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Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX‐ V:SWA) is pleased to announce that exploration drilling at its 100%-owned(4), multi-million-ounce Sanutura Project (the “Project”) has confirmed the presence of high-grade mineralisation within the central area of the Tankoro Deposit, with new downhole intersections from recent drilling including 23m @ 4.26g/t Au, 18m @ 3.63g/t Au and 11m @ 4.33g/t Au being returned.
Notably, the new results confirm the presence of a high-grade mineralised zone extending for 700m along strike and high-grade oblique mineralisation within the central area of the Tankoro Deposit. This area accounts for approximately 80% of the Mineral Resource for the deposit and is currently the economic focal point of the Project.
The reported drilling totals approximately 5,400m and reflects the balance of unreported assays of a multi-purpose drill program completed in H2 2022 which was primarily focussed on testing for new, near-surface mineralisation within the Tankoro Deposit. The successful program has delivered numerous high-grade discoveries which are anticipated to grow the oxide component of the Project’s 0.6Moz Au (Indicated) plus 2.3Moz Au (Inferred)(1) mining shape constrained Mineral Resource.
Highlights
- Extensive zones of high-grade mineralisation continue to be intersected within the Tankoro Deposit
- Highlighted downhole intersections from new assays include:
- 23m @ 4.26g/t Au from 30m in TAR044;
- 18m @ 3.63g/t Au from 24m in TAR043;
- 11m @ 4.33g/t Au from 30m in TAA320;
- 26m @ 2.09g/t Au from 2m in TAA318;
- 15m @ 2.37g/t Au from 7m in TAA321;
- 18m @ 2.02g/t Au from 21m in TAA362; and
- 22m @ 1.74g/t Au from 25m in TAA413.
- Significant zone of high-grade mineralisation delineated over a strike length of 700m
- Oblique lodes continue to demonstrate enriched grade, highlighting value potential
- Drill results support strike extensions for several mineralised lodes
- Intersections are in near-surface oxide material with potential to provide early feed in any mine development
- Intersections enhance confidence level of the near-surface oxide and transition component of the Mineral Resource, currently standing at a substantial 0.2Moz Au (Indicated) plus 0.8Moz Au (Inferred)(2)
- 2023 exploration to focus on the Bondi Deposit, located in the north of the Sanutura Project
Sarama’s President, CEO & MD, Andrew Dinning commented:
“We are excited that we continue to make new, near-surface discoveries and extend areas outside of the modelled mineralization. The central area of the Tankoro Deposit hosts almost 80% of its contained metal and remains the economic focus of the Project and the drill results received from the 20,000m of drilling completed in the current campaign support management’s view that abundant exploration potential remains. We have made multiple new high- grade discoveries proximal to but outside of the Mineral Resource and also developed a new exploration target model reminiscent of Endeavour Mining’s flat, high-grade Kari Pump Deposit which lies 80km away. The recent discoveries are expected to add to the current Mineral Resource which we plan to update after the completion and follow up of the current +50,000m program, a majority of which is shallow, cost-effective aircore drilling.”
Figure 1 - Tankoro Deposit Location Plan – Continual Success in CY2022 Drilling Program
Drilling Delineates High-Grade Zones in Oxide Material within the Central Area of Tankoro Deposit
Results are reported (refer Appendix A) for approximately 1,200m (20 holes) of aircore (“AC”) and reverse-circulation (“RC”) drilling undertaken in Q2/Q3 2022 within the central area of the Tankoro Deposit at the MC and MM Prospects which targeted high-grade zones of mineralisation close to surface. These prospects are the economic focal points of the deposit and the targeted areas would notionally provide early feed for a potential oxide open pit mine development.
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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.
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Sarama Resources
Investor Insight
Sarama Resources offers a compelling investment opportunity driven by a +US$120 million fully-funded arbitration claim and two new belt-scale gold projects encompassing 1,000 km2 of the Cosmo Newbery and Jutson Rocks Greenstone Belts in Western Australia’s prolific Eastern Goldfields.
Overview
Sarama Resources (TSXV:SWA,ASX:SRR) is an Australian gold exploration and development company with two key value drivers: a fully funded, multi-million-dollar arbitration claim and two highly prospective gold projects in Western Australia’s Eastern Goldfields. Each of these presents significant standalone value, while together they offer strong upside and optionality for investors.
Sarama recently secured the Cosmo Newbery and Mt Venn Gold Projects, covering 580km² and 420km² respectively. These projects encompass the majority of the greenstone belts they are located within - regions historically underexplored but geologically similar to the nearby Dorothy Hills belt, host to Gold Fields’ +8Moz Gruyere Gold Mine. Both projects offer a compelling exploration opportunity in one of Australia’s most prolific gold provinces.
In parallel, Sarama is advancing a fully funded arbitration claim against the Government of Burkina Faso, seeking no less than US$120 million in damages. The claim is backed by a non-recourse loan facility, with leading international law firm Boies Schiller Flexner - renowned for securing large settlements - engaged to lead proceedings.
The Company is led by a highly experienced board and management team with a strong track record in gold discovery and development, including the +25Moz Kibali Gold Mine and the +3Moz Sanutura Gold Project.
Sarama’s Regional Exploration Strategy
Sarama’s regional strategy is centred on unlocking value across 1,000km² of contiguous, underexplored greenstone terrane in one of Australia’s most productive gold provinces. With 100% control of the Cosmo Gold Belt and a majority stake in Mt Venn, Sarama is strategically positioned between two of the region’s most prolific gold belts - Yamarna/Dorothy Hills to the east and Laverton to the west.
Both projects share key geological signatures with nearby multi-million-ounce deposits and benefit from existing infrastructure and access. The Company’s exploration efforts will focus on high-priority targets across both belts, with systematic programs planned throughout 2025 to rapidly advance discovery.
Together, Cosmo Newbery and Mt Venn offer a rare opportunity to explore at scale in a region that has delivered some of the largest gold discoveries in recent decades - yet remains largely underexplored.
Company Highlights
- Sarama Resources is advancing two key value drivers: a fully funded, multi-million-dollar arbitration claim and two highly prospective belt-scale gold projects in Western Australia’s Eastern Goldfields.
- The flagship Cosmo Gold Project spans 580km², covering much of the underexplored Cosmo Newbery Greenstone Belt. Complementing this, Sarama holds an 80% interest in the 420km² Mt Venn Project, located just 40km from both its Cosmo Project and Goldfields +8Moz Gruyere Gold Mine. The region has remained largely under-explored due to historical access restrictions, leaving considerable untapped potential.
- The Company is also pursuing a fully funded arbitration claim seeking not less than US$120 million in damages from the Government of Burkina Faso. This claim, related to the Sanutura Project, is supported by a non-recourse funding facility covering all legal costs, with formal proceedings initiated in December 2024.
- Sarama is led by a seasoned team with all members having over 30 years’ experience each and a strong track record in gold discovery and development.
Key Projects
Cosmo Newbery Gold Project
The Cosmo Gold Project is a unique, underexplored, belt-scale gold opportunity in Western Australia's prolific Eastern Goldfields. Sarama holds the entire Cosmo Newbery Greenstone Belt under granted exploration licenses covering approximately 583km². The belt is one of the few remaining greenstone belts in Western Australia to have seen little to no modern exploration.
The project is located approximately 85 km northeast of Laverton and 95 km west of the +8Moz Gruyere Gold Mine, operated by Gold Fields and Gold Road. The surrounding region hosts several world-class gold systems, including the Yamarna and Dorothy Hills belts to the east (home to Gruyere, the 1Moz Golden Highway, and 300koz Gilmore deposits) and the Laverton Belt to the west, with over 35Moz in gold endowment and 12Moz of historic production.
Cosmo shares strong geological and structural similarities with these prolific belts. Key elements of orogenic gold systems are present, including:
- Archaean greenstone lithologies
- Crustal-scale shear zones
- Felsic intrusions
- Localised faulting and shearing
- Historic gold mineralisation and high-grade rock chips (up to 52 g/t Au)
Despite gold first being discovered here in the 1890s, the region has seen virtually no modern exploration or drilling, offering a unique opportunity to unlock value in a highly prospective setting.
Project Highlights
- Proven Gold Terrane: Located in a world-class gold province surrounded by major deposits
- Scale and Control: 100% control of the entire Cosmo-Newbery Belt, spanning +50 km of strike
- Underexplored: Minimal historical exploration; no modern drilling of merit
- Historic Potential: Early gold discoveries in the 1890s with artisanal workings still visible
- Strategic Location: Proximal to major gold operations including the Gruyere Gold Mine and multiple large scale mines in the Laverton gold belt
Mt Venn Gold Project
The Mt Venn Gold Project is a large-scale, underexplored gold exploration asset in Western Australia’s Eastern Goldfields, located approximately 40 km east of Sarama’s Cosmo Newbery Gold Project and 40 km west of the +8Moz Gruyere Gold Mine. Sarama holds an 80% interest in the project, which spans 420km² across a substantial portion of the Jutson Rocks Greenstone Belt - a geologically prospective system with gold first discovered in the 1890s.
Mt Venn shares many geological similarities with the Cosmo Project, and is viewed as a complementary, belt-scale exploration opportunity. The project comprises three contiguous exploration tenements and hosts a 35km gold corridor, defined by semi-continuous gold-in-soil anomalies, historic workings, and encouraging drill intercepts. Historic drilling has returned multiple results of merit, including intercepts up to 8.5 g/t Au, over a 4km trend at the Three Bears Prospect.
Geologically, Mt Venn is highly prospective, featuring:
- Archaean greenstone lithologies
- A major regional shear zone running the full 50km length of the belt (1–3 km wide)
- Favourable structural and lithological settings for orogenic gold mineralisation
Despite early discoveries, the project will benefit from a systematic, project-wide approach to exploration and offers substantial discovery potential in a proven gold district.
Project Highlights
- Proven Gold Terrane: Covers a significant part of the Jutson Rocks Greenstone Belt in a region known for major gold discoveries
- Contiguous Tenure: 420km² across three tenements, including a 35km anomalous gold corridor
- Geological Potential: Hosts a large regional shear zone with associated gold mineralisation and strong structural controls
- Historic Workings: Gold discovered in the 1890s; limited systematic follow-up exploration
- Drill-Ready Targets: Historical drilling includes intercepts up to 8.5 g/t Au at the Three Bears Prospect
- Strategic Location: Positioned 40 km from Gruyere (+8Moz), 20 km from the 1Moz Golden Highway deposit, and 40 km from Sarama’s Cosmo Gold Project
Management Team
Andrew Dinning – Executive Chairman
Andrew Dinning is a founder and the Executive Chairman of Sarama Resources. Dinning has over 35 years of experience in the international mining arena and has worked in Australia, the Democratic Republic of Congo, West Africa, the UK and Russia. 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.
John (Jack) Hamilton - Vice-president of Exploration
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 30 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 - Vice-president of Corporate Development
Paul Schmiede is a major shareholder and the Vice President of Corporate Development at Sarama Resources. He is a mining engineer with over 30 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 Goldmines, 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 Goldfields 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 - Chief Financial Officer
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 - Non-executive Director
Simon Jackson is a founder, shareholder and non-executive chairman of Sarama Resources. Jackson is a Chartered Accountant with over 30 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 capital 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 - Non-executive Director
Adrian Byass has more than 30 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 multiple countries. He has also held 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.
He 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).
Michael Bohm - Non-executive Director
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.
Top 5 Canadian Mining Stocks This Week: Guardian Exploration Gains 94 Percent
The projects include the Phase 2 expansion of LNG Canada’s Kitimat facility, which will double capacity of liquified natural gas to 28 million metric tons per annum, the development of Foran Mining's (TSX:FOM) McIlvenna Bay copper-zinc mine in Saskatchewan, and an expansion of Newmont (TSX:NGT,NYSE:NEM,ASX:NEM) and Imperial Metals' (TSX:III) Red Chris copper-gold mine in Northern British Columbia.
Carney also stated that a second set of projects would be announced before the CFL’s Grey Cup on November 16.
In major M&A news, mining giants Teck (TSX:TECK.B,TSX:TECK.A,NYSE:TECK) and Anglo American (LSE:AAL,OTCQX:AAUKF) announced on Monday (September 8) that they would combine in a US$70 billion “merger of equals.” If approved, the resulting company will be called Anglo Teck, and will be headquartered in Vancouver, British Columbia.
In a news release, Teck said the deal would create US$800 million in pre-tax recurring annual synergies by year four, with US$1.4 billion in pre-tax yearly earnings from optimizations at the adjacent Collahuasi and Quebrada Blanca copper mines in Chile.
Barrick Mining (TSX:ABX,NYSE:B) announced on Wednesday (September 10) that it had reached an agreement to sell its Hemlo Gold Mine in Ontario to Carcetti Capital, which will be renamed Hemlo Mining, for gross proceeds of US$1.09 billion through a combination of cash and shares.
The sale marks Barrick's continued divestment of non-core assets following the sale of its Donlin and Alturas projects earlier in the year.
Also, this week saw the TSX release its annual TSX30 top companies list, which included 17 resource companies, 15 of which are precious-metals-focused. The top three precious metals stocks were Lundin Gold (TSX:LUG,OTCQX:LUGDF), Avino Silver & Gold (TSX:ASM) and New Gold (TSX:NGD,NYSE:NGD). The top overall company was Celestica (TSX:CLS), which focuses on AI supply chain optimizations.
In other TSX news, Newmont applied to delist its shares from the exchange on Wednesday citing low trading volumes. The company has been looking to cut overhead in recent years, and the move could lower administrative costs and improve efficiency, Reuters reports.
South of the border, the US Bureau of Labor Statistics released its consumer price index data on Thursday, which showed inflation had ticked up to 2.9 percent over the same period last year. The numbers, along with last week’s weak jobs report, will be factors for the Federal Reserve when it meets for its September meeting next week.
As of Friday afternoon, over 95 percent of analysts are expecting the central bank to make a 25 point cut to the rate, bringing it to the 4 to 4.25 percent range.
For more on what’s moving markets this week, check out our top market news.
Markets and commodities react
Canadian equity markets were mostly positive this week. The S&P/TSX Composite Index (INDEXTSI:OSPTX) set another new record high on Thursday, climbing to 29,409.74 before retreating to end the week up 0.97 percent to 29,283.82.
The S&P/TSX Venture Composite Index (INDEXTSI:JX) performed even better, climbing 3.67 percent to finish Friday at 879.67. However, the CSE Composite Index (CSE:CSECOMP) went the opposite direction, shedding 2.17 percent to end the week at 153.81.
The gold price was in focus again this week as it climbed to a new record high of US$3,667 per ounce on Tuesday, as analysts predict a rate cut by the Federal Reserve when it meets next week. Gold ended the week up 2.74 percent at US$3,642.70 per ounce.
Silver had a similarly explosive week, climbing past US$42 per ounce for the first time since 2011 and gaining 3.82 percent on the week to close Friday at US$42.16.
Copper also saw gains this week rising 2.17 percent to US$4.65 per pound. Meanwhile, the S&P Goldman Sachs Commodities Index (INDEXSP:SPGSCI) posted a slight decrease of 0.1 percent to end the week at 548.34.
Top Canadian mining stocks this week
How did mining stocks perform against this backdrop?
Take a look at this week’s five best-performing Canadian mining stocks below.
Stocks data for this article was retrieved at 4:00 p.m. EDT on Friday using TradingView's stock screener. Only companies trading on the TSX, TSXV and CSE with market caps greater than C$10 million are included. Mineral companies within the non-energy minerals, energy minerals, process industry and producer manufacturing sectors were considered.
1. Guardian Exploration (TSXV:GX)
Weekly gain: 94.44 percent
Market cap: C$14.34 million
Share price: C$0.175
Guardian Exploration is an exploration and development company with a portfolio of oil and gas and mineral properties.
Among its properties is the Sun Dog gold project covering an area of 9,415 hectares in the Kivalliq Region in Nunavut, Canada. The site is located near the historic Cullaton Lake mine, which produced 100,000 ounces of gold between October 1981 and September 1985.
The company acquired the project on May 2 from New Break Resources (CSE:NBRK). Under the terms of the deal, Guardian received a 100 percent interest in the property, along with mineral rights and 60 drums of Jet A fuel in exchange for 5 million shares and a cash payment of C$75,000.
Guardian also reimbursed New Break C$18,830 for annual rent and granted New Break the option to buy back a 20 percent interest in the property for C$1.00.
The most recent news from the project came on Monday, when the company reported that it is commencing a one-month field program at the site that will include geological mapping, soil sampling and trenching. Guardian plans to perform follow-up exploration and drilling in 2026.
2. Sokoman Minerals (TSXV:SIC)
Weekly gain: 80 percent
Market cap: C$13.57 million
Share price: C$0.045
Sokoman Minerals is a discovery-oriented company with a portfolio of gold projects and one of the largest land positions in Newfoundland and Labrador, Canada. It also owns a 40 percent stake in the Killick lithium project, a 40/40/20 joint venture with Benton Resources (TSXV:BEX,OTC:BNTRF) and Piedmont Lithium (OTC Pink:PLLTL).
Its primary focus is on its flagship Moosehead gold project located in Central Newfoundland. The advanced project consists of 98 claims covering 2,450 hectares and hosts an orogenic Fosterville-style gold system, according to Sokoman. The company has defined seven zones with high-grade mineralization through over 130,000 meters of drilling.
Sokomon announced on Friday that it was commencing diamond drilling at the site with the focus on testing the Eastern and Western Trend gold zones for depth extensions as well as undiscovered parallel zones. The drill holes will test to a depth of 1,000 meters.
Additionally, the company reported on September 2 that it expanded its land position at its Crippleback Lake gold-copper property to 13,000 hectares and planned to mobilize for induced polarization surveys, sampling and mapping of the site immediately.
3. CopAur Minerals (TSXV:CPAU)
Weekly gain: 61.11 percent
Market cap: C$11.84 million
Share price: C$0.145
CopAur is a gold exploration and development company advancing its flagship Kinsley Mountain oxide gold project in Nevada, United States.
The project is home to a historic open pit gold mine that produced approximately 138,000 ounces between 1995 and 1999. According to the project page, the property hosts an indicated mineral resource of 418,000 ounces of gold with an average grade of 2.63 grams per metric ton (g/t) gold.
On August 7, the company announced that it was shifting its full focus to advance work at its Kinsey Mountain project.
The company’s most recent news came on Monday when it reported that it had hired Andrew Neale as its new CEO. Neale brings more than 35 years of mining experience to CopAur and has held senior positions with Freeport-McMoRan (NYSE:FCX) where he oversaw operations at its Grasberg copper-gold mine in Indonesia.
The company added that it was currently awaiting a decision from the Nevada Bureau of Land Management on a pair of permits for the Kinsey Mountain site, with one allowing it to test for reclamation at the heap leach pad and the other to allow it to restart production.
4. Silver North Resources (TSXV:SNAG)
Weekly gain: 60 percent
Market cap: C$26.72 million
Share price: C$0.40
Silver North Resources is primarily focused on advancing a portfolio of silver assets in the Yukon, Canada.
Its flagship Haldane silver project covers an area of 8,164 hectares in the Yukon’s Keno Hill Silver District and has seen silver exploration dating back to the late 1800s. The property hosts several deposits, including the Main Fault and the West Fault targets, which have produced high-grade silver assays up to 3,267 g/t over 1.26 meters at the West Fault and both zones hosting additional amounts of gold, lead, and zinc.
The company announced on August 15 that it commenced a 10 hole drill program at Haldane to follow up on the discovery of the Main Fault zone in 2024.
Additionally, the company announced on August 20 that it had begun its initial exploration program at the Veronica property at its GDR project in the Yukon. The program is eligible for partial funding up to C$30,000 as part of the Yukon Mineral Exploration Program.
5. Blue Star Gold (TSXV:BAU)
Weekly gain: 53.12 percent
Market cap: C$25.67 million
Share price: C$0.245
Blue Star Gold is a gold exploration and development company operating in Nunavut, Canada.
Its flagship asset is the Ulu gold project, which includes the Ulu mining lease and the Hood River property, together forming a 12,000 hectare land package. The property features a renewable 21 year mining lease for the advanced-stage Flood Zone deposit.
As per a February 2023 updated mineral resource estimate (MRE), Ulu holds a measured and indicated resource of 572,000 ounces of gold from 2.54 million metric tons of ore at an average grade of 7.02 g/t gold, along with an additional inferred resource of 303,000 ounces of gold from 1.28 million metric tons of ore at 7.34 g/t.
Blue Star also owns the Roma gold project, located on 11,532 hectares of crown mineral claims and 4,119 hectares of mineral exploration agreements in Nunavut's High Lake greenstone belt.
On Wednesday, Blue Star reported results from surface samples at its Auma prospect at Roma. The company said it had collected a total of 133 samples, with 44 returning gold grades above 1 g/t, including two samples with grades of 151 g/t and 125 g/t gold. The sampling program extended Zone 3, which is untested by drilling, by an additional 35 meters for a strike length of 130 meters.
Additionally, Blue Star also found high values of copper in quartz veining, with one sample producing a grade of 7.64 g/t gold and 4.2 percent copper.
FAQs for Canadian mining stocks
What is the difference between the TSX and TSXV?
The TSX, or Toronto Stock Exchange, is used by senior companies with larger market caps, and the TSXV, or TSX Venture Exchange, is used by smaller-cap companies. Companies listed on the TSXV can graduate to the senior exchange.
How many mining companies are listed on the TSX and TSXV?
As of May 2025, there were 1,565 companies listed on the TSXV, 910 of which were mining companies. Comparatively, the TSX was home to 1,899 companies, with 181 of those being mining companies.
Together, the TSX and TSXV host around 40 percent of the world’s public mining companies.
How much does it cost to list on the TSXV?
There are a variety of different fees that companies must pay to list on the TSXV, and according to the exchange, they can vary based on the transaction’s nature and complexity. The listing fee alone will most likely cost between C$10,000 to C$70,000. Accounting and auditing fees could rack up between C$25,000 and C$100,000, while legal fees are expected to be over C$75,000 and an underwriters’ commission may hit up to 12 percent.
The exchange lists a handful of other fees and expenses companies can expect, including but not limited to security commission and transfer agency fees, investor relations costs and director and officer liability insurance.
These are all just for the initial listing, of course. There are ongoing expenses once companies are trading, such as sustaining fees and additional listing fees, plus the costs associated with filing regular reports.
How do you trade on the TSXV?
Investors can trade on the TSXV the way they would trade stocks on any exchange. This means they can use a stock broker or an individual investment account to buy and sell shares of TSXV-listed companies during the exchange's trading hours.
Top 5 Canadian Mining Stocks This Week: Kirkland Lake Discovery Gains 88 Percent
Top 5 Canadian Mining Stocks This Week: Kirkland Lake Discovery Gains 88 PercentTop 5 Canadian Mining Stocks This Week: San Lorenzo Gold Shines with 329 Percent GainArticle by Dean Belder; FAQs by Lauren Kelly.
Don't forget to follow us @INN_Resource for real-time updates!
Securities Disclosure: I, Dean Belder, hold no direct investment interest in any company mentioned in this article.
Securities Disclosure: I, Lauren Kelly, hold no direct investment interest in any company mentioned in this article.
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