Sarama Resources

Sarama Resources Advances Mt Venn Gold Project Acquisition

Binding Agreement Executed for Acquisition of Majority Interest (1) in Belt-Scale Gold Project

Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to advise that it has reached binding agreement (the “Agreement”) 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 nearby Cosmo Project (refer Sarama news release 6 December 2024). Together the projects create a 1,000km² well-positioned and underexplored landholding in the Laverton Gold District which is known for its prolific gold endowment (refer Figure 1) and recent discoveries.

Highlights

  • Binding 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 be nearing completion of the acquisition a majority interest in the Mt Venn Project and consolidating our position in the prolific Laverton Gold District of Western Australia. The addition of the Mt Venn Project will create a major 1,000km2 area-play and 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. Soil sampling programs at the Cosmo Project are progressing well, feeding into the process of bringing the Cosmo and Mt Venn Projects to account as expeditiously as we can.”

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 numerous 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.

Figure 1 – Mt Venn and Cosmo Project Locations, Eastern Goldfields, Western Australia


Click here for the full ASX Release

This article includes content from Sarama Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

SRR:AU
Sarama Resources

Sarama Resources Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Sarama Resources (ASX:SRR)

Sarama Resources


Keep reading...Show less

Promising new gold projects in Western Australia, plus a large fully funded arbitration claim.

Initial Exploration Program Completed at Cosmo Gold Project

Initial Exploration Program Completed at Cosmo Gold Project

Sarama Resources (SRR:AU) has announced Initial Exploration Program Completed at Cosmo Gold Project

Download the PDF here.

NevGold Adds More Significant Oxide Gold-Antimony Results: 1.47 g/t AuEq Over 74.7 Meters , Including 3.59 g/t AuEq Over 18.2 Meters , and Also Including 4.61 g/t AuEq Over 6.0 Meters  at the Limousine Butte Project, Nevada 

NevGold Adds More Significant Oxide Gold-Antimony Results: 1.47 g/t AuEq Over 74.7 Meters , Including 3.59 g/t AuEq Over 18.2 Meters , and Also Including 4.61 g/t AuEq Over 6.0 Meters at the Limousine Butte Project, Nevada 

Nevgold Corp. (" NevGold " or the " Company ") (TSXV:NAU) (OTCQX:NAUFF) (Frankfurt:5E50 ) is pleased to announce that it has discovered further significant oxide gold-antimony ("Antimony", "Sb") drill results at its Limousine Butte Project (the "Project", "Limo Butte") in Nevada. The Company continues to unlock the substantial gold-antimony potential of the Project, highlighting its promising prospects for further exploration and development in Nevada, one of the world's prolific mining jurisdictions.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less
Adam Rozencwajg, gold bars.

Adam Rozencwajg: Gold Stock Gains, Silver and Uranium Prices — Plus PGMs Bull Case

Adam Rozencwajg, managing partner at Goehring & Rozencwajg, shares his latest thoughts on the gold, silver and uranium markets, also discussing why he's bullish on platinum.

In his view, it has "all the hallmarks of something we like to get involved with."

Keep reading...Show less
Vertex Minerals (ASX:VTX)

Vertex Minerals Gets Efficiency Boost with Sensor-based Ore Sorting Tech

Ore processing at Vertex Minerals’ (ASX:VTX) Hill End gold project in New South Wales is getting a boost in efficiency and sustainability with the integration of Tomra Mining’s laser ore sorting technology, according to a report published by Mining Review Africa.

Integrating Tomra’s sensor-based sorting system allowed Vertex to more precisely separate ore from waste rock, thereby improving feed grade and reducing the volume of materials processed downstream, the report noted.

Keep reading...Show less
Aerial view of a forest fire with smoke and visible flames amid green trees.

Canadian Wildfires Force Mining Sector to Retreat as Thousands Evacuate in Manitoba

Canadian wildfires are hitting Manitoba hard, triggering the evacuation of over 17,000 people in province.

“This is the largest evacuation Manitoba will have seen in most people’s living memory,” Premier Wab Kinew said in a May 28 statement. He declared a province-wide state of emergency and confirmed that Canadian military aircraft would be deployed "imminently" to assist with evacuations and firefighting efforts.

“For the first time, it’s not a fire in one region. We have fires in every region. That is a sign of a changing climate that we are going to have to adapt to," Kinew also noted in a press conference.

Keep reading...Show less
Athena Gold

Athena Gold Provides Option on Excelsior Springs and Kicks off 2025 Field Season at Laird Lake

Athena Gold Corporation (CSE:ATHA)(OTCQB:AHNRF) ("Athena Gold" or the "Company") is pleased to announce that it has entered into a property option agreement (the "Agreement") with Firetail Resources Limited (ASX:FTL) ("Firetail") dated May 28, 2025, whereby the Company has granted Firetail the exclusive right (the "Option") to acquire an 80% undivided interest in the Company's Excelsior Springs Project located in Nevada, USA ("Excelsior" or the "Property"). If the Option is exercised, Firetail will pay Athena Gold AUD$200,000 in cash and issue 32,000,000 ordinary shares, and Firetail will be required to incur USD$5,000,000 in expenditures over a five-year term. A 1% net smelter return royalty will also be provided to Athena Gold on certain claims comprising the Property. If Firetail successfully earns its 80% interest, the parties will form a joint venture partnership that provides Athena Gold with a 20% free-carried interest until a Definitive Feasibility Study is published.

Keep reading...Show less
Sarama Resources

Sarama Resources Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×