determined with further trenching. Three RC holes planned to the east of the high grade intercept have been suspended and a diamond drill hole is planned to determine the orientation of the mineralisation in the River Channel before further RC drilling is conducted.

Maré

At Maré, 5 holes for 622m (BARC346 – BARC350) 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.

Hole BARC347 intersected several zones of strong mineralisation. These include a 5m wide artisanal working (void) from 39m (one of the largest and deepest underground artisanal workings seen at Kouri) followed by a 4m wide zone of intense quartz + carbonate + pyrite mineralisation (possible 9m wide mineralised zone) and then a 18m wide zone of quartz + carbonate + pyrite mineralization from 52m hosted in sheared andesite. Assay results are pending, however given the intensity of the mineralisation in BARC347, several follow-up holes have already been completed.

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Banouassi (1.4Moz Mineral Resource area)

In the southern portion of the Mineral Resource, 5 infill holes for 642m (BARC341- BARC345) have been completed. The results, while low grade, generally confirm the continuity of the multiple gold lodes that comprise the Mineral Resource.

Further infill drilling is planned at Banouassi following the rainy season.

Diabatou (previously called Granite Target area)

At Diabatou, within the new Margou permit, 13 holes for 1,670m (MRC001 – MRC013) were completed to test 3 semiparallel 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 up to 10m in width hosted in both K-feldspar and plagioclase-rich sheared granite. Assay results are pending.

-ENDS-

For Further Information 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 1 Location of prospect areas and drill holes at Kouri.

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Figure 2. Location of drill holes at Red Hill

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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
BARC337	177,181	1,407,701	263	31N	-55	150	100	River Channel	Received
BARC338	177,111	1,407,720	263	31N	-55	150	120	River Channel	Received
BARC339	177,136	1,407,675	268	31N	-55	150	120	River Channel	Received
BARC340	177,161	1,407,633	266	31N	-55	150	120	RiverChannel	Received
BARC341	178,476	1,407,950	271	31N	-55	150	102	Banouassi	Received
BARC342	178,431	1,408,040	273	31N	-55	150	150	Banouassi	Received
BARC343	178,517	1,408,002	272	31N	-55	150	150	Banouassi	Received
BARC344	178,425	1,407,961	274	31N	-55	150	120	Banouassi	Received
BARC345	178,276	1,407,921	285	31N	-55	150	120	Banouassi	Received
NKRC055	174,353	1,405,370	286	31N	-55	180	120	Red Hill	Received
NKRC056	174,352	1,405,319	284	31N	-55	180	122	Red Hill	Received
NKRC057	174,351	1,405,272	289	31N	-55	180	132	Red Hill	Received
NKRC058	174,227	1,405,342	287	31N	-55	180	180	RedHill	Received
NKRC059	174,226	1,405,292	295	31N	-55	180	132	RedHill	Received
NKRC060	174,224	1,405,242	298	31N	-55	180	126	Red Hill	Received
NKRC061	825,754	1,405,326	289	30N	-55	180	168	Red Hill	Received
NKRC062	825,753	1,405,276	284	30N	-55	180	120	Red Hill	Received
NKRC063	825,753	1,405,227	285	30N	-55	180	120	RedHill	Received
NKRC064	825,754	1,405,175	286	30N	-55	180	120	RedHill	Received
NKRC065	174,477	1,405,351	288	31N	-55	180	150	Red Hill	Received
NKRC066	174,478	1,405,300	289	31N	-55	180	120	Red Hill	Received
NKRC067	174,478	1,405,250	287	31N	-55	180	120	Red Hill	Received
NKRC068	174,474	1,405,500	284	31N	-55	180	120	RedHill	Received
NKRC069	174,424	1,405,403	283	31N	-55	180	90	Red Hill	Received
NKRC070	174,523	1,405,427	281	31N	-55	180	90	Red Hill	Received
NKRC071	825,751	1,405,630	288	30N	-55	150	120	Red Hill	Received
NKRC072	825,821	1,405,676	287	30N	-55	180	120	RedHill	Received
NKRC073	174,354	1,405,419	288	31N	-55	180	80	RedHill	Received
NKRC074	825,779	1,405,585	285	30N	-55	150	120	Red Hill	Received
NKRC075	825,728	1,405,672	280	30N	-55	150	120	Red Hill	Received
NKRC076	825,554	1,405,760	285	30N	-55	150	186	Red Hill	Received
BARC346	175,749	1,408,495	285	31N	-55	150	132	Maré	Pending
BARC347	175,868	1,407,891	285	31N	-55	150	100	Maré	Pending
MRC001	187,700	1,412,660	280	31N	-55	180	120	Margou	Pending
MRC002	187,700	1,412,560	280	31N	-55	180	120	Margou	Pending
MRC003	187,600	1,412,659	280	31N	-55	180	120	Margou	Pending
MRC004	187,600	1,412,559	280	31N	-55	180	180	Margou	Pending
MRC005	187,600	1,412,609	280	31N	-55	180	120	Margou	Pending
MRC006	187,700	1,412,610	280	31N	-55	180	140	Margou	Pending
MRC007	188,050	1,412,703	280	31N	-55	180	126	Margou	Pending
MRC008	187,300	1,412,525	280	31N	-55	180	120	Margou	Pending
MRC009	188,050	1,412,653	280	31N	-55	180	120	Margou	Pending
MRC010	187,700	1,412,710	280	31N	-55	180	144	Margou	Pending
MRC011	187,800	1,412,675	280	31N	-55	180	120	Margou	Pending
MRC012	187,600	1,412,709	280	31N	-55	180	120	Margou	Pending
MRC013	187,350	1,412,470	280	31N	-55	180	120	Margou	Pending
BARC348	175,843	1,407,934	285	31N	-55	150	150	Maré	Pending
BARC349	175,779	1,407,843	285	31N	-55	150	120	Maré	Pending
BARC350	175,755	1,407,886	285	31N	-55	150	120	Maré	Pending

Notes:

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

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• NKRC prefix denotes RC drilling at Red Hill

• MRC prefix denotes RC drilling at Margou

• Co-ordinate projections:

• UTM, WGS 84 zone 30 North and

• UTM, WGS 84 zone 31 North

Table 2. Significant intercepts (≥0.3 g/t gold) from the RC drilling at Kouri

Hole ID	From (m)	To (m)	Significant Gold Intersections
BARC337	49	52	3m at 0.4g/t
BARC337	61	62	1m at 0.3g/t
BARC338	80	84	4m at 0.4g/t
BARC340	21	28	7mat 0.3g/t
BARC341	25	26	1m at 0.3g/t
BARC341	87	88	1m at 0.3g/t
BARC341	92	93	1m at 0.3g/t
BARC341	95	95	1mat 0.3g/t
BARC342	78	79	1mat 0.5g/t
BARC342	99	100	1m at 0.3g/t
BARC342	135	136	1m at 0.5g/t
BARC343	20	23	3m at 0.9g/t
BARC343	29	30	1mat 0.4g/t
BARC343	42	59	17mat 0.6g/t
BARC343	70	78	8m at 0.5g/t
BARC343	92	93	1m at 0.3g/t
BARC344	3	5	2m at 0.3g/t
BARC344	66	72	6mat 0.3g/t
BARC344	76	85	9m at 0.3g/t
BARC344	99	101	2m at 0.3g/t
BARC344	105	106	1m at 0.3g/t
BARC345	72	73	1mat 0.3g/t
BARC345	99	100	1mat 0.6g/t
BARC345	108	112	4m at 0.4g/t
BARC345	118	120	2m at 1.1g/t
NKRC055	23	30	7m at 1.4g/t
NKRC055	84	86	2mat2.2g/t
NKRC055	103	104	1mat 0.3g/t
NKRC055	109	111	2m at 0.5g/t
NKRC056	79	80	1m at 0.4g/t
NKRC056	92	95	3m at 0.4g/t
NKRC058	3	4	1mat 0.3g/t
NKRC058	21	22	1mat 0.4g/t
NKRC058	153	154	1m at 0.3g/t
NKRC059	86	87	1m at 0.4g/t
NKRC059	94	96	2m at 0.8g/t
NKRC060	28	35	7mat 0.9g/t
NKRC062	81	82	1m at 0.5g/t
NKRC062	87	91	4m at 0.4g/t
NKRC063	1	2	1m at 0.3g/t
NKRC063	39	41	2mat 0.8g/t
NKRC064	1	2	1mat 0.6g/t
NKRC068	79	81	2m at 0.5g/t
NKRC070	30	35	5m at 0.4g/t
NKRC071	27	28	1m at 0.3g/t
NKRC072	62	66	4m at 0.9g/t

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Hole ID	From (m)	To (m)	Significant Gold Intersections
NKRC072	81	82	1mat1.6g/t
NKRC073	53	59	6m at 1.7g/t
NKRC074	31	33	2m at 0.3g/t
NKRC075	47	48	1m at 0.3g/t
NKRC075	78	80	2mat 0.4g/t

Notes:

• All reported intersections are assayed at 1m intervals

• Intercept cut-off grade is 0.3g/t gold

• Intervals are reported with a maximum of 3m of internal dilution unless the total intercept grade falls below 0.3 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 ALS Laboratory in Ouagadougou, Burkina Faso.

• 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.

• No significant intercepts returned in drill holes BARC339, NKRC057, NKRC061, NKRC065, NKRC066, NKRC067, NKRC069 and NKRC076.

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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$8.7m Issued Shares: 723m Cash (as at 30 March 2019): A$1.22m

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; Strategic Acquisition to Secure Strike Extent to the 1.4Moz Gold Kouri Mineral Resource dated 11 December 2018; 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 ALS 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. 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.
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 by hand held GPS 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.

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Criteria	JORC Code Explanation	Explanation
	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 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	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 inproducing

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Criteria	JORC Code Explanation	Explanation
	samples.	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.	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 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.

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Criteria	JORC Code Explanation	Explanation
		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.
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.

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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 permit. Golden Rim owns 100% of the permit.
	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 permit 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 ≥ 0.3g/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-off grades are usually Material and should be stated.	All RC samples were taken at 1m intervals. 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. 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	Not applicable in this document as no exploration results

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Criteria	JORC Code explanation	Explanation
	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.	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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