Sightful Invest
  • Business
  • Investing
  • Politics
  • Stock
Top Posts
Trump considers tax hike on Americans making $2.5...
GOP senators: Congress should vote on Trump’s potential...
White House highlights over $2B in savings from...
GOP talk on millionaire tax hike ‘makes no...
Trump’s first vice president urges his old boss...
Department of Justice opens criminal investigation into NY...
Trump claims ‘I don’t know her’ and ‘listened...
Rubio just got an additional job in Trump’s...
OpenAI’s Sam Altman thanks Sen John Fetterman for...
Former Supreme Court Justice David Souter dead at...
  • Business
  • Investing
  • Politics
  • Stock

Sightful Invest

Investing

Sarama Resources Consolidates Position in Western Australian Goldfields

by admin January 13, 2025
January 13, 2025
Sarama Resources Consolidates Position in Western Australian Goldfields

Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to advise that it has executed a non-binding Heads of Agreement (the “HoA”) with Orbminco Limited (“Orbminco”) (ASX: OB1), an arm’s length third party, to acquire a majority(1) and controlling interest(1) in the under- explored, belt-scale 420km² Mt Venn Project (the “Project”)(2), located in the Eastern Goldfields of Western Australia.

This follows Sarama’s recent acquisition of a majority interest in the 580km² Cosmo Project, approximately 45km to the west of the Mt Venn Project. Both projects are well-positioned and underexplored, presenting an exciting opportunity for Sarama in the Laverton Gold District which is known for its prolific gold endowment (refer Figure 1).

Highlights

  • Non-binding Heads of Agreement executed for acquisition of 80% interest in belt-scale Mt Venn Project
  • Located in the prolific Laverton Gold District, 35km from the producing Gruyere Gold Mine and less than 20km from Gold Road’s Golden Highway Deposit
  • Project covers 420km² and features a favourable litho-structural setting, primarily in greenstone rocks
  • Includes regional shear zone of ~50km strike length and 1-3km width extending full length of greenstone belt
  • Advanced gold targets generated through historical exploration, including broad drill-defined gold mineralisation
  • Highly complementary to Sarama’s recently acquired, underexplored and prospective Cosmo Project
  • Creates 1,000km² exploration position in the Laverton Gold District, capturing 100km of strike length
  • Land access agreement with Traditional Owners in place for exploration
  • 100% scrip consideration with initial exploration funded by the November 2024 equity raise of A$2M

Sarama’s President, Executive Chairman, Andrew Dinning commented:

“We are very pleased to have reached agreement to acquire the Mt Venn Project and when completed, this acquisition will significantly consolidate our position in the prolific Laverton Gold District of Western Australia. The addition of this project creates a major 1,000km2 area-play which significantly enhances the probability of making the next big discovery in a region that continues to deliver new deposits in previously unexplored areas, including the regionally- significant Gruyere Deposit just 35km east of the Mt Venn Project. We look forward to working towards completing the transaction and will provide updates in due course.”

Mt Venn Project

The Project is comprised of 3 contiguous exploration tenements covering approximately 420km² in the Eastern Goldfields of Western Australia, approximately 110km north-east of Laverton and 35km west of the regionally- significant Gruyere Gold Mine(3). The Project is readily accessible via the Great Central Road which services the regional area east of Laverton.

The Project captures the majority of the underexplored Jutson Rocks Greenstone Belt over a strike length of ~50km. Rocks within the belt feature a diverse sequence of volcanic lithologies of varying composition, together with pyroclastics and metasediments. Several internal intrusive units have been identified throughout the Project and are commonly associated with local structural features. A regionally extensive shear zone, spanning 1-3km in width, extends the entire length of the belt with subordinate splays interpreted in the southern area of the Project which provides a favourable structural setting for mineralisation.

Gold mineralisation was first discovered in the 1920’s with sampling returning very high grades and prompting the commencement of small-scale mining operations in the mid 1920’s. Multiple gold occurrences have since been identified throughout the Project, demonstrating the prospectivity of the system. Despite the identification of several km-scale gold-in-soil anomalies by soil geochemistry and auger drilling, many of these targets are yet to be properly tested. Encouragingly, drilling by Cazaly Resources Limited (“Cazaly”) (ASX: CAZ) at the Project intersected broad, gold mineralisation over several fences in weathered and fresh rock at the Three Bears Prospect, presenting a priority target for exploration (Cazaly news release 27 February 2017: “Widespread Gold & Zinc Mineralisation Defined”).

In addition to the attractiveness of the Project for gold, it is considered prospective for base metals and platinum group elements. Historical exploration work including auger geochemistry and geophysical surveys identified several targets for copper, nickel and zinc mineralisation. Several of these targets remain untested due to historical funding and land access constraints. Exploration in the belt to the immediate south of the Project area is noted to have intersected copper mineralisation of significant grade over a significant strike length(4).

In summary, the Project is located within a prolific gold district and has a favourable lithological and structural setting. A solid database of base-level historical exploration work by previous operators, including generation of drill-ready targets, provides a good platform for Sarama to advance the Project in conjunction with its activities at the Cosmo Project. The size and prospectivity of the landholding that Sarama will have in the Laverton Gold District upon completion of this transaction significantly enhances the chances of making an economic discovery, particularly given the infrastructure and proliferation of mines in the region which will have a favourable impact on the size threshold for finding something of economic value.

Click here for the full ASX Release

This post appeared first on investingnews.com

previous post
Heritage Mining
next post
Tech 5: AI Takes Center Stage at CES, NVIDIA Unveils Cosmos Platform

You may also like

Element79 Gold Corp Provides Update on Social Management...

March 11, 2025

First Helium Announces Shallow Heavy Oil Discovery

March 20, 2025

SCRi Announces Seventh Consecutive Quarter of Revenue Growth...

March 26, 2025

FPX Nickel Engages ICP Securities for Automated Market...

August 1, 2024

Skyharbour Enters into Agreement with Mustang Energy to...

November 13, 2024

First Helium Completes Drilling 7-15 Well & Cases...

February 13, 2025

Coelacanth Energy Inc. Announces Grant of Stock Options...

January 21, 2025

Falco Advances Towards Development of the Horne 5...

October 28, 2024

Syntheia Announces 10,000 Subscriptions

March 22, 2025

Riverside Resources Expands British Columbia Rare Earth Elements...

December 9, 2024

Recent Posts

  • Trump considers tax hike on Americans making $2.5 million or more per year
  • GOP senators: Congress should vote on Trump’s potential Iran nuclear deal
  • White House highlights over $2B in savings from DEI cuts during Trump administration’s first 100 days
  • GOP talk on millionaire tax hike ‘makes no sense,’ Trump White House alum says
  • Trump’s first vice president urges his old boss against raising taxes on wealthy Americans

    Become a VIP member by signing up for our newsletter. Enjoy exclusive content, early access to sales, and special offers just for you! As a VIP, you'll receive personalized updates, loyalty rewards, and invitations to private events. Elevate your experience and join our exclusive community today!


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Categories

    • Business (712)
    • Investing (2,058)
    • Politics (2,553)
    • Stock (4)
    • About us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: sightfulinvest.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 Sightful Invest. All Rights Reserved.