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Sarama Resources Advances Acquisition of Gold Project in Western Australia
Binding Agreement Executed for the Large, Effectively Unexplored Cosmo Newbery Gold Project ...
About this update from Sarama Resources Ltd.
[{"type":"text","content":"Sarama Resources Advances Acquisition of Gold Project in Western AustraliaBinding Agreement Executed for the Large, Effectively Unexplored Cosmo Newbery Gold Project PERTH, AUSTRALIA AND VANCOUVER, BC / ACCESSWIRE / August 13, 2024 / Sarama Resources Ltd. (\"Sarama\" or the \"Company\") (ASX:SRR)(TSX-V:SWA) is pleased to announce that it has entered into a binding agreement to acquire a majority interest(1) in the Cosmo Newbery Gold Project (the \"Project\") in Western Australia (refer Figure 1).The 580km² project(2) covers the entirety of the Cosmo-Newbery Greenstone Belt and is located approximately 85km north-east of Laverton in a region known for its prolific gold endowment. As one of the last effectively unexplored greenstone belts in Western Australia, the Project presents a unique and compelling opportunity for the Company.HighlightsBinding agreement to acquire majority interest and control of Cosmo Newbery Gold Project in Western Australia580km² landholding capturing +50km strike length in highly prospective gold producing regionOne of the last effectively unexplored greenstone belts in Western AustraliaVirtually no effective exploration undertaken for several decadesExcellent access to infrastructure and nearby producing gold minesSarama to initially acquire an 80% interest in the majority of the Project(1)Ability for Sarama to increase ownership to 100% in the majority of the Project(1) via an option to acquire the vendor's remaining interest within a 2-year period post completionSarama's President, CEO & MD, Andrew Dinning commented:\"We are pleased to have reached this milestone in the acquisition of a majority interest in the Cosmo Newbery Gold Project and look forward to completing the transaction in due course. The Company considers the Project to be highly prospective for a number of commodities and its scale, location, favourable geological setting and truly underexplored status presents a unique exploration opportunity.\"Cosmo Newbery ProjectThe Project is comprised of 7 contiguous exploration tenements covering 580km² in the Eastern Goldfields of Western Australia, approximately 85km north-east of Laverton and 95km west of the world-class Gruyere Gold Mine. The Project is readily accessible via the Great Central Road which services the Cosmo Newbery Community.The Project captures one of the ...