- Sarama Resources (SRMMF, Financial) has completed the acquisition of an 80% majority interest in the Mt Venn Gold Project in Western Australia.
- The deal expands Sarama's landholding to 1,000km² in the Laverton Gold District, enhancing exploration potential.
- An equity raise of A$2.7M has been secured to fund initial exploration at Mt Venn.
Sarama Resources Ltd. (SRMMF) announced the completion of its acquisition of an 80% majority interest in the 420km² Mt Venn Gold Project, located in the Eastern Goldfields of Western Australia. This deal, combined with the previous acquisition of the Cosmo Gold Project, creates a substantial 1,000km² landholding in the Laverton Gold District, renowned for its prolific gold endowment.
The acquisition terms include the issuance of 12 million Chess Depository Instruments (CDIs), a A$20,000 exclusivity fee, and approximately A$39,900 in project fees. The Mt Venn Project is strategically situated 35km from the producing Gruyere Gold Mine, featuring a 50km strike length regional shear zone and historical high-grade gold discoveries dating back to the 1920s.
The project operates under a joint venture with Cazaly Resources Limited, which retains a 20% interest. This joint venture structure includes a favorable 80-20 partnership, with Sarama's subsidiary managing exploration activities under a free-carry period until a Pre-Feasibility Study is completed.
To advance exploration efforts, Sarama recently raised A$2.7 million, focusing on initial investigative activities aimed at unlocking the potential of the Mt Venn Project. The region is underexplored, offering significant opportunities for new discoveries with its promising lithological and structural setting.
