Alcaston changes name and focuses on Fijian gold

30 December 2006 | 05:37 Code : 12287 Geoscience events
The new-look company said yesterday a drilling rig had arrived on site at the....

  South Pacific-focused resource group, Alcaston Mining is set to embark on a new era in its corporate development, with a change of name and status to Golden Rim Resources Ltd taking effect this Friday and a major new drilling program set to commence shortly at its Sabeto Gold Project in Fiji.

The new-look company said yesterday a drilling rig had arrived on site at the Sabeto Project, located approximately 25km north east of Fiji’s capital Nadi, ahead of a landmark 3,000m drilling program set to commence shortly. Golden Rim is earning a 75 percent interest in the Sabeto Project, which is also located 25km from the 10 million ounce Vatukoula gold deposit, from Mincor Resources.Golden Rim anticipates excellent all-weather gravel road access to the key Sabeto target areas, which will ensure that the drilling program can continue through the wet season.The program, designed to test direct strike extensions to the 450,000-ounce Tuvatu epithermal gold deposit and to identify potential bulk-tonnage copper-gold targets, is expected to take approximately three months to complete, with drilling conducted 24 hours a day, six days a week.As it prepares for the new exploration push, the company also this week completes a change of name and status from Alcaston Mining NL to Golden Rim Resources Ltd, reflecting its focus on exploration in the prolific Pacific Rim region. This region hosts several major world-class gold and copper-gold projects, in addition to Vatukoula, Lihir and Porgera.Golden Rim will commence ASX trading under its new name and ASX code, GMR, from Friday, December 22, 2006.According to Golden Rim’s Exploration Director, Craig Mackay, the recent coup in Fiji has not impacted the company’s plans for the Sabeto Project, for which staffing and camp facilities have been finalised. “Compensation agreements with landowners have been executed and we expect to commence drilling soon after Christmas, using a rig which arrived on site this week,” he said.

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