Sarama Resources offers a compelling investment opportunity fueled by a multi-million dollar, fully-funded arbitration claim and two new gold projects encompassing 1,000 sq km of the Cosmo Newbery and Mt Venn Greenstone Belts in Western Australia’s Eastern Goldfields.
Sarama Resources (TSXV:SWA,ASX:SRR) is a gold-focused Australian mineral exploration and development company. Sarama has two core components to its business, one being a significant and fully funded arbitration claim, and the other being two highly prospective gold projects totaling 1,000 sq km in area in the Eastern Goldfields of Western Australia. Individually, each component significantly derisks the company and together they present significant value and upside optionality for investors.
Sarama recently acquired the Cosmo and the Mt Venn gold projects which cover 580 sq km and 420 sq km, respectively, and encompass most of the greenstone belts in which they are situated. These greenstone belts are located in the Eastern Goldfields of Western Australia, and both have historical gold workings and strong geological and structural similarities to the adjacent Dorothy Hills greenstone belt which hosts the +8 Moz Gruyere gold deposit.
The Cosmo and Mt Venn gold projects offer a unique and promising opportunity for exploration in a region known for its prolific gold endowment.
The company is also pursuing a significant arbitration claim which is fully funded through a non-recourse loan facility. Boies Schiller Flexner who have an excellent track record of securing large settlements has been appointed to assist with the claim. The damages being sought are not less than cAU$200 million plus interest, and have the potential to be significantly more.
Sarama is led by an experienced board and management team with more than 30 years of individual experience and a proven track record of discovery and development of large-scale gold deposits including the +25 Moz world-class Kibali Gold Mine (formerly Moto Gold), and the +3 million ounce Sanutura gold project.
The Cosmo Gold project is an underexplored, belt-scale gold asset in Western Australia's Eastern Goldfields. The project spans 580 sq km covering the entirety of the Cosmo-Newbery Greenstone Belt, a large and prospective system with gold first being discovered in the area in the 1890s and where rock chip sampling has returned grades up to 52 g/t gold. Cosmo Gold comprises seven contiguous exploration tenements and is located approximately 85 km northeast of Laverton in a region known for its prolific gold endowment.
The Mt Venn Gold project has many similarities to the nearby Cosmo gold project and the company views it as an underexplored, belt-scale gold asset. The project spans 420 sq km and covers a large portion of the Mt Venn Greenstone Belt, a large and prospective system with gold first being discovered in the area in the 1890s. Limited drilling has returned multiple intersections of merit, and the project has a 35km long gold corridor marked by semi-contiguous gold-in-soil anomalism, old workings and drill intercepts. Mt Venn comprises three contiguous exploration tenements and is located approximately 35 km west of Gold Road’s 8 Moz, +300,000 oz/yr Gruyere gold mine and 40 km east of the company’s Cosmo gold project.
Project Highlights
Andrew Dinning is a founder, managing director and CEO of Sarama Resources. Dinning is committed to development in Africa and recently retired as a board member of The Australia-Africa Minerals and Energy Group (AAMEG) after eight years of service. AAMEG is a peak body representing Australian companies engaged in the development of Africa's resource industry.
Dinning has over 35 years of experience in the international mining arena and has worked in the Democratic Republic of Congo, West Africa, the UK, Russia and Australia. He has extensive mine management, operations and capital markets experience and has spent most of his career in the gold sector. Dinning was a director and president of the Democratic Republic of Congo-based Moto Goldmines Ltd from 2005 to 2009. He oversaw the development of the company's Moto Gold Project (Kibali Gold) from two million to more than 22 million ounces of gold. Dinning took the project from exploration to pre-development. The Moto Gold project was later taken over by Randgold Resources and AngloGold Ashanti for $600 million in October 2009. Dinning has an MBA, a first-class mine managers certificate in Western Australia and South Australia and a Bachelor of Engineering in Mining degree.
Jack Hamilton is a founder and the vice president of exploration at Sarama Resources. Hamilton has 35 years of experience as a professional geologist. Hamilton has worked around the world for international resource companies. Before Sarama, he was the exploration manager for Moto Goldmines. in the Democratic Republic of Congo. At Moto Goldmines, he led the team that discovered the main deposits and resource at the world-class Moto Gold Project (now Kibali Gold) which has a resource of more than 22 million ounces.
Hamilton specializes in precious metal exploration in Birimian, Archean and Proterozoic greenstone belts. He has worked and consulted in West, Central and East Africa for the past 20 years with various companies, including Barrick Gold Corporation, Echo Bay Mines, Etruscan Resources Inc, Anglo American, Geo Services International and Moto Goldmines. Whilst at Moto Goldmines, he led the exploration team that took the Moto gold deposit from discovery to bankable feasibility. The Moto gold deposit was later sold to Randgold Resources and AngloGold Ashanti in October 2009.
Paul Schmiede is a major shareholder and the vice president of corporate development at Sarama Resources. He is a mining engineer with over 25 years of experience in mining and exploration. Before joining Sarama Resources in 2010, Schmiede was vice president of operations and project development at Moto Goldmines. At Moto Goldmine, he managed the pre-feasibility, bankable and definitive feasibility study for the more than 22 million-ounce Democratic Republic of Congo-based Moto Gold Project (now Kibali Gold). Whilst at Moto Goldmines, he also managed the in-country environment, community studies and pre-construction activities. Before joining Moto Goldmines, he held senior operational and management positions with Gold Fields and WMC Resources. At these companies, Schmiede was responsible for underground and open-pit operations as well as project development and planning.
Schmiede holds a first-class mine managers certificate in Western Australia and a Bachelor of Engineering in Mining degree. He is also a fellow of the Australasian Institute of Mining and Metallurgy.
Lui Evangelista is Sarama's chief financial officer with 35 years of experience in accounting, finance and corporate governance with public companies. He has more than 20 years of experience in the mining industry –– 10 years of which have been at the operational and corporate level with companies operating in Francophone Africa.
Evangelista held the positions of group financial controller and acting CFO at Anvil Mining. which operated 3 mines in the DRC. He was an integral part of the senior management team that saw Anvil's market capitalization grow from C$100 million in 2005 to C$1.3 billion upon takeover by Minmetals in 2012.
Evangelista holds a Bachelor of Business in Accounting degree, a graduate diploma in business administration and a graduate diploma in applied corporate governance.
Simon Jackson is a founder, shareholder and non-executive chairman of Sarama Resources. Simon is a Chartered Accountant with over 25 years of experience in the mining sector. He is the chairman of Predictive Discovery and non-executive director of African gold producer Resolute Mining. He has previously held senior management positions at Red Back Mining, Orca Gold and Beadell Resources.
Jackson specializes in M&A, public equity markets management and corporate finance. His career has included corporate transactions in Canada, Australia, Africa and Indonesia. He holds a Bachelor of Commerce degree from the University of Western Australia and is a fellow of the Institute of Chartered Accountants in Australia.
Adrian Byass has more than 25 years of experience in the mining industry. He has focused his career on the economic development of mineral resources. He is skilled in economic and resource geology. Byass has experience ranging from production in gold and nickel mines to the evaluation and development of mining projects with listed and unlisted entities in several countries. He has also held several executive and non-executive board roles on both ASX and AIM-listed companies.
Byass presently operates in a corporate and market-focused capacity on a national and international basis. He has board-level experience in mine development, capital raising and M&A in Australia and on overseas stock exchanges. Byass has played key roles in a range of exploration and mining projects in Australia, Africa, North America and Europe. These projects were based on a suite of commodities including gold, base and specialty metals.
Byass holds a Bachelor of Science in Geology and a Bachelor of Economics. Byass is a member of the Australian Institute of Geoscientists, a fellow of the Society of Economic Geology and a competent person for the reporting of mineral resources (JORC 2012).
Byass is currently on the board of multiple ASX-listed companies, including Galena Mining, Kaiser Reef, Kingwest Resources and Infinity Lithium.
Michael Bohm is a seasoned director and mining engineer in the resources industry. His career spans roles as a mining engineer, mine manager, study manager, project manager, project director, and managing director.
He has been directly involved in the development of multiple mines in the gold, nickel, and diamond industries, and made significant contributions to Ramelius Resources during its formative years. This experience is particularly important as Sarama is currently in the process of rebuilding its operations in the Eastern Goldfields region of Western Australia.
He is a current director of ASX-listed Riedel Resources and has previously been a director of ASX listed Perseus Mining, Ramelius Resources, Mincor Resources NL and Cygnus Metals.
Promising new gold projects in Western Australia, plus a large fully funded arbitration claim.
North Bay Resources, Inc. (the " Company " or " North Bay ") (OTC: NBRI) is pleased to announce a resource estimate ( non-NI 43-101 ) for the Bullion Alley Zone at the Company's Fran Gold Project. The preliminary resource estimate was completed by the Company using Leapfrog Geo + Edge 3D modelling software and diamond drilling data from 2001, 2005, 2006, 2012, and 2018 totaling 18,000 meters (55,000 feet) in 104 holes utilizing block model, with no cut-off:
Diagram 1. Fran Gold Block Model (Smooth)
| Bullion Alley - Main Zone | |||
| Mass (tonnes) | Average (g/t) | Total (grams) | Total (tr. ounces) |
| 20,035,146 | 0.50 | 10,051,730 | 323,170 |
| Bullion Alley - Main Zone + East Extension | |||
| Mass (tonnes) | Average (g/t) | Total (grams) | Total (tr. ounces) |
| 43,797,234 | 0.34 | 14,743,070 | 474,001 |
Diagram 2. Fran Gold Au >0.1 g/t cutoff
Recent data compilation has resulted in identification of the following significant drill intercepts.
| Hole ID | From (m) | To (m) | Width (m) | Grade g/t |
| 2001-01 | 46.0 | 234.0 | 188.0 | 0.1 |
| incl. | 102.8 | 127.1 | 24.3 | 0.5 |
| incl. | 220.0 | 234.0 | 14.0 | 0.6 |
| 2001-02 | 39.0 | 214.5 | 175.5 | 0.3 |
| incl. | 44.0 | 91.0 | 47.0 | 0.7 |
| incl. | 179.0 | 214.5 | 35.5 | 0.6 |
| 2001-04 | 66.0 | 180.0 | 114.0 | 0.1 |
| incl. | 75.0 | 95.5 | 20.5 | 0.3 |
| 2001-05 | 76.6 | 129.2 | 52.6 | 0.4 |
| 2001-06 | 19.8 | 74.0 | 54.2 | 0.3 |
| 2001-12 | 52.8 | 154.0 | 101.3 | 0.3 |
| 2002-26 | 40.7 | 82.0 | 41.3 | 1.2 |
| 2002-27 | 44.7 | 172.0 | 127.4 | 0.5 |
| 2002-31 | 167.1 | 185.3 | 18.3 | 0.5 |
| 2002-33 | 39.2 | 186.0 | 146.8 | 0.1 |
| incl. | 53.7 | 80.6 | 26.9 | 0.3 |
| 2002-34 | 16.7 | 195.5 | 178.9 | 0.2 |
| incl. | 154.5 | 195.5 | 41.0 | 0.7 |
| 2002-36 | 88.0 | 235.1 | 147.1 | 0.4 |
| 2002-37 | 118.0 | 229.6 | 111.6 | 0.1 |
| incl. | 118.0 | 133.8 | 15.9 | 0.5 |
| 2006-43 | 153.0 | 193.2 | 40.2 | 0.7 |
| 2006-47 | 35.1 | 81.6 | 46.5 | 1.3 |
| 2006-49 | 104.1 | 119.3 | 15.1 | 2.7 |
| 2006-50A | 44.3 | 118.1 | 73.8 | 0.7 |
| 2006-51 | 66.1 | 85.4 | 19.3 | 0.7 |
| 2006-53 | 79.8 | 92.9 | 13.1 | 1.6 |
| 2006-55 | 27.9 | 100.5 | 72.5 | 1.8 |
| 2006-56 | 90.5 | 116.5 | 26.1 | 1.2 |
| 2006-58 | 61.4 | 157.4 | 96.0 | 0.3 |
| 2006-59 | 21.8 | 74.1 | 52.3 | 0.6 |
| 2006-60 | 90.5 | 131.5 | 41.0 | 0.7 |
| 2006-61 | 9.1 | 58.8 | 49.6 | 0.6 |
| 2006-62 | 79.9 | 150.3 | 70.5 | 0.5 |
| 2007-66 | 72.5 | 102.0 | 29.5 | 0.3 |
| 2007-68 | 127.1 | 147.1 | 20.0 | 0.8 |
| 2007-69 | 171.3 | 197.8 | 26.6 | 0.5 |
| 2007-70 | 131.1 | 246.0 | 114.9 | 0.7 |
| 2007-71 | 32.9 | 116.9 | 84.0 | 0.9 |
| 2007-72 | 78.9 | 106.9 | 28.0 | 0.3 |
| 2007-73 | 180.6 | 194.2 | 13.6 | 0.4 |
| 2007-74 | 111.9 | 269.8 | 157.9 | 0.6 |
| incl. | 111.9 | 188.0 | 76.1 | 1.1 |
| 2007-75 | 49.0 | 124.5 | 75.5 | 0.8 |
| 2007-76 | 133.2 | 169.8 | 36.6 | 0.9 |
| 2018-91 | 249.4 | 296.0 | 46.6 | 0.4 |
| 2018-94 | 222.0 | 339.2 | 117.2 | 0.6 |
| 2018-95 | 202.7 | 309.0 | 106.3 | 1.0 |
| 2018-96 | 134.7 | 284.0 | 149.3 | 0.9 |
| 2018-103 | 105.7 | 178.6 | 72.9 | 1.4 |
* Non-weighted interval length has been used to determine avg. grade
The company continues to compile data in preparation for a NI 43-101 Compliant Mineral Resource Estimate . In particular, the addition of surface trenching data and sampling data for areas that have not been drill tested between the Main and East Zones as well as to the East and North-east where a significant gold in soil anomaly exists and may add to the data set. The deposit remains open in these directions as well as to the South where a parallel vein system exists and most significantly, throughout the main zone, at depth.
Fran Gold Project
The Fran Gold Project is next to Centerra Gold's Mt. Milligan Project, with Reserves of 264Mt grading 0.3 gram per tonne gold and 0.2% copper and proximate to Artemis Gold's Blackwater Mine, with Proven and Probable Reserves of 334Mt grading 0.8 grams per tonne gold. Both Mt. Milligan and the Blackwater Mine are two of the largest new mines in North America in the modern era. The Blackwater Mine has a Measured and Indicated Resource in excess of 10M ounces of gold.
Historical exploration and development planning at Fran focused on delineation of mid-high grade veins with an eye to underground mining of these veins. Very limited focus was placed on bulk tonnage and disseminated gold, although discussed in reports from 2006, no follow-up appears to have occurred. North Bay's recent ongoing focus has been the development of mid-high grade surface material as feedstock for its Bishop Gold Mill. This in turn has led to a re-evaluation of the project potential resulting in what is currently a dual focus with high grade surface material going to the Company's mill and further evaluation of the larger potential of the mass tonnage gold deposit. Data indicates substantial expansion potential at depth beyond 300m (984 feet) and extensions of the disseminated gold zones to the East and North-East where copper grades begin to rise. Drilling was stopped in these directions due to the loss of the mid-high grade veins that were the focus of historical exploration and these areas remain largely unexplored.
In addition to the bulk gold deposit, the Company continues to develop the project as mid-high grade feedstock for its 100 ton per day Bishop, California gold mill utilizing existing stockpiles and development of the surface oxide zone where trenching has shown consistent grade of 16 grams (0.5 ounces per ton) over 30m (110 feet) in trenches B+C.
Corporate Update
The Company has settled a demand loan totalling $361,951, and has now converted $350,000 of that debt into a 2 year secured debenture at 10% and issued warrant coverage on a dollar for dollar basis at an exercise price of $0.0007 totalling 500,000,000 warrants with a term of 3 years. Any shares issued (as a result of warrant exercise) are subject to a statutory one-year hold from the date of issuance of the debenture. A balance of $11,951 remains as a demand loan at the end of Q1 2025.
The Company has begun work with the Company's prior auditors for the purpose of returning to SEC reporting status and upon completion may commence the uplisting process.
On behalf of the Board of Directors of
North Bay ResourceS INC.
Jared Lazerson
CEO
X: @NorthBayRes
YouTube: North Bay Resources - YouTube
LinkedIn: North Bay Resources Inc | LinkedIn
This news release may contain certain "Forward-Looking Statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995 and applicable Canadian securities laws.
Photos accompanying this announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/3185942d-335c-4522-84fe-7253039eb433
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HIGHLIGHTS
The Pansy Pit MRE is shown in Table 1 on page 3.
Figure 1. Pansy Pit rotated and unclipped longsection view looking north with the optimised pit shell in grey, drill traces as black lines and the block model coloured by classification.
Figure 2. Pansy Pit rotated cross section view looking south at ~6,762,078mN +/- 10m with the optimised pit shell in black, drill traces as black lines and the block model coloured by estimated Au grade.
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