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Sarama Resources Announces Strategic Investment By Silver Lake Resources To Advance Southern Hounde Belt Projects In Burkina Faso
VANCOUVER, CANADA / ACCESSWIRE / April 9, 2019 / Sarama Resources Limited (" Sarama" or th...
About this update from Sarama Resources Ltd.
[{"type":"text","content":"Sarama Resources Announces Strategic Investment By Silver Lake Resources To Advance Southern Hounde Belt Projects In Burkina FasoVANCOUVER, CANADA / ACCESSWIRE / April 9, 2019 / Sarama Resources Limited (\"Sarama\" or the \"Company\") (TSXV: SWA) is pleased to announce that ASX listed mid-tier gold producer, Silver Lake Resources Limited will become a cornerstone investor in Sarama by investing C$2,500,000 as part of a larger non-brokered private placement (the \"Private Placement\") to raise gross proceeds of up to C$4,500,000. The Private Placement will involve the issuance of up to 52,941,176 common shares of Sarama (the \"Shares\") at a price of C$0.085 per Share.Andrew Dinning, Sarama resources CEO commented: \"We are pleased that an astute, growth-oriented, gold producer like Silver Lake Resources has decided to invest in Sarama as part of its stated strategy of supporting well credentialed management teams to pursue and advance prospective projects. We welcome them as a new cornerstone investor and look forward to realising the benefits this relationship will bring.We intend to use proceeds from this raise to consolidate and advance our interests in the prolific Houndé Belt in south-west Burkina Faso where we intend to grow our already significant oxide and free-milling mineral resource base and define the development opportunity that is now before us.\" Figure 1- Sarama Resources' Exploration and Development Projects in South-West Burkina Faso The proceeds of the Private Placement will be used to fund payments to regain 100% ownership of the South Houndé Project (news release dated 27 November 2018), exploration activities and to meet working capital requirements of the Company. Sarama intends to undertake a resource development program to firm-up and expand existing oxide and free-milling mineral resources on the South Houndé and ThreeBee Projects.The South Houndé Project hosts an inferred mineral resource of 2.1Moz Au(1), including an oxide and transition component of 611koz Au(1). The ThreeBee Project hosts the Bondi Deposit which has a historical mineral resource(1) of 282koz Au measured and indicated; and 150koz Au inferred. Together, these projects form the foundation for possible development in the region.Exploration drilling in 2018 has identified extensions to the Bondi Deposit and new zones ...