May 17, 2023 - West African gold explorer Golden Rim Resources Ltd (ASX: GMR; Golden Rim or Company - https://www.commodity-tv.com/ondemand/companies/profil/golden-rim-resources-ltd/) is pleased to announce gold assay results for the final 14 reverse-circulation (RC) holes (totalling 1,487m) from drilling of the Massan MRE area at its flagship Kada Gold Project (Kada) in Guinea.

Highlights

-          All RC drilling assays now returned from major drilling campaign at Massan and Bereko

-          Notable gold intersections include:

57m @ 1.1 g/t gold from 0m, including 10m @ 2.3 g/t gold from 3m

41m @ 0.6 g/t gold from 61m (EOH mineralised)

95m @ 0.6 g/t gold from 18m, including 17m @ 1.3 g/t gold from 75m

36m @ 1.2g/t gold from 0m, including 7m @ 3.3 g/t gold from 20m

48m @ 0.8 g/t gold from 0m, including 14m @ 1.4 g/t gold from 13m

44m @ 0.9 g/t gold from 30m, including 15m @ 1.5 g/t gold from 46m

34m @ 0.9 g/t gold from 86m, including 4m @ 1.7 g/t gold from 111m

23m @ 1.2 g/t gold from 0m, including 7m @ 2.1 g/t gold from 0m

17m @ 1.4 g/t gold from 44m

-          3,500m diamond drilling (DD) at Bereko and Massan is progressing well, 2,351m drilled to date.

-          Massan has an existing Mineral Resource Estimate (MRE) of 930,000oz gold[i] – preparation of updated Massan MRE and maiden Bereko MRE on track for delivery in 2023.

Golden Rim’s Managing Director, Tim Strong, commented: “After extensive field mapping and trenching indicated more gold mineralisation within and around the Mineral Resource area, we opted to drill these additional 14 RC holes at Massan, aimed at either confirming new structures noted during the trenching or obtaining additional information in areas of poorer data density.

“RC drilling at Massan and Bereko has been a great success, with every hole intercepting significant gold mineralisation, including several high-grade intercepts. Excitingly, we have intercepted broad zones of gold mineralisation in multiple drilling orientations, bolstering our working understanding of the geologic controls on mineralisation. We will use this new data, along with the valuable information from our ongoing DD drilling program, to deliver a MRE update later in 2023.”

Kada Exploration Drilling

Golden Rim commenced a 10,000m RC drilling program at Kada in mid-December 2022. The program comprised of exploration drilling at the Bereko Prospect and north of the MRE area within the Massan Prospect, as well as some resource extension and infill drilling around the margins of the MRE. In addition, a 3,500m DD program testing open mineralisation and providing structural information commenced in March 2023, and a 3,000m air core drilling program targeting new discoveries is now complete, with final assay results announced on 11 May 2023

Drill hole collar details are provided in Table 1 and the hole locations are depicted on Figure 1. All significant new gold intersections (≥3m x g/t gold) are presented in Table 2.

Figure 1: Kada Gold Project showing location of prospects and collars on auger results.

RC Drilling

Golden Rim has received results for the final 14 RC holes (1,487m) drilled at the Massan prospect, designed to test areas of open mineralisation or to infill areas of low confidence. Holes were drilled in multiple orientations to ensure mineralisation in all directions was understood (Figure 2).

Figure 2: Massan MRE area with new RC drilling results (red) and recent trench results (green). See pink box in Fig 1 for location.

Drillholes MSRC029 to MSRC031 were drilled on the 1,224,160m Northing, just north of MSTR02 which returned 120m @ 1.2 g/t gold including 14m @ 3.8 g/t gold. These holes were drilled to test the down-dip continuity of the steeply east-dipping mineralised zones encountered in MSTR02. Encouragingly, MSRC031 intercepted 7m @ 3.3 g/t gold from 20m and MSTR030 intercepted 16m @ 1.4 g/t gold from 13m, both directly downdip of MSTR02’s high-grade zone (Figure 3). Mineralisation here is associated with the margin between siltstone and greywacke units and features strong hematite oxidation and abundant sulphides.

MSRC034 and MSRC042 were also drilled on the 1,224,160m Northing, further west (Figure 3). These holes infilled a zone of poor drilling density, south of drilling undertaken in 2021 which included intercepts up to 28m @ 2.4 g/t gold[ii]. MSRC042’s 57m @ 1.1 g/t gold from surface includes a higher-grade intercept of 10m @ 2.3 g/t gold from 3m and confirms that there is continuity in the high-grade zones of >40m. This hole is dominated by strongly hematite altered sedimentary rocks with abundant quartz (up to 10% in mineralised zones). MSRC034 intercepted 95m @ 0.6 g/t gold from 18m, with mineralisation extending down into the fresh rock approximately 100m below surface.

Figure 3: 1,224,160m Northing showing new drilling results

MSRC037 and MSRC038 were drilled to test the northern extension of high-grade zones discovered in 2021, and both intercepted wide zones of high-grade oxide gold mineralisation from the surface.

MSRC032, MSRC033, MSRC040 and MSRC041 were all drilled plunging to the northwest (Figure 2), to target down-dip extensions of sub-vertical, Northeast-Southwest to East-West trending gold-bearing structures encountered in MSTR07 and MSTR09. Each hole intercepted wide zones of mineralisation, including 44m @ 0.9 g/t gold from 30m in MSRC040 down-plunge of MSTR09.

Current Progress Next Steps

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. First results from diamond drilling are expected late May 2023.

-ENDS-

Contact Information:

Tim Strong

Managing Director

+61 3 8677 0829

tim@goldenrim.com.au

In Europe:

Swiss Resource Capital AG

Jochen Staiger

info@resource-capital.ch

www.resource-capital.ch

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[iii], 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[iv] 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[v] 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

T + 61 3 8677 0829  |  E info@goldenrim.com.au  |  goldenrim.com.au

Competent Persons Statements

The information in this report relating to previous exploration results and Mineral Resources are extracted from the announcements: Trenching at Massan returns 10m @ 10.7g/t within 128m @ 3.1g/t gold dated 12 May 2023; 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.

Table 1: Collar information for holes reported.

Hole ID

Easting (m)

Northing (m)

RL (m)

Dip (o)

Azimuth (o)

EOH (m)

Status

MSRC029

456606

1224161

366

-55

270

120

Results this release

MSRC030

456523

1224160

371

-55

270

60

Results this release

MSRC031

456546

1224158

380

-55

270

54

Results this release

MSRC032

456430

1224122

375

-55

320

136

Results this release

MSRC033

456397

1224180

363

-55

320

60

Results this release

MSRC034

456418

1224157

379

-55

270

135

Results this release

MSRC035

456686

1224159

370

-55

270

138

Results this release

MSRC036

456571

1224121

384

-55

0

100

Results this release

MSRC037

456404

1224240

370

-55

270

126

Results this release

MSRC038

456348

1224338

375

-55

270

121

Results this release

MSRC039

456590

1224077

374

-55

270

150

Results this release

MSRC040

456371

1224001

390

-55

320

114

Results this release

MSRC041

456333

1224045

393

-55

320

70

Results this release

MSRC042

456353

1224160

346

-55

270

102

Results this release

Notes:

-          MS prefix denotes drilling within Massan Prospect.

-          BK prefix denotes drilling within Bereko Propsect.

-          NK prefix denotes drilling within Nounkoun Prospect.

-          SK prefix denotes drilling within Sounkou Prospect.

-          Co-ordinate projection UTM, WGS 84 zone 29 North.

Table 2: Significant intercepts from RC drilling

Hole ID

From (m)

To (m)

Significant Gold Intersections

(≥3m x g/t or >1g/t intersection gold EOH)

MSRC029

0

9

9m @ 0.8 g/t gold

22

26

4m @ 6.3 g/t gold

Including 1m @ 21.4 g/t gold from 23m

50

60

10m @ 1.4 g/t gold

75

83

8m @ 0.6 g/t gold

88

101

13m @ 0.9 g/t gold

Including 3m @ 2.2 g/t gold from 97m

MSRC030

0

48

48m @ 0.8 g/t gold

Including 16m @ 1.4 g/t gold from 13m

MSRC031

0

36

36m @ 1.2 g/t gold

Including 7m @ 3.3 g/t gold from 20m

MSRC032

0

31

31m @ 0.6 g/t gold

42

57

15m @ 0.7 g/t gold

62

77

15m @ 0.6 g/t gold

86

120

34m @ 0.9 g/t gold

Including 4m @ 1.7 g/t gold from 111m

126

136 (EOH)

10m @ 0.5 g/t gold (EOH mineralised)

MSRC033

0

35

35m @ 0.7 g/t gold

51

58

7m @ 1.1 g/t gold

MSRC034

0

6

6m @ 0.8 g/t gold

18

113

95m @ 0.6 g/t gold

Including 17m @ 1.3 g/t gold from 75m

MSRC035

17

27

10m @ 1.3 g/t gold

33

40

7m @ 1.2 g/t gold

67

71

4m @ 1.4 g/t gold

95

105

10m @ 0.8 g/t gold

120

124

4m @ 1.4 g/t gold

130

131

1m @ 7.0 g/t gold

137

138 (EOH)

1m @ 1.2 g/t gold (EOH mineralised)

MSRC036

12

24

12m @ 1.3 g/t gold

Including 4m @ 2.6 g/t gold from 12m

28

33

5m @ 1.3 g/t gold

55

59

4m @ 2.1 g/t gold

MSRC037

0

23

23m @ 1.2 g/t gold

Including 7m @ 2.1 g/t gold from 0m

32

40

8m @ 1.3 g/t gold

44

61

17m @ 1.4 g/t gold

64

74

9m @ 1.0 g/t gold

77

88

11m @ 0.8 g/t gold

97

113

16m @ 0.3 g/t gold

MSRC038

0

16

16m @ 1.2 g/t gold

Including 6m @ 1.8 g/t gold from 0m

20

25

5m @ 1.3 g/t gold

28

47

19m @ 0.6 g/t gold

57

64

7m @ 0.6 g/t gold

76

83

7m @ 0.6 g/t gold

98

114

16m @ 0.6 g/t gold

119

120 (EOH)

1m @ 1.1 g/t gold (EOH mineralised)

MSRC039

4

18

14m @ 1.4 g/t gold

Including 1m @ 12.1 g/t gold from 13m

31

36

5m @ 3.2 g/t gold

Including 2m @ 7.5 g/t gold from 33m

42

50

8m @ 0.4 g/t gold

78

85

7m @ 2.6 g/t gold

Including 2m @ 7.5 g/t gold from 78m

116

132

16m @ 0.6 g/t gold

137

141

4m @ 1.1 g/t gold

145

150 (EOH)

5m @ 2.5 g/t gold (EOH mineralised)

MSRC040

0

26

26m @ 0.5 g/t gold

30

74

44m @ 0.9 g/t gold

Including 15m @ 1.5 g/t gold from 46m

79

82

3m @ 1.5 g/t gold

89

96

7m @ 0.8 g/t gold

106

116 (EOH)

8m @ 1.0 g/t gold

MSRC041

16

49

33m @ 0.6 g/t gold

53

68

15m @ 0.5 g/t gold

MSRC042

0

57

57m @ 1.1 g/t gold

Including 10m @ 2.3 g/t gold from 3m

61

102 (EOH)

41m @ 0.6 g/t gold (EOH mineralised)

Including 3m @ 2.5 g/t gold from 95m

Notes:

-          Intercept cut-off grade is 0.3g/t gold.

-          Intervals are reported no more than 3m of continuous internal dilution.

-          Sample preparation and assaying conducted by SGS Laboratory in Ouagadougou, Burkina Faso.

-          Assayed by 50g charge fire assay with Atomic Absorption Spectrometry (AAS) finish (FAA515).

-          Any assays over 10,000ppb are assayed with a gravimetric assay (FAA505).

-          EOH means end of hole.

Link to the English News: https://cdn-api.markitdigital.com/apiman-gateway/ASX/asx-research/1.0/file/2924-02666863-3A618471?access_token=83ff96335c2d45a094df02a206a39ff4

[i] ASX release dated 3 March 2022: Kada Maiden Mineral Resource 930koz Gold

[ii] ASX release dated 14 December 2021: Kada Delivers Widest Oxide Gold Intersection to Date - 62m at 1.3ppm Gold

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

[iv] 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).

[v] 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).