Royal Falcon Signs Joint Venture On Large Gold Copper Project In Sweden
Tuesday, April 7th, 2009
• Golden Rim’s, Abu Dhabi registered alliance company, Royal Falcon Mining LLC, has secured its first major mineral projects
• The projects are located in central Sweden and include the advanced Falun and Bersbo poly-metallic projects
• Through a joint venture arrangement with Drake Resources Ltd, Royal Falcon Mining LLC can earn up to 75% interest in the projects
• Considerable volumes of high grade gold and copper mineralisation remain at Falun and offer immediate targets for drilling
• The Eastern Copper-Gold Zone at Falun includes near-surface mineralisation with intersections including 24 m @ 5.8 g/t gold and 0.5% copper, 42 m @ 3.4 g/t gold and 0.5% copper, and 16 m @ 7.1 g/t gold and 0.7% copper
• Little modern exploration has been conducted at Bersbo and conductors recently discovered in a VTEM geophysical survey may be related to massive sulphide mineralisation
The Directors of Golden Rim Resources Ltd are pleased to announce that as a 35% shareholder in Abu Dhabi registered Royal Falcon Mining LLC, it has executed a Farmin and Joint Venture Heads of Agreement with Drake Resources Ltd on the advanced Falun and Bersbo poly-metallic projects located in the Bergslagen district in central Sweden.
Previously the projects were subject to an alliance agreement between Drake and OZ Minerals Ltd. OZ Minerals spent around A$2 million in Sweden on exploration and project generation through the alliance. The involvement of OZ Minerals was critical in the partners securing the much sought after Falun project. Despite advanced plans for a major exploration campaign, OZ Minerals recently withdrew from the alliance agreement with Drake owing to a change in strategic direction. As part of a termination agreement with Drake, OZ Minerals retain no on-going rights in relation to the Falun and Bersbo projects.
For further details, please visit: http://www.goldenrim.com.au