African Mining May 2023 | Page 13

PROJECTS AND EXPLORATION •

Diamond drilling to depths of up to 250 metres will target the structural controls of the mineralisation both at the Massan resource area and the Bereko prospect to assist the company in further understanding the mineralised events that exist on the permit .

The program includes follow-up exploration holes at the Bereko prospect after initial RC exploration drillholes intersected multiple zones of mineralisation ( including 11m @ 6.3g / t gold and 10m @ 5.6g / t gold1 ) as well as within the current resource area to increase confidence in the mineralised area . Drilling will also test numerous deeper exploration targets identified by recent gradient-array Induced Polarisation ( IP ) and Pole-Dipole IP geophysical surveys within the mineral resource area , including underneath previously reported 29m @ 8.5g / t gold2 in hole KRC025 .

Golden Rim ’ s CEO , Tim Strong , said : “ Diamond drilling will assist in structural modelling of the deposits , leading to potential resource updates in the coming year . With the identification of an eastnortheast mineralised event in addition to the known north-south trend , we hope that the diamond drilling will allow us to further understand the controls on mineralisation .

“ All indications are pointing to the possibility of a major gold discovery on the Kada permit and I look forward to updating the market as drilling results continue to come in .’’

Furthermore , on 5 April the company reported gold assay results for a further 22 reverse circulation ( RC ) holes ( totalling 2 524m ) from exploration drilling at its flagship Kada Gold Project .

Highlights

• Exploration RC drilling at Bereko continues to identify shallow , broad zones of gold mineralisation , 9km north of the Massan Mineral Resource Estimate ( MRE ) area ( 930,000oz1 gold ).

• Bereko gold intersections include : Assays returned for 10 follow-up holes at Massan , testing for the presence of ENEtrending mineralisation and open mineralisation north of the MRE .

• Massan gold intersections include : º MSRC024 : 56m @ 1.7g / t gold from 0m , including

12m @ 3.1g / t gold from 24m º MSRC022 : 13m @ 2.1g / t gold from 76m º MSRC027 7m @ 2.0g / t gold from 0m

• RC drilling now complete , with assays pending for a further 10 holes ( 1 122m ).

• 3 500m of diamond drilling ( DD ) at Bereko and Massan prospects progressing well , first hole dispatched for assays

• 5 000m aircore drilling ( AC ) program underway testing newly discovered targets up to 13km south of Massan , with 2 922m of AC completed to date .

Strong commented : “ After field mapping identified numerous ENE-trending veins around the Bereko artisanal mining area , we consequently drilled four NW-trending holes proximal to the workings , for a greater 3D understanding of this recent discovery . Each hole intercepted > 10m wide zones of mineralisation , further evidenced that this area represents an exciting opportunity to add ounces to the gold inventory at Kada .

There is a possibility of a major gold discovery on the Kada permit .

Location : Gabon Phase : Exploration Resource : Gossans : zinc-lead and gold

In January this year , Apollo Minerals Limited reported new near surface mineralised zones extending the province-scale Kroussou zinc-lead ( Zn-Pb ) project in Gabon . This follows on from the company ’ s recently announced globally significant initial Exploration Target which validated Kroussou ’ s ‘ Super Giant ’ scale potential , covering more than 135km of strike .

MD at the company , Neil Inwood , commented : “ Results from the recent regional reconnaissance programs have confirmed that the airborne electromagnetic survey is successfully identifying both new embayments and high-grade structural targets . The occurrences of mineralised gossanous material along trend from the identified structures is highly encouraging and points to new high-grade structural targets .

“ The identification of gold in gossanous material at TP14 adds further potential to the broader Kroussou system . This early-stage result will be followed up later on in 2023 . Field work has recommenced , with an initial focus on assessing the newly acquired Keri permit which has a 50km trend of prospective contacts that has yet to be explored .”

Highlights :

• Mineralised base metal gossans within barite-rich outcrop identified within a new embayment approximately 1.7km north of the Target Prospect 13 massive sulphide discovery ( 40 % Zn + Pb over 3.5m from 3.5m downhole ): º Interpreted to be in a similar structural setting as the TP13 massive sulphides . º Gossan grade of 0.8 % Zn + Pb is higher than the TP13 gossans ( 0.4 % Zn + Pb ). º Priority structural target region for 2023 .

• Regional exploration building upon the Company ’ s recently announced globally significant initial Exploration Target which demonstrates Kroussou ’ s ‘ Super Giant ’ scale potential .

• New 600m gossan trend identified along a potential highgrade structure at TP10 ( previous drilling of 5.8m @ 6.5 % Zn + Pb from 10.2m ).

• Identification of gold mineralisation within the Kroussou base metal system at TP14 with gossan rock chips of up to 6.7g / t Au .

• 2023 field work program has commenced , looking to expand the exploration footprint and test high-grade structural trends , initially targeting the newly acquired Keri permit . •