The 50 million tonnes grading 1.3 grams per tonne gold includes indicated resources of 310,000oz at 1.4gpt gold.

Drilling this quarter aims to increase the percentage of indicated resources beyond the current 14% of the total resource and increase the grade by targeting extensions of the high-grade zones.

Golden Rim started the September quarter with about A$2.7 million cash, with about $600,000 budgeted on exploration for the three-month period.

It also said in the June it had investigated other gold project opportunities in West Africa.

Shares in Golden Rim were up 6% to 1.7c in morning trade, capitalising the company at $30 million.