Australian junior mining firm Golden Rim has secured $491,000 in funding via placement to allow its Balogo project in Burkina Faso to continue operating. Meanwhile, the company is still trying to determine ways to secure long-term funding for the said project, according to Creamer Media's Mining Weekly.

As part of its Balogo feasibility study, Golden Rim is in the middle of environmental and metallurgical researches. The company said it conducted talks with several entities willing to back the feasibility study, the report detailed.

The West Perth-based firm has previously said it had inked a non-binding agreement with RMB Resources. The said deal was designed to obtain a A$4-million funding for the feasibility study from RMB Australia Holdings, the report explained.

Golden Rim said: "In the past few weeks, several of the other interested parties have conducted site visits to inspect Golden Rim's projects in Burkina Faso, as part of their due diligence process. It is the company's intention to assess the various alternatives over the next few weeks and to determine the best funding option for Balogo."