Sarama Resources Expands in Western Australia's Goldfields

Sarama Resources Ltd. has entered an agreement to acquire a majority interest in the 420km² Mt Venn Project in Western Australia. This follows its recent acquisition of the Cosmo Project nearby. The Mt Venn Project lies in the Eastern Goldfields, a region known for its gold richness. Through a deal with Orbminco Limited, Sarama aims to consolidate its position in the Laverton Gold District. The transaction involves Sarama obtaining interests in three exploration licenses, enhancing the potential for significant gold discoveries.

The project area is geologically favorable, encompassing diverse rock sequences and a prominent shear zone. Historical exploration has identified multiple gold occurrences, though many targets remain untested. The potential for base metals and platinum group elements has also been noted, with previous work detecting signs of copper, nickel, and zinc.

The acquisition, subject to various approvals, includes the issuance of 12 million Chess Depository Instruments to Orbminco. Once completed, Sarama will manage the joint venture with current project operator Yamarna West Pty Ltd.