Trenching at Massan Returns 10m @ 10.7 g/t within 128m @ 3.1 g/t gold

Highlights

• Assays returned for the final three trenches at Massan.
• Notable gold intersections include:

o   MSTR01:

128m @ 3.1 g/t gold from 0m to end of trench, including 10m @ 10.7 g/t gold from 74m

o   MSTR05:

72m @ 1.0 g/t gold from 0m to end of trench

o   MSTR09:

82m @ 1.1 g/t gold from 0 to end of trench, including 14m @ 2.8 g/t gold from 34m

• RC drilling is now complete, with assays pending for the final 14 holes (1,487m).
• 3,500m of diamond drilling (DD) at Bereko and Massan prospects is progressing well, assays anticipated late May 2023
• Updated Massan MRE and maiden Bereko MRE on track for delivery in 2023.

Golden Rim’s Managing Director, Tim Strong, commented:

“Trenching at Massan continues to intercept wide zones of high-grade mineralisation and has given us further understanding about the multiple orientations of mineralisation across the Mineral Resource area. What is exciting to see is continuous intersections of mineralisation in both our East-West and North-South trenches.

“After we observed veins in the trenches trending east-north-east as well as north-south, we opted to drill some Reverse Circulation (RC) holes within the Mineral Resource Estimate (MRE) area plunging to the northwest, with positive early results including 56m @ 1.7 g/t gold in MSRC024[1]. We are awaiting results from 14 RC holes in the area, which we are confident will return wide zones of mineralisation and help further our understanding of the ore zones orientation.

“We look forward to confirming our structural observations with the ongoing diamond drilling campaign as we work towards a maiden MRE at Bereko and a Mineral Resource update at Massan later in 2023.”

Kada Exploration Activities

Golden Rim completed a 900m trenching campaign at Kada, to capture critical structural information required to advance the Massan Resource area toward an updated Mineral Resource Estimate. Trench data is provided in Table 1 and locations are depicted on Figure 2.

Golden Rim also completed a 10,000m RC drilling program at Kada, consisting of exploration drilling at the Bereko Prospect and north of the MRE area within the Massan Prospect, and some resource extension and infill drilling around the margins of the MRE, along with a 3,000m aircore (AC) drilling program to test new targets along the 15km Kada gold corridor.

Golden Rim is also undertaking a 3,500m DD program to further define structural controls on mineralisation at both Massan and Bereko.

Trenching returns 128m @ 3.1 g/t Au at Massan

Trenching at Massan is now complete, with eight trenches excavated for a total of 874m (Figure 3). Golden Rim has excavated trenches in both east-west and north-south orientation, to gain a better understanding of the orientation of multiple mineralised structures within the Mineral Resource area.

MSTR01 was excavated to the north of successful RC drilling undertaken in 2021, to further examine the widths of mineralised structures on the surface. MSTR01 contains an abundance of 0.1-1m wide, north-west to north-east dipping, high-grade veins. Veins are typically vuggy quartz, with disseminated sulphides and are associated with pervasive ankerite alteration of the host rock (Figure 3). MSTR01 also intercepts numerous narrower (<0.5m), subvertical iron rich quartz veins that are oblique to trenching and trend roughly east northeast-west southwest. Mineralisation is wide and consistent across the trench, returning 128m @ 3.1 g/t gold. This included a higher-grade core of 10m @ 10.7 g/t gold from 74m to 84m.

MSTR05 was excavated in the southwest corner of the MRE area, trending east-west. Trenching intersected a number or moderate to steep northeast and northwest dipping quartz-rich veins, with grades up to 7.6 g/t gold returned in these zones.

MSTR09 was excavated in a north-south direction, allowing Golden Rim to investigate mineralisation in all orientations. Trenching intersected multiple 15-35cm north-south trending, iron rich vuggy quartz veins with abundant sulphides. A zone with a high frequency of 5-20cm subvertical north-south veins cross-cutting veins dipping moderately-steeply to the SSW has returned the highest grades, including a zone containing 14m @ 2.7 g/t gold from 34m to 48m.

Current Progress & Next Steps

RC drilling at Bereko and Massan is now complete, with assays pending for the final 14 holes (1,487m) within the MRE area at Massan.

A diamond drilling campaign is ongoing to confirm the width, grade, and structural controls on mineralisation in Bereko and Massan, providing further certainty to progress the Mineral Resource towards a higher confidence classification. Results are expected late May 2023.

This announcement was authorised for release by the Board of Golden Rim Resources Ltd.

ABOUT GOLDEN RIM RESOURCES

Golden Rim Resources Limited is an ASX listed exploration company with a portfolio of advanced minerals projects in Guinea and Burkina Faso, West Africa and in Chile, South America.

The Company’s flagship project is the advanced Kada Gold Project in eastern Guinea. Guinea remains one of the most under-explored countries in West Africa. Golden Rim has outlined a maiden Inferred Mineral Resource Estimate of 25.5Mt at 1.1g/t gold for 930Koz[1], the majority of which is shallow oxide-transitional gold mineralisation. Golden Rim is focussed on growing the Mineral Resource Estimate. Most of the 200km² project area remains under explored and there is considerable upside for the discovery of additional oxide gold mineralisation.

The Company has outlined an Indicated and Inferred Mineral Resource of 50Mt at 1.3g/t gold for 2Moz[2] at the Kouri Gold Project, located in north-east Burkina Faso, and it also holds the Paguanta Copper and Silver-Lead-Zinc Project in northern Chile  which has a Measured, Indicated and Inferred Mineral Resource of 2.4Mt at 88g/t silver, 5.0% zinc and 1.4% lead for 6.8Moz silver, 265Mlb zinc and 74Mlb lead[3] at the Patricia Prospect, which remains open. The Company is seeking to divest these projects to focus on Kada.

At the adjacent Loreto Copper Project in Chile, Golden Rim has signed an Option and Joint Venture agreement with Teck Chile whereby Teck Chile can acquire up to a 75% interest in the project.

ASX:GMR
Market Capitalisation: A$19.5 million
Shares on Issue: 591.6 million

Competent Persons Statements

The information in this report relating to previous exploration results and Mineral Resources are extracted from the announcements: Golden Rim identifies new gold targets at Kada dated 11 May 2023; Maiden Drilling at Sounkou prospect hits 17m @ 1.3g/t dated 24 April 2023; Kada drilling delivers 56m @ 1.7g/t gold at Massan, 9m @ 2.8g/t gold at Bereko dated 05 April 2023; Golden Rim intercepts 9m @ 3.3gt oxide gold at Kada dated 17 March 2023; GMR hits 57m @ 1.0g/t gold in Oxide at Kada dated February 20 2023; GMR intercepts further oxide gold zones at Kada’s Bereko prospect dated 06 February 2023; Golden Rim identifies extensive additional oxide gold target areas at Bereko dated 14 July 2022; Golden Rim Hits 43m at 1.2gt Gold Outside Kada Mineral Resource dated 21 June 2022; Golden Rim Commences Infill Auger Drilling at Bereko Gold Prospects dated 25 May 2022; Golden Rim hits shallow high-grade oxide gold at Bereko dated 19 May 2022; Golden Rim’s Drilling Outside Kada Mineral Resource Area Delivers More Oxide Gold dated 11 May 2022; Kada Maiden Mineral Resource 930Koz Gold dated 3 March 2022; Golden Rim Discovers More Oxide Gold in Exploration Drilling at Kada dated 1 March 2022; Golden Rim hits 171.5g/t gold in sampling at Kada with multiple new targets identified dated 22 February 2022; Golden Rim Discovers Exciting New Zone of Oxide Gold at Kada – 66m at 1.0g/t Gold dated 17 February 2022; Golden Rim Hits More Oxide Gold at Kada – 61m at 1.2ppm Gold from Surface dated 28 January 2022; Golden Rim Continues to Identify Additional Gold Mineralisation at Kada dated 20 January 2022; Kada Delivers Exceptional Shallow Oxide Gold Intersection – 96m at 3.3ppm Gold dated 20 December 2021; Kada Delivers Widest Oxide Gold Intersection to Date – 62m at 1.3ppm Gold dated 14 December 2021; Golden Rim Delivers More Broad Zones of Oxide Gold at Kada dated 19 August 2021; Golden Rim Intersects 32m at 1.4ppm Gold in Oxide at Kada dated 05 August 2021; Golden Rim Expands Kada Bedrock Gold Corridor to 15km dated 30 July 2021; Golden Rim’s Oxide Gold Blanket at Kada Expands to 700m Width dated 26 July 2021; Golden Rim Hits 46m at 1.3ppm Gold at Kada dated 19 July 2021; Golden Rim Continues to Outline Broad Oxide Gold Area at Kada dated 13 July 2021; Golden Rim Confirms Broad Zones of Oxide Gold in Resource Drillout at Kada dated 29 June 2021; Major Bedrock Gold Corridor Extends to 4.7km at Kada dated 20 May 2021; Major 3.5km Bedrock Gold Corridor Confirmed at Kada dated 19 April 2021. These reports 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.

The information in this report that relates to exploration results is based on information compiled by Brendan Hogan, a Competent Person, who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Hogan is a full-time employee of the Company and 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 Hogan consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

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.

Link to the English News: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02665349-3A618227?access_token=83ff96335c2d45a094df02a206a39ff4

[1] ASX Announcement dated 05 April 2023: Kada drilling delivers 56m @ 1.7g/t gold at Massan, 9m @ 2.8g/t gold at Bereko

[2] ASX Announcement: Kada Maiden Mineral Resource 930koz Gold dated 3 March 2022.

[3] ASX Announcement: Kouri Mineral Resource Increases by 43% to 2 Million ounces Gold dated 26 October 2020 (Total Mineral Resource includes: Indicated Mineral Resource of 7Mt at 1.4g/t gold and Inferred Mineral Resource of 43Mt at 1.2g/t gold).

[4] ASX Announcement: New Resource Estimation for Paguanta dated 30 May 2017 (Total Mineral Resource includes: Measured Mineral Resource of 0.41Mt at 5.5% zinc, 1.8% lead, 88g/t silver, 0.3g/t gold; Indicated Mineral Resource of 0.61Mt at 5.1% zinc, 1.8% lead, 120g/t silver, 0.3g/t gold; Inferred Mineral Resource of 1.3Mt at 4.8% zinc, 1.1% lead, 75g/t silver, 0.3g/t gold).