(MENAFN - ProactiveInvestors - Australia) Golden Rim Resources (ASX: GMR) will go ahead with the planned acquisition of a 90% interest in the Korongou gold project in Burkina Faso following successful due diligence.
The 315 square kilometre Korongou Project, which is being acquired from Epsilon Gold Mines, was one of the most sought after gold properties in Burkina Faso.
The project covers part of the highly prospective Birimian greenstone belt in Burkina Faso and is traversed by a significant northeast trending fault that connects to the major Markoye fault system.
This fault controls a number of major gold deposits including the 5 million ounce Kiaka, the 5.2 million ounce Bombore, the 5.6 million ounce Essakane and the 2 million ounce Samira Hill.
More than 70 kilometres of potential gold mineralised structures have been mapped by Epsilon or exposed in artisanal workings within the Korongou permit, and these structures are ready for drilling.
Under the terms of the agreement, Golden Rim has the right to acquire a 90% interest in the Korongou project for 3 million in staged cash payments to Epsilon.
Golden Rim has plans for an immediate drilling program to outline a gold resource in excess of 1 million ounces that would be suitable for bulk mining.