# GMR - Golden Rim Resources



## Trader Paul (24 July 2008)

Hi folks,

GMR ..... obviously a leaky bucket here, ahead of several positive
time cycles over the next few weeks:

            25-28072008 ..... minor cycle

            05-06082008 ..... significant and positive cycle

            08-11082008 ..... significant and positive news expected here

                 18082008 ..... minor cycle

            21-22082008 ..... positive spotlight on GMR ..... 

                29082008 ..... 2 cycles and minor news expected here.

have a great day

  paul



=====


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## dassie (8 September 2008)

*Re: GMR - Golden Rim*

has anybody been watching GMR last few days it has starting trading well
any ideas... any news coming out shortly


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## GoodValueHunter (6 June 2009)

*GMR - Golden Rim*

Time to wake this thread up.

GMR has a new life and a serious new Dubai based major shareholder and JV partner in the Royal Group with $Billion invested in property and industrial enterprises in the middle east and Africa.

They are now expanding in resources, main focus in gold and have picked up control of GMR to buld a serious mostly African based mining house.

The projects target are advanced brownfields with potential to be 1 million ounces or greater.

Obviously funding is not an issue, the group has a large balance sheet and the deal flow accross its desk is heavy.

There are a nimber of large projects yet to come but the two intial ones are seriously good. Drilling in mali starts this month. 

the Swedish project (obviously not Africa) is an absolute cracker and this was picked up from Oz minerals after it got into financial problems.

Small market cap, $3M about to be plonked in the bank from a raising and major upside potential.


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## GoodValueHunter (8 June 2009)

*GMR - Golden Rim*

Ok, the Swish project is a cracker but we are drilling the Mali project (which has just been greatly increased in area with the recent acquisition of an adjacent parcel of land).

We already have 160,000 sitting at surface with enormous potential to grow this resource big time with the drilling program which kicks off this month.

Here is a sample of what the ground has thrown up in the past:

Previous Drilling

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. The 18m @ 8.19 g/t was never followed up by the previous owner.

Recent Rock Chips collected by GMR are whoppers.

1205 g/t (38.7 oz/t), 28.6 g/t, 15.3 g/t and 11.7 g/t Au

GMR is already calling this baby a million ounce potential deposit. They believe they have got the model right and are pretty sure the ore body runs South and downwards (previous owner had a different view on inferior data)

So we have two cracking good projects in the bin already and more in the pipeline.


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## BESBS Player (24 June 2009)

*Re: GMR - Golden Rim*

Decided to buy into GMR. To quote *Pub Lunch Man* on another board, GMR has the following to support my purchase:

Sepola Gold Project in Mali

* The 3,000m reverse circulation drilling program (commenced today) is designed to extend and infill the current Inferred Resource of 3,084,000 tonnes at 1.64 g/t gold for 162,000 oz of gold- major expansion in resources is expected with additional drilling

* Previous drill hole intersected 18 m at 8.19 g/t gold and where Golden Rim’s rock chip sampling of an 80 cm wide quartz vein returned an assay of 1205 g/t (38.7 oz/t) gold

* Aiming to have enough oxide gold resources to consider mine feasibility within 12 months- operating mines in region generally have low cashcosts (

* Near major number multi‐million ounce gold deposits- Sadiola (13.5 Moz @ 2.4 g/t gold), Yatela (2.0 Moz @ 2.8 g/t gold), Loulo (11.4 Moz @ 4.1 g/t gold)

Royal Falcon Mining LLC (GMR 35%; Royal Group 65%)

* Established to acquire major mineral projects- acquisition or partnership negotiations are advanced on several major projects

* Owned by members of the Abu Dhabi Royal Family, Royal Group is one of largest business and investment houses in UAE and is a conglomerate of over 60 companies and over 10,000 employees

Falun Gold–Copper‐Zinc Mine (Sweden)

* One of the world’s great ore‐bodies; once supplied 2/3 of
world’s copper- past mining concentrated on the “copper‐rich” massive sulphide ore (in the centre of the deposit)

* Siliceous copper and gold ores east and west of the massive sulphide ore not considered by past miners and large areas of mineralisation remain- historically this ore was too hard to extract

* Previous mining to 450m depth- deep drilling has found additional ore at 850m depth. This deeper ore offers an attractive future exploration target

* Past drilling shows there are sub‐vertical continuous zones of massive to disseminated copper and gold mineralization to at least 1000m depth

* The limited assays from this drilling show this mineralisation can grade between 1 – 5% copper and 1 – 30 g/t gold. There are local bonanza gold grades (500 – 800 g/t )

* Drilling is expected to commence in the third quarter of 2009

http://media.wotnews.com.au/asxann/00944547.pdf

As a BESBS PLayer, GMR ticks some boxes.

- it is now cashed up after the SPP
- it has an attractive target to drill
- drilling is now starting so no long delay before action.

As always, risk is present and DYOR.

Bought in at 3.8c average

BESBS Player


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## BESBS Player (25 June 2009)

*Re: GMR - Golden Rim*

Interesting to see that the SP has risen 10-15% in the last day or so. Given it looks a little more difficult to find stock on the market, I am wondering if Pattersons might have slowed/finished selling their placement stock??? Guess we will see over the next few days.


Happily holding GMR at 3.8c


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## maxmac (28 June 2009)

*Re: GMR - Golden Rim*

BESBS,

I believe Patterson's have finished selling GMR. News of drilling results very soon in Mali and after that the drilling starts in Sweden in one of the longest lived mines in the world. This one just keeps giving. And they are targeting the rock that was simply too hard to touch for hundreds of years and is expected to contain lots of the good stuff.

Not to mention the Middle East connection so funding will be of no concern.

I hold and am trying to find more cash to accumulate. Check out the website.

Maxmac


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## BESBS Player (30 June 2009)

*Re: GMR - Golden Rim*

Hi Max.
Agree with your comments.

Just seen the ASX announcement regarding the high grade gold mineralisation at the Falun mine in Sweden!  The start of a profitable journey??? 


Holding GMR


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## maxmac (30 June 2009)

*Re: GMR - Golden Rim*

Hi BESBS,

Unexpected announcemnt. Topped up as soon as I could. Great news. Sweden will make this company, and Mali could too. Glad I'm in. Glad its gold

Maxmac


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## BESBS Player (30 June 2009)

*Re: GMR - Golden Rim*

Hi Max,

Yes, caught me by surprise as well. I do like nice surprises especially announcements to the ASX involving high grade gold!  
The market appears to have liked the announcement as well given the 15%+ SP increase.

Happily Holding GMR


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## BESBS Player (3 July 2009)

*Re: GMR - Golden Rim*

Great to see that GMR has managed to increase in value as the scale of the gold results from Falun (Sweden) have come to light. 
Nice to see that management are supporting the stock as well.
IMHO, GMR could get another boost when other mineral results come in from Sweden - remember that it is only gold that has been tested and released to the market at this point.
The Mali to follow...:


Happily Holding GMR at 3.8c


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## BESBS Player (11 July 2009)

*Re: GMR - Golden Rim*

End of the week anddespie a few profit-takers understandably locking in some funds if they need them for business, GMR has had a superb week. Defying the red market conditions for much of the week, the SP has finished just under 8c (touching 9c at one point earlier on) and is now up over 100% on my entry price posted below.

With more results to come from Sweden (remember that we have only had the gold results to date) and then Mali, the potential for more good news is here (although risk is always attached to waiting for drilling results).

Happy to ride the GMR train a while yet 

Holding GMR at 3.8c


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## BESBS Player (27 July 2009)

*Re: GMR - Golden Rim*

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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## BESBS Player (7 August 2009)

*Re: GMR - Golden Rim*

Nice to see some good results coming in from Mali. 
This is a real bonus but Sweden is the gem here IMHO.


Happily holding GMR at 3.8c


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## berbouy (7 August 2009)

*Re: GMR - Golden Rim*

the release today made for pleasing reading, and like you besbs, i have been happily waiting for  falun -my own feeling based on what i have read on gmr website is that this could be a good story in the making, but dyor as always,plenty to read on the website.


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## BESBS Player (19 August 2009)

*Re: GMR - Golden Rim*

Looks like GMR are leaving the station again...now north of 10c. 

With Sweden underway and more announcements likely in the next few weeks, time to enjoy the gravy train...


Holding GMR at 3.8c


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## tamim619 (21 August 2009)

*Re: GMR - Golden Rim*

GMR, i bought into..  after the investor presentations shouldnt see prices like these again.. happy holdings.. 

very excited regarding this share


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## Georgeb (24 August 2009)

*Re: GMR - Golden Rim*

This has great potential and upside with a number of quality projects. It also has great backing with credible partners...


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## BESBS Player (1 September 2009)

*Re: GMR - Golden Rim*

Liked the nnement out today.
While nothing confirmed at one level, the identification of 2 new targets and the commitment to drill them in 2009 provides continuing drilling action and added possibilities of good news in the last quarter of 2009.

Happily holding GMR at 3.8c


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## BESBS Player (14 September 2009)

*Re: GMR - Golden Rim*

Interesting to see the SP progress of GMR. As drilling is slowly occurring, looks like the punters do not want to be out of GMR when they release results. The SP has risen to 18c on a red-market day...always a good sign for growth potential . 

Still happily holding this from 3.8c when I posted here in late June.


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## BESBS Player (16 September 2009)

*Re: GMR - Golden Rim*

I get the feeling that we must be getting closer to some initial results from Sweden. The SP is growing each day with solid volumes. Suggests to me that the punters want to be in when the results start to come through.

Happy to hold and wait 


Holding GMR at 3.8c ave


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## sting1 (27 September 2009)

*Re: GMR - Golden Rim*

Hi all

GMR has had some very good write up other forums.

I got in at 14 cents.  not lucky as the ones that got in at 3 & 4 cents, but the outlook is a around a $1 in a few months, and around 30 cents within a few weeks, when falun (Sweden) drill results are out.

Also they have a few mines in Mali.

Another company which is also in he same boat (Falun) is DRK. They have  fewer shares issued + hold shares in other good miners.

Got into DRK at 26 cents, but that is down to 24 cents now.

They both are expected to to go up around 30% when the drill results are out. 
Because the results were expected end of Sept, the delay to october has caused the SP to slow down and retrace in the last few days, so might be a good time to get in.


As Sweden does not have the testing facilities, the cores have been sent to Canada for testing. (hence the delayed results)

This is my 1st post, and am very new to share trading, so this is more the opinion of other experienced traders than me, on other forums. Please DYOR.

If anyone is further interested, please let me know, i will post new links.

Thanks


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## BESBS Player (28 September 2009)

*Re: GMR - Golden Rim*

G'day Sting. Welcome to ASF.

Agree that GMR is a great prospect at present. The delay in getting results from the lab in Canada will mean that GMR is likely to soften a bit (as we have already seen) as many punters won't leave $$$ sitting there if they think that they can use the money in the interum and then return.

Once we get into mid-October, we should see the SP strengthen. The potential impact on the SP is very significant *IF if the results are as good as have been indicated. That said, nothing like the lab for a truth detector! 

I'll be holding as I don't want to be out of GMR when they suddenly announce results just in case they fulfil expectations.

All the best with your investments.*


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## sting1 (28 September 2009)

*Re: GMR - Golden Rim*

Thanks BESB Player 

I too am hoping for the best.

I hold GMR  &  DRK

Same boat.

Closed at 15 today, might pick up a few more.


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## berbouy (12 October 2009)

as a patient and happy holder of gmr (and tipped gmr in this months competition)its good to see a few chunks taken from the sell column today, does any of the holders know if we are to get an update on the shared  aerial survey in mali anytime soon-i guess that the initial drill results from falun should be soon , and the drill program must be about to commence again in mali, hopefully to  upgrade the resource figure-is it usual that all announcements would appear together ie.one asx release-or does each separate project require separate updates?any help appreciated with how it works-thanks


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## BESBS Player (26 October 2009)

Trading Halt.

I would expect that it will be drilling results.
While we can't be sure, at least GMR is not a one dimensional company as it has both Mali and Sweden on the go. I do not usually carry through to results but is a rare exception. Will I be eating scrambled eggs at the Hilton or wearing the egg on my face??? 
Given the recent SP increase in the last couple of days, I am hoping that the leaked news is good news and not simply punters getting in at this very moment.

Holding GMR at 3.8c


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## JTLP (26 October 2009)

BESBS Player said:


> Trading Halt.
> 
> I would expect that it will be drilling results.
> While we can't be sure, at least GMR is not a one dimensional company as it has both Mali and Sweden on the go. I do not usually carry through to results but is a rare exception. Will I be eating scrambled eggs at the Hilton or wearing the egg on my face???
> ...




It is the drilling results.

And you would not be wearing egg on your face having made a whopping 450%+ increase on your cash money chemistry.

If that's egg then I'll eat some


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## BESBS Player (27 October 2009)

Results out:

Bonanza Grade Gold Intercepts Obtained in Sweden Golden Rim Resources Ltd (ASX: GMR, Golden Rim) today announced the results of the first assays received for the current drilling programme at Falun, Sweden. These results confirm the presence of very high grade gold and broad zones of gold-copper-bismuth mineralisation. Highlights 

● 11.6m @ 61.2 g/t gold, 1.2% copper and 0.09% bismuth from 57.0m (Hole 06-09); 

including 0.75m @ 887 g/t gold, 5.92% copper and 0.7% bismuth; 

● 21.4m @ 6.8 g/t gold, 0.9% copper and 0.07% bismuth, from 16.6m (Hole 03-09); 

including 0.6m @ 91.4 g/t gold, 1.6% copper and 0.8% bismuth; and 

● 32.8m @ 1.8 g/t gold, 0.5% copper and 0.02% bismuth, from 51.8m (Hole 03-09) 

Pity it was a red day on the market but I am reasonably happy with these initial results. Thankfully no egg on the face!!!

I'll be holding now for future results. The next 2 months should be interesting for GMR as results come to the market.

Holding GMR @ 3.8c


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## BESBS Player (9 November 2009)

Nice to see Mali getting underway.

Although no guarantees, it looks like plenty of potential news for GMR before Christmas given the current activity occurring. 



Holding GMR at 3.8c


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## BESBS Player (18 November 2009)

Hi all.

Yes, results were solid today but I sold as soon as I saw the market response.

My guess is the following (as if I can read the market anyway???)

* Results could have been greater. Many hoped for the Trading Halt due to the results. Didn't happen.
* Production will be a long time off.
* Mention of problems in some holes does not help confidence in a market that is still a little jittery just below the surface!
* Can't be too far off a capital raising to keep funding the admin, Mali & Falun work. This would weigh on many investor's minds.

I had sold some earlier to get free-carried and then cleared the decks today. Time to get set in other BESBS (Buy Early Sell Before Spud) plays.


Bought GMR at 3.8c ave.
Sold GMR at 16c ave.
Profit: 325%  


Good luck to all holders. Hope that the results in late November are worth their weight in gold!


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## McCoy Pauley (17 November 2010)

Anyone still holding or following GMR?  I attended the Melbourne Mining Club Cutting Edge meeting (last one for 2010) last Tuesday night and GMR was one of the companys presenting.

I took down the following notes:


Focussed on West Africa, primarily Mali and Burkina Faso.
Large ground holding in West Africa (more than 3,800 square kilometres).
Have three drilling rigs at a project called "Sebba".  Expect results at the end of November 2010.
Will drill test a project called "Farraba" in Mali shortly.
Cornerstone investor in GMR from the royal family of Abu Dhabi.  Also in a joint venture with the royal family's investment company with interests in Sweden (Falun project).
GMR expects to have five or six drilling rigs under way in Africa by Christmas 2010.
Current market cap is $75 million, with $11 million in cash and 355 million shares on issue.
The Sebba project covers 1,300 square kilometres.  Active artisinal works and visible gold.  Gold detected in soil anomalies over 1km wide.  Assays up to 6.2g/t gold.  High grade rock chips up to 78 g/t.  Drilling has commenced.  Currently obtaining more samples.  Poorly explored area.
At the "Balogo" project in Burkina Faso, rock chip samples of up to 29.6 g/t gold.  A lot of visible gold.  Extensive gold found up to 100 metres away from the fault system.  Sampling to be done in December 2010.
Yako project in Burkina Faso - previously explored by a Canadian company but the company ran out of money due to GFC.  Broad and shallow mineralisations.  Number of intercepts of up to 11 metres @ 8.7 g/t.  Plan to drill in December 2010.
Sepola project in Mali - already has 181,000 ounces of gold inferred.  The project is situated in a belt where the land is tightly held by other gold explorers.  GMR is preparing to drill the resource, having identified up to 4km of targets.  Reasonably confident that the drilling should lift the inferred resources.
Lingguekoto project at Sepola (in Mali) - mining quartz with gold veins.  This prospect was previously explored by Hyundai Motor Corp (looking for other metals, not gold).  Good intercepts but Hyundai could not work out in which direction the quartz was trending.  GMR feel confident that it has determined the trend direction of the quartz.
Faraba project in Mali - 40km corridor with gold and arsenic anomalies detected.  Soil samples return assays up to 6.5 g/t gold.
Falun project in Sweden - been mined for 1,300 years but significant resources still remain.  Done 7,000 metres of drilling already with good intercepts returned.  Undertaking gravity survey in December 2010 to improve resource estimation.

Looks to me to be a good speccie, but my overriding concern is that by the time they finally have producing mines, gold's price will not be at the seeming stratospheric heights currently being reached.


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## greengoat (8 March 2011)

Drill results released 

http://www.asx.com.au/asxpdf/20110308/pdf/41x9d1c4cccq5x.pdf

bought in today, with all time gold price high, seems like a good speculative pickup
good results so far, futher drilling reports will be interesting

anyone else hold?


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## greengoat (8 March 2011)

http://www.proactiveinvestors.com.a...face-gold-at-sebba-in-burkina-faso-14472.html


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## Good Vibes (14 April 2011)

greengoat said:


> Drill results released
> 
> http://www.asx.com.au/asxpdf/20110308/pdf/41x9d1c4cccq5x.pdf
> 
> ...




I might be buying today but what concerns me is ASX:MOD pending acquisition of GMR copper project in Botswana: (Board approved - shareholders vote in May I think) 

On completion of the Acquisition, MOD will own the entire issued capital of GMR Resources Pty Ltd (GMR) which, at the time of completion, will own 100% interests in 14 granted prospecting licences (GMR Copper Project).

Is this good or bad news for GMR holders?
Why is GMR selling off potentially  lucrative copper licences?


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## Sean K (16 January 2012)

Pretty amazing intersections out today.

Some of the best I've seen out of W Africa.



> *Exceptional Gold Intercepts from Balogo in Burkina Faso*
> 
> Assays have been received for the first 13 holes of the Phase 3 drilling program at the Netiana Shear Zone at Balogo.
> 
> ...




Only over a few hundred meters but open. If that's sustained over a decent strike and perhaps further at depth, could be quite significant.


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## Sean K (18 January 2012)

Looking at the radiometrics it seems this deposit could be around 2 km long by 1 km wide. While they state it's 'open' to the NE and SW the survey's don't really seem to indicate that. The fact they have concentrated their drilling on a pretty small area confirms this in the geo's head. Not sure if the current prospective width warrants open pit, but possible. Perhaps if they find a few more shoots, or it has other minerals around the edges. The grades make this definitely mineable if the results continue like this. Long way from mining of course, maybe 2 years away even if the numbers add up. Still, this is where the big gains are made, at discovery.

Looks like a breakout.


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## Sean K (20 January 2012)

General market finally caught on to the potential here. Surprised it's taken a few days. One of the few specs I've seen in the last 2 years that I thought worth really looking at.


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## Sean K (18 February 2012)

No news on the latest spike but no surprise due to those results above. 

Company hasn't any history of taking prospects to results though (from what I see) so I'd still be cautious.

Amazing few weeks though.


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## Sean K (19 March 2012)

Follow up drill results around the incredible grades at Netiana are a little disappointing. Just 2 significant intercepts there. Have to look at it more to make some heads and tails of it.

The revised intercepts look pretty amazing. 8m at 244g/t. Must have drilled through a nugget. Bendigo like grades. Worrying actually.

The porphyry results are a distraction at this stage. Unless those grades are found over 200-400m then it's pointless to dig it up.  



> *New Gold / Copper Zone Identified at Balogo, Burkina Faso*
> 
> Assays have been received for a further 33 holes (4,135 samples) of the Phase 3 drilling program at Balogo.
> 
> ...





I'm not as excited as I was with the previous drilling.


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## Sean K (14 June 2012)

More good results, maybe it's adding up to something?



> *High Grade Gold Intercepts from the Netiana Lodes at Balogo, Burkina Faso*
> 
> ● Further high grade intersections have been obtained from infill reverse circulation (RC) drilling on the Netiana Lodes. New intersections include:
> 
> ...



Still worth looking at closely at this very early discover stage. The cartoons in the announcement look like it's a discovery....


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## Sean K (8 July 2012)

Must be working on a capital raising at the moment. In the 3rd quarter they spent around 3m and they only had 5m in the bank. The 4th quarter will say, 'we are almost broke'.


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## Vader (10 July 2012)

Some pretty impressive drill results released today...



> More High Grade Gold Intercepts from the Netiana Lodes at
> Balogo, Burkina Faso
> 
> • New reverse circulation (RC) hole intersections include:
> ...


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## burglar (23 July 2012)

Vader said:


> Some pretty impressive drill results released today...




Some pretty impressive _assay_ results released today

http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01315588


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## Sean K (23 July 2012)

burglar said:


> Some pretty impressive _assay_ results released today
> 
> http://www.asx.com.au/asx/statistics/displayAnnouncement.do?display=pdf&idsId=01315588



Yep, but just check assays on previous results. Does show that it's a very high grade deposit for W Africa. Amazingly so really. The Netiana Lode should certainly be mined, pending sufficient resources. Shaping up so. If they find something similar near by it's going to place them in another playing field.


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## Vader (25 July 2012)

kennas said:


> Must be working on a capital raising at the moment. In the 3rd quarter they spent around 3m and they only had 5m in the bank. The 4th quarter will say, 'we are almost broke'.




This is interesting... not quite sure how this works 

First up today they release their quarterly report:
http://www.asx.com.au/asxpdf/20120725/pdf/427kzld90grkjh.pdf

In there it says cash at the end of June = 1.9m, but their estimates for outflow for the next quarter shows a vastly reduced exploration figure, resulting in an estimation of of only 700k expenditure for the next quarter... all good right, will still have over 1m at the end of this quarter, no need for a cap raising.

...but then a few minutes later they go into a trading halt, pending an announcement on a capital raising, lol.


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## Sean K (25 July 2012)

Vader said:


> This is interesting... not quite sure how this works
> 
> First up today they release their quarterly report:
> http://www.asx.com.au/asxpdf/20120725/pdf/427kzld90grkjh.pdf
> ...



Yeah, but you'd never wait until you're actually out of cash before going to market.

Hope the terms are favourable for current holders with not too much dilution.


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## springhill (7 January 2013)

A family member bought a holding in GMR during November @11c and has topped up during December around the 8c mark. I have been watching it since Nov, but have never been happy with the selling pressure stacked on the board. The capital structure of GMR isn't to my liking so have been more of a interested spectator, than anything else.
IMO the balance between buy and sell has started to even out, but certainly not to the point that I could be bullish on GMR at the moment. That slight positive momentum may well continue.

Final assays are due mid-Jan, followed by a maiden JORC.

I don't think GMR is too far off a bottom if it is not already there.

Latest drill results from Dec 21st.

*Diamond Drilling Extends the Netiana Lodes at Depth*
● New diamond hole intersections include:
o 13m at 22.0 g/t gold from 42m, including 1m at 123 g/t gold from 42m (BDH029);
o 1.9m at 15.9 g/t gold from 65.1m and 11.5m at 16.8 g/t gold from 77m (BDH013);
o 5m at 7.3 g/t gold from 163m (BDH015);
o 1.9m at 15.0 g/t gold from 277.4m (in end of hole) (BDH025);
o 3m at 8.4 g/t gold from 148m (BDH014).
● Deeper drilling has successfully extended the depth of the central portion of the Netiana Lodes from the previous drilling depth of 85m to at least 220m depth.
● Multiple, stacked, high grade gold lodes continue to be intersected and these lodes remain open at depth and down plunge to the NE.
● Infill diamond drilling continues to demonstrate the excellent continuity of the very high grade, shallow, oxide gold mineralisation in the Netiana Lodes.
● The original drilling program was extended by an additional 3 diamond holes and 8 reverse circulation (RC) holes to test for extensions of the Netiana Lodes to the NE. All of the drilling is now complete.
● Assays have been received for 19 of the 22 diamond holes drilled. Assays for the 8 additional RC holes remain pending.
● With laboratory closure over the Christmas/New Year period, the outstanding assays are not expected until mid-January 2013. The maiden JORC resource for the Netiana Lodes will be calculated once all of the assays have been received.


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## Miner (9 January 2013)

springhill said:


> A family member bought a holding in GMR during November @11c and has topped up during December around the 8c mark. I have been watching it since Nov, but have never been happy with the selling pressure stacked on the board. The capital structure of GMR isn't to my liking so have been more of a interested spectator, than anything else.
> IMO the balance between buy and sell has started to even out, but certainly not to the point that I could be bullish on GMR at the moment. That slight positive momentum may well continue.
> 
> Final assays are due mid-Jan, followed by a maiden JORC.
> ...




Strangely the share shot up 12% today with much increased volume today.
I suspect the scoping study result and assay study result being speculated.
If they are bad then big hit.
If otherwise - jack pot


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## Sean K (9 January 2013)

They announced late last year that a maiden JORC would be out by 'end 2012'. Hm

Some amazing grades in the early drilling, I wonder how that translates to the overall deposit. Hard to tell at this stage, but anything over 3g/t on average would be impressive for W Africa. The 13m @ 111 g/t incl 4m @ 343 g/t was bonanza. 

Interesting price action today, let's see how it finishes. Volume over 2m would be significant I think.

I envisage a JORC closely followed by a capital raising. Only about $4m left in the kitty. Not sure how they've managed to keep expenses down since mid last year.


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## Miner (9 January 2013)

ASX is so good to be a forensic specialist to find out on a dead CAT than saving a life.
GMR shot up by more than 23%, volume traded more than 2.3 millions - no ticket.
I am sure GMR management if issued a ticket will say DUNN NO , we told that JORC is coming , assay will be available after holiday period, scoping by mid January. So no guilty. But who smelled the leaky reagent for the gold plant ?? 

Did not have enough gutts so although dived in the market today , did not take chance of a high gamble which would have been rewarded to sell today itself


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## Miner (9 January 2013)

Miner said:


> ASX is so good to be a forensic specialist to find out on a dead CAT than saving a life.
> GMR shot up by more than 23%, volume traded more than 2.3 millions - no ticket.
> I am sure GMR management if issued a ticket will say DUNN NO , we told that JORC is coming , assay will be available after holiday period, scoping by mid January. So no guilty. But who smelled the leaky reagent for the gold plant ??
> 
> Did not have enough gutts so although dived in the market today , did not take chance of a high gamble which would have been rewarded to sell today itself




Hmm
Predicably ASX issued a notice published at the eleventh hour with a DUNNO reply and market took backtracked correction. How is Thursday??


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## Sean K (9 January 2013)

Miner said:


> Hmm
> Predicably ASX issued a notice published at the eleventh hour with a DUNNO reply and market took backtracked correction. How is Thursday??



Did it just come off after the anns? If it had have been a solid bar on almost 4m traded it's an impressive day. Something in the wind by my guess. Will be egg on their faces if they come out with an update imminently. 10c looks a technical hurdle.


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## Sean K (18 January 2013)

Pretty average results these. Hardly 'extending' the lodes at all. No reason to dig deeper for these. If anything it may confirm that the monster grades are restricted to just a small area and thus making the overall deposit less interesting.



> *Further Extensions to the Netiana Lodes at Balogo, Burkina Faso*
> 
> ● All assays from the recent diamond and reverse circulation drilling have been received. New intersections include:
> 
> ...


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## sstyle (23 January 2013)

PPL seem to forget the double and triple digit drill results. My bet is still on a huge JORC, open pit low cost too. Im doubling my bet on GMR. JORC out "towards end of Jan"


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## Sean K (24 January 2013)

sstyle said:


> PPL seem to forget the double and triple digit drill results. My bet is still on a huge JORC, open pit low cost too. Im doubling my bet on GMR. JORC out "towards end of Jan"



I don't think anyone has forgotten sstyle. The issue is that the Netiana Lode is only about 400 x 90m or so. The 'extensions' announced so far mean that the triple figure grades may be restricted to that area. That will not be enough tonnage to warrant the commissioning of a mill costing $150m or so. Unless there's another mine nearby they can truck it to? What's your crystal ball saying about the 'huge JORC?' How many ounces at what grade?


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## sstyle (24 January 2013)

kennas said:


> I don't think anyone has forgotten sstyle. The issue is that the Netiana Lode is only about 400 x 90m or so. The 'extensions' announced so far mean that the triple figure grades may be restricted to that area. That will not be enough tonnage to warrant the commissioning of a mill costing $150m or so. Unless there's another mine nearby they can truck it to? What's your crystal ball saying about the 'huge JORC?' How many ounces at what grade?




have no calculations, just the understanding of an open pit low cost mine and even size of the mine is economical. This will only be a preliminary jorc with more drilling to come during the DFS. Still reckon its a good bet. I've had success at with stocks at 100,000 ounces a year at 2g/t


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## Sean K (24 January 2013)

sstyle said:


> have no calculations, just the understanding of an open pit low cost mine and even size of the mine is economical. This will only be a preliminary jorc with more drilling to come during the DFS. Still reckon its a good bet. I've had success at with stocks at 100,000 ounces a year at 2g/t



Yes, prelim JORC. They'll probably do multiple FS afterwards before BFS and DFS and multiple capital raisings before any sign of development of a mine. There's a number of WAfrican Goldie's who have had resources well over 2m oz au @ 2 g/t for years and are yet to go to DFS. But, the money is to be made in the discovery phase in penny stocks. This is still discovery phase in my opinion. Unless they extend this resource with some better quality and more extensive widths it won't go anywhere.


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## Sean K (31 January 2013)

End of the month and NO JORC!!! 

Just typical of these flee bitten management turkey woofers. 

Maybe it's tomorrow before the open?

On the other hand, some amazing grades reported. Surprised that it went down on this. Actually, no. The market was expecting a JORC!!! And, maybe those results were just cutting through the previously announced intersections? Most probable actually. I can't tell by their cartoons. 

Not even a word about it too. Did I miss something? 



> Highlights
> 
> ● Diamond and RC drilling completed at the Netiana Lodes at Balogo. 22 diamond holes were completed (3,844m). Nine holes were drilled with RC pre-collars which totalled 1,441m. An additional eight RC holes totalling 1,073m were also completed.
> 
> ● High grade gold intercepts were obtained from diamond drilling at the Netiana Lodes at Balogo. New intersections include 13m at 111.0 g/t gold from 56m, including 4m at 343.0 g/t gold from 57m (BDH012) and 25.9m at 12.3 g/t gold from 55.1m including 1.7m at 172 g/t gold from 65.8m (BDH011)


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## Garpal Gumnut (31 January 2013)

kennas said:


> End of the month and NO JORC!!!
> 
> Just typical of these flee bitten management turkey woofers.
> 
> ...




Looks like a textbook downtrend to me.

A weekly.

"Throw out your dead"






gg


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## Sean K (31 January 2013)

Garpal Gumnut said:


> Looks like a textbook downtrend to me.
> 
> A weekly.
> 
> ...



Mate, I'm a bystander in this current sharemarket train wreck. 

Still, if they do surprise by actually producing something tangible instead of salted samples, I may win the Feb comp.


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## Garpal Gumnut (31 January 2013)

kennas said:


> Mate, I'm a bystander in this current sharemarket train wreck.
> 
> Still, if they do surprise by actually producing something tangible instead of salted samples, I may win the Feb comp.




L O bloody L

Care to swap it for PEN?

gg


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## Sean K (6 February 2013)

And there you go.

What a crap initial resource.



> *Maiden Gold Resource and Preliminary Scoping Study Results for the Netiana Lodes at Balogo, Burkina Faso*
> 
> ● Maiden Inferred Mineral Resource estimate in accordance with the JORC Code has been completed for the Netiana Lodes at Balogo.
> ● Inferred Resource of 850,000 tonnes at 6.8 g/t gold for *185,000 ounces of gold* has been defined at a 0.5 g/t cut-off.
> ...




CAPEX of $38m to go into production? What are they doing? Panning it out? 

Mine life of 2 years? Cough, splutter. 

Is this a joke?


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## outback (6 February 2013)

Horse driven stamp mill maybe, the horse is already pretty old so 2 years is all they can ask.


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## Miner (7 February 2013)

GMR has started back pedalling but why the directors spend their money to buy at a rock bottom price ?
I am sure not to throw away. Even it is a two years mine life, the pay back is within 5 months. 

Should I wait  and accumulate at further dip ?


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## Miner (7 February 2013)

kennas said:


> And there you go.
> 
> What a crap initial resource.
> 
> ...




I was going to tip for GMR and saw you took. Thanks for your tipping my friend


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## Sean K (7 February 2013)

Miner said:


> I was going to tip for GMR and saw you took. Thanks for your tipping my friend



 LOL

Lucky I included the disclaimer.



kennas said:


> GMR
> 
> Due for an initial JORC, although it'll probably underwhelm, and may not even come in on time.




They should have known it was going to be such a small resource at this stage. Great grade, but really....

The 'extensions' they have established will increase the tonnage but at this stage is just diluting it.


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## Miner (13 February 2013)

GMR is now going for a death from a cancerous poor management strategy, lack of mine life and a new Capital Raise against a constant falling price. Latest annoucement might have already been already leaked or now will impact further on next market opening opportunity.
I however still struggle to think - why the directors invested their money recently ? I am sure they knew CR was coming 

Any knowledgable in put ?


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## Country Lad (13 February 2013)

Miner said:


> I however still struggle to think - why the directors invested their money recently?..................Any knowledgable in put ?




No, can't offer any knowledgeable input, can't remember looking at this one till now, but your post made me curious so I looked at their numbers.

I have no knowledge of the particular director Rick Crabb, but having a look at GMR, well let's say that I would not have bought shares whether or not I was a director.  I can assume only that he was confident that the announcement would increase the share price (he bought the same day after the announcement).  

The chart shows that GMR hasn't exactly had a good year,








 and a good assumption would be that the market is not in love with it, so a logical conclusion is that the announcement of a 185,000 oz gold resource would be pretty well ignored by the market, regardless of how much it is sugar coated about an IRR greater than 100% and a payback of less than 5 months.  Add to that of course, the obvious need for a capital raising.

An understanding of market sentiment would have made one very wary of buying based on that announcement, and in fact, the price has fallen about 30% since the announcement as could be expected, so why the director bought more will be a mystery to most.

Mind you, the funny numbers in the announcement didn't help.  

850,000 tonne resource for 185,000oz of gold.  They state a Gross revenue of $106 mil per year at what I calculate a gross profit of $947 per oz.  That means 112,000 ozs of gold per year, so that the resource of 185,000 oz is mined and treated in 1.65 years at a rate of 514,000 tonnes of ore per year.

The size of the plant they have based their IRR, payback, etc on has a capacity of 250,000 tonnes per annum, about half required.

Unless I have made some calculation errors, I would expect that credibility may be an issue as well.

Cheers
Country Lad


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## Sean K (13 February 2013)

Country Lad said:


> Mind you, the funny numbers in the announcement didn't help.
> 
> 850,000 tonne resource for 185,000oz of gold.  They state a Gross revenue of $106 mil per year at what I calculate a gross profit of $947 per oz.  That means 112,000 ozs of gold per year, so that the resource of 185,000 oz is mined and treated in 1.65 years at a rate of 514,000 tonnes of ore per year.
> 
> ...



 Nice work CL. I haven't verified that with the calculator, but if right, geeeesh.


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## Miner (14 February 2013)

Dear Country Lad

Many thanks for an excellent analysis.
You have told many unfolded stories with opening lines with an alert on GMR .
I will watch to see the reaction of market when it resumes after trading halt

Regards




Country Lad said:


> No, can't offer any knowledgeable input, can't remember looking at this one till now, but your post made me curious so I looked at their numbers.
> 
> I have no knowledge of the particular director Rick Crabb, but having a look at GMR, well let's say that I would not have bought shares whether or not I was a director.  I can assume only that he was confident that the announcement would increase the share price (he bought the same day after the announcement).
> 
> ...


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## greggles (5 August 2019)

Long time between drinks for Golden Rim Resources. Last post in this thread was six and a half years ago.

The company is developing the Kouri Gold Project in Burkina Faso which has a JORC Indicated and Inferred Mineral Resource of 32 million tonnes at 1.4g/t gold for 1.4Moz.

Assay results from the new Diabatou and Maré prospects announced this morning have sent the GMR share price heading north with grades as high as 784g/t. Some very impressive intercepts there. See attachment below.

GMR currently up 66.77% to 2c with more than 48 million shares traded.


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## barney (5 August 2019)

greggles said:


> Long time between drinks for Golden Rim Resources.
> with grades as high as 784g/t. Some very impressive intercepts there.




Some chunky nuggets in that vein

Looks like closing at around 80% higher today.  The recent January high of 0.023 is the obvious sticking point in the short term.  

Only have about $800,000 in the coffers so the results are timely if they are looking to Cap Raise.


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## greggles (28 August 2019)

barney said:


> Some chunky nuggets in that vein
> 
> Looks like closing at around 80% higher today.  The recent January high of 0.023 is the obvious sticking point in the short term.
> 
> Only have about $800,000 in the coffers so the results are timely if they are looking to Cap Raise.




Further high-grade gold intersections from the Diabatou prospect at the Kouri Gold Project have been released today.


> A second zone of high-grade gold mineralisation hosted in granite has been discovered with a new intersection of 4m at 23.2g/t gold from 67m, including 1m at 65.7g/t gold, in hole MRC014(Figure 3).
> 
> The second zone of high-grade gold mineralisation is interpreted to lie 25m northwest and parallel to the high-grade gold mineralisation recently discovered with previous intercepts of 7m at 121.2g/t gold from 41m, including 1m at 783.8g/t gold from 44m, and 3m at 7.2g/t gold from 56min hole MRC008.




With assay results from a further 12 drill holes pending and due to be released soon, I think this is going to be a good prospect for the September stock tipping competition. It's a real roll of the dice, but with the share price currently at 1.6c (up 14.3% today), there is plenty of room for GMR to move north quickly if there are some good high grade intercepts reported in the upcoming results.


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## Smurf1976 (7 September 2019)

barney said:


> The recent January high of 0.023 is the obvious sticking point in the short term.




So far that has indeed been the case. Price reached 2.3 cents on the day of your post but hasn't come back, closing at 1.5 cents on Friday. 

Perhaps further drilling results will give a boost?


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## barney (7 September 2019)

Smurf1976 said:


> Perhaps further drilling results will give a boost?






greggles said:


> With assay results from a further 12 drill holes pending and due to be released soon, I think this is going to be a good prospect for the September stock tipping competition.




Thanks for the reminder on this one gents … As usual, its one I was kind of watching from the sidelines, but forgot to watch  … 

As it turned out, they did do a Cap Raise after the spike higher in early August but to be honest I can't quite sort out exactly what is going on.  There has been an off market transfer from/to Capital DI Limited who have +14% stake … Westward Investments now have a +6% stake and Acorn Capital have almost 8% ……

I am not sure of any of these past or present relationships with GMR so can't make any factual assumptions.  The current raisings are still to be finalised I think, so are still to show on the balance sheet??

All I can assume is …. there has been movement at the station … and any movement involving successful raising of money should be treated as short term positive if the SP backs up the C/R.

With that in mind, if the SP progresses above 1.7 cents, I see that as bullish …. below that is still a wait and see

Definitely on the watchlist (the one I actually watch) now


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## greggles (9 September 2019)

Smurf1976 said:


> Perhaps further drilling results will give a boost?




GMR announced this morning that they expect to re-commence their planned 14,000m drilling program at Kouri in the next 3 weeks. A total of 100 drill holes are planned.

Given the drilling results that have been released so far I think they have a better than average chance of coming up with some good results.

The next few months look to be an exciting time for GMR.


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## greggles (30 September 2019)

I'm going to stick with GMR in the October competition as I think I picked it too early and it will come good sooner or later.

Drilling should have recommenced at the Kouri Gold Project by now, so hopefully we will have some results through by the end of October.

$3,448,226 (before costs) was raised in a 3 for 11 pro-rata fully underwritten renounceable rights issue announced in August so there's a fair bit of money in the kitty to keep things moving forward.

Hoping for good news in October.


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## greggles (7 October 2019)

The 21,000m reverse circulation drilling and diamond drilling program has re-commenced at GMR's Kouri Gold Project.

Approximately 9,200m of RC drilling and 4,000m of diamond drilling (for approximately 100 holes) are envisaged for the remainder of the program.

Diamond drilling is currently underway at the Diabatou prospect and RC and diamond drilling is planned at the high-grade gold zone, the Maré -Guitorga North Induced Polarisation (IP) anomaly.

Previous drilling at Diabatou delivered bonanza results so hopefully there will be more good news once further drilling results are reported.


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## greggles (31 October 2019)

On 15 October, GMR released an announcement containing the following:



> *Diamond Drilling:*
> 
> The first diamond drill hole (MDH001) at the Diabatou prospect has been completed and has intersected several zones of granite-hosted quartz-sulphide mineralisation with visible gold.
> A second diamond drill hole (MDH002) is currently being drilled 75m beneath MDH001.
> ...




So there will definitely be drilling results from Kouri released in November. I believe it is likely that they will be positive, so I will hang in for another month with GMR and hope for the best.


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## barney (1 November 2019)

greggles said:


> So there will definitely be drilling results from Kouri released in November. I believe it is likely that they will be positive, so I will hang in for another month with GMR and hope for the best.




Another call on the money Greg  News out today and currently nudging up on solid Volume.


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## greggles (1 November 2019)

barney said:


> Another call on the money Greg  News out today and currently nudging up on solid Volume.




I have a really good feeling about GMR. If the upcoming drilling results from Kouri are good we should be over 3c by the end of 2019. I am starting to see the size of buy orders increasing and more at market buying. Punters are finally clueing in to what's going on here. The size of the mineralisation could be huge.

Market cap is only $17.4 million. All upside and very little downside at current prices. Watch this space.


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## barney (1 November 2019)

greggles said:


> Market cap is only $17.4 million. All upside and very little downside at current prices. *Watch this space*.




Duly noted and on has been on the watchlist since your earlier reminder

Aggressive punters will likely be getting set now.   Back to 1.8 cents will take out a couple of recent Volume points so I'd expect it to hot up if that happens.

Back to the 2 cent region, I agree that it could move fast which makes any buying/selling in what might be a 'ranging period' at the moment important to keep an eye on …. appreciate the heads up


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## greggles (11 November 2019)

Been a bit of a sell off in the last week or so. There appears to be concerns about terrorist activity in Burkina Faso. An attack on a gold mine in early October claimed 20 lives.

https://www.aljazeera.com/news/2019/10/killed-attack-burkina-faso-gold-site-191006082526446.html


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## barney (11 November 2019)

greggles said:


> Been a bit of a sell off in the last week or so. There appears to be concerns about terrorist activity in Burkina Faso.




Yeah I noticed that late last week …. Shame that BF is suffering from turmoil. If GMR had the same project in Aus, it would be a totally different SP I suspect.


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## greggles (12 November 2019)

barney said:


> Yeah I noticed that late last week …. Shame that BF is suffering from turmoil. If GMR had the same project in Aus, it would be a totally different SP I suspect.




Yes, I'm inclined to agree with you barney. Unfortunately this is a typical example of the downside of African-based mining companies. There is a lot of political risk and social unrest risk and it can rear its ugly head at any time, even in countries that are considered "safe".

Africa is a continent rich in mineral wealth but it is far from stable politically and socially and there is sometimes a price to pay for that. I have seen it happen many times before and is why I don't tend to invest in African-based miners unless there are compelling reasons to do so.


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## greggles (14 December 2021)

GMR fell off my radar some time ago. Just noticed it again this morning when I saw the share price was up over 10%.

Kouri appears to be on the backburner now, with a new project acquired earlier this year, the Kada Gold Project in Guinea, being the new focus. Some good assay results announced this morning:






Thick widths, decent grades and mineralisation from the surface. I haven't looked too deeply into previous announcements yet but have noticed that a maiden Mineral Resource Estimate for Kada is due in late January 2022, so there could be some more short term momentum for GMR early in the new year.


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## Sean K (20 December 2021)

greggles said:


> Thick widths, decent grades and mineralisation from the surface. I haven't looked too deeply into previous announcements yet but have noticed that a maiden Mineral Resource Estimate for Kada is due in late January 2022, so there could be some more short term momentum for GMR early in the new year.




More good hits here. Close to 100m above 3g/t is exceptional. Not sure how things are tracking post coup in Guinea. EV only about $20m, so very small for those sorts of intersections and potential really. Massive country risk/discount. Looks like Kada is about 700x800x120=67m@?grade=?ounces.


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## Sean K (17 February 2022)

MRE was due in Jan but they knocked it back to end of Feb without too much explanation.

Decent hit way outside the intended MRE area.

Can't find the non-JORC Newmont MRE on this deposit. Not sure why that's not clearly evident anywhere.

On the current dimensions mentioned above, and in their own presentation of 700x800x120 x SG of 2.5 = 168Mt. But there's obviously a big gap in the higher grade stuff in this picture below, but it's pretty well mineralised under the ground with not too many gaps. Looks like up to a third of the overall dimensions might be very low grade halo or dirt. So, I'd take 30% off those dimensions = 112Mt. Average grade? Complete pluck of overall 1g/t = 112m grams / 31 = 3.6Moz. That sounds like a lot for a company with an EV under $30m. 

Plus, they've got 2Moz in Irovy Coast...


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## Sean K (3 March 2022)

Not a bad initial MRE but my calcs were way off on the tonnage. Must have taken a smaller area or perhaps there's many more gaps in mineralisation that's not clear in their cartoons. Grade as thought it would be with some of those previous intersections. Open in a few directions so should be just the start.


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## The Triangle (7 December 2022)

GMR have 2 high tonne, low grade, rather average to below average projects in Africa and have been rather uninteresting lately, however they put out two announcements today, first is a trading halt pending capital raising, second is announcing the chairman is leaving the company.  Last month the MD/CEO left (think he's still on the board).   The new CEO looks about 30 years old. 

Back in June/July they announced they were selling their Burkina Faso assets (which I don't think they had done anything on for years) to a "local" company for~$22M- which at the time was more than their market cap.  Not surprisingly the market correctly though the deal was too good to be true and the SP hardly moved.   The deal fell over by July/August. 

Company is a long way off the last capital raising price of 6.8cps - trading right now at 3.4cps for a $11m market cap.  So I can't see them raising much more than a million or so after fees.  Which doesn't seem like it's enough to move the needle on either the Guinea or Burkina Faso projects.   Maybe it will be a big recapitalization to wipe out the old holders?  With major board changes occurring there is something big in the works here.


----------

