Just read this on another thread and thought that it gave an excellent summary of GMR at present. Credit to Pub Lunch Man for the following:
For all GMR holders I believe it’s important to profile the company’s current initiatives. The below information is designed to benefit existing holders and potential new investors. Part 2 regarding GMR’s Royal Falcon JV will follow soon…
MALI GOLD PROJECTS
Sepola, Mali
* The Sepola Gold Project in western Mali lies approximately 40 kilometres southeast along strike from the Sadiola and Yatela gold mines (greater than 15 million oz of gold) which are jointly owned by AngloGold Ashanti and IAMGOLD Corporation and approximately 40 kilometres northwest of the Loulo gold deposit (12 million oz of gold) which is owned by Randgold
* The close proximity of these Sepola gold resources to the Sadiola Mine and several other major gold mines offers scope for Golden Rim to investigate the option for the toll treating of ore and generating an early cash flow, should the planned exploration be successful.
* Selected high grade gold intercepts at Sepola
include: 18 m @ 8.19 g/t gold, 6 m @ 20.87 g/t gold, 7 m @ 16.03 g/t gold, 24 m @ 4.17 g/t gold and 7 m @ 6.68 g/t gold.
* Golden Rim believes that the high grade nature of these rock chip sample provides additional evidence that there is considerable scope to locate additional higher grade gold mineralisation at Sepola to add to the existing Inferred Resource base of 3,084,000 tonnes at 1.64 g/t gold for 162,000 oz of gold.
* During the quarter an additional licence, Tintinba West, was acquired and extends the Sepola Project area in the east by 32 square kilometres. A review of aeromagnetic data shows that several major structures are located within the new licence area. Golden Rim believes these structures offer interesting targets for the location of significant new gold mineralisation. Structures with similar orientations host the major gold deposits at Sadiola and Loulo.
Mogoyafara South
* The Mogoyafara South gold deposit is located in the southeast corner of the Sepola Project area. Key controls for significant gold deposits in the area include the intersections of major northwest-trending structures with northeast orientated faults, and the presence of igneous intrusions at or near these structural intersections. The Mogoyafara Prospect shares these geological characteristics with the multi-million ounce Sadiola and Yatella deposits.
* Drilling by the previous owner produced an Inferred Resource of 2,800,000 tonnes at 1.6 g/t gold for 144,000 oz of gold which is currently open at depth and along strike.
Linnguekoto Prospect
* Very high gold results including 1205 g/t (38.7 oz/t), 28.6 g/t, 15.3 g/t and 11.7 g/t gold were obtained from quartz veining currently being mined by artisanal miners at Linnguekoto. Drilling by the previous owner produced an Inferred Resource of 284,000 tonnes at 2.0 g/t gold for 18,000 oz of gold which is also open at depth and along strike.
Sanso Gold Project, Mali
The Sanso licence covers 4 square kilometres and lies on the northern boundary of the Morila gold mine lease in a similar geological setting. The Morila gold mine lies approximately 3 kilometres south of this boundary and is jointly owned by AngloGold Ashanti and Randgold Resources. By June 2006, a total of 18.7 million tonnes of ore had been processed at the mine at an average grade of 7.5 g/t producing 4.1 million oz of gold. The Morila mine is currently producing 430,000 oz of gold per year and its treatment life is currently planned to continue until 2012.
* The close proximity of project to the Morila mine also offers scope for Golden Rim to investigate the option for the toll treating of ore, should the exploration be successful.
Farada Project
* The licences cover an area of 99 km² over highly gold prospective Birimian volcano-sedimentary rocks.
* The company holding an adjoining licence recently defined a significant Inferred Resource of 5,560,000 tonnes at 3.02 g/t gold for 540,933 ounces beneath a major arsenic soil anomaly.
* This same major arsenic soil anomaly extends for over 8 km through Golden Rim’s Farada Project area.
UPCOMING ANNOUNCEMENTS
* A reverse circulation drilling program comprising 25 holes (3,430 m) commenced at the Mogoyafara South Prospect on 23 June 2009 (assay results due from 7 holes this week). The drilling is designed to extend the current gold resource and upgrade a portion of the current Inferred Resource ounces to Indicated Resource status. Further drilling will be conducted early-October 2009
* A detailed aeromagnetic survey (75 m line spacing and 3,600 line kilometres) is planned for the entire Sepola Project area. This data is expected to greatly refine the Company’s geological and structural understanding and to generate additional targets. Costs for this survey are expected to be shared between Golden Rim and several of the major gold companies that are operating in the region. The survey is scheduled for late August and should take around 6 days to complete.
* A geological mapping and surface geochemical sampling program is planned for the next quarter at the Sanso Gold Project.
* Auger drilling followed by reverse circulation drilling at the Farada Project is scheduled for October 2009, immediately following the rainy season
DYOR
JB
Holding GMR happily at 3.8c
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