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Golden Rim shifts focus to Kouri gold project, puts Paguanta on block

Golden Rim Resources Ltd. on Aug. 2 announced it is shifting its focus to the Kouri gold project in Burkina Faso from the Paguanta zinc-silver-lead project in Chile and has tasked a Canadian brokerage with securing a deal for the latter.

The group said that while it has achieved its technical goals at Paguanta, it is receiving little value for its work on the ASX. It has mandated Eight Capital with finding a Canadian-listed entity, as companies there appear to receive more support for zinc projects, it said. Golden Rim is considering a direct investment in the company, a farm-in, a partial sale or a full sale.

Golden Rim also announced that microcap investor group Acorn Capital has become its largest shareholder, with 8.3%, by investing A$447,000. It was issued 178.8 million shares at 25 cents each. The funds will be used for drilling at Kouri and for costs related to a Paguanta deal.

It plans to outline a maiden JORC resource for Kouri, its new flagship project, by the end of the year.