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.
(TheNewswire)
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March 31, 2025 TheNewswire - Vancouver, British Columbia Blue Lagoon Resources Inc. (the "Company") (CSE: BLLG; FSE: 7BL; OTCQB: BLAGF) is pleased to announce that it has closed a third tranche of its previously announced non-brokered private placement (the "Offering"), bringing the total funds raised across the three tranches to $2,646,750 .
In this third tranche, the Company issued 5,397,000 units (the "Units") at a price of $0.25 per Unit, raising gross proceeds of $1,349,250 .
"We are very pleased to close another successful tranche of our financing, which saw participation from both new and existing shareholders," said Rana Vig, President and CEO of Blue Lagoon Resources . "This continued support underscores the confidence in our vision as we move closer to commencing gold and silver production at Dome Mountain . These funds will be instrumental in completing the final preparations of the mine site , including the completion of our water treatment facility , and will also provide initial working capital to support the transition to production ." he said.
Each Unit in the Offering consists of one common share in the capital of the Company and one-half of one transferrable common share purchase warrant. Each whole warrant (a "Warrant") entitles the holder to purchase one additional common share of the Company at an exercise price of $0.35 per share until March 28, 2027. The proceeds raised from the Offering are expected to be used to finish the installation of the water treatment facility at the mine site, other preparatory work and for general corporate purposes. The securities issued under the Offering are subject to a four month hold period expiring on July 29, 2025, in accordance with applicable Canadian securities laws.
Any production decision in advance of obtaining a feasibility study of mineral reserves demonstrating economic and technical viability of the project is associated with increased uncertainty and risk of failure.
About Blue Lagoon Resources Inc.
Blue Lagoon Resources is a Canadian based publicly listed mining company (CSE: BLLG; FSE: 7BL; OTCQB: BLAGF) focused on building shareholder value through the aggressive development of its 100% owned Dome Mountain Gold project. The Company is run by professionals with significant finance and mining experience and operates within a prime mining jurisdiction in British Columbia, Canada. With the granting of a full mining permit, a key milestone achieved in February 2025 - one of only nine such permits issued in British Columbia since 2015 - Blue Lagoon is now focused on last preparatory activities and tasks related to the safe and secure opening of the Dome Mountain Gold Mine, targeting Q3 2025 as the start of gold production . The Company's primary objective has always been to become a cash-flowing mining company, to ultimately deliver tangible monetary value to shareholders, state, and local communities.
For further information, please contact:
Rana Vig
President and Chief Executive Officer
Telephone: 604-218-4766
Email: ranavig@bluelagoonresources.com
The CSE has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
Statement Regarding Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address events or developments that Blue Lagoon Resources Inc. (the "Company") expects to occur, are forward-looking statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "targets", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential", "mine", "production" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in the forward-looking statements. Factors that could cause the actual results to differ materially from those in forward-looking statements include results of exploration activities may not show quality and quantity necessary for further exploration or future exploitation of minerals deposits, volatility of gold and silver prices, delays in mine development activities, future cash flow expectations and continued availability of capital and financing, permitting and other approvals, and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management, contractors and consultants on the date the statements are made. Except as required by applicable securities laws, the Company undertakes no obligation to update these forward-looking statements in the event that management's, contractor's and consultants' beliefs, estimates or opinions, or other factors, should change.
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Yukon Metals (CSE: YMC) (OTCQB: YMMCF)
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