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Sarama Resources Provides Update on Status of Exploration Permit
PERTH, AUSTRALIA and VANCOUVER, BC / ACCESSWIRE / September 5, 2023 / Sarama Resources Ltd. (" S...
About this update from Sarama Resources Ltd.
[{"type":"text","content":"Sarama Resources Provides Update on Status of Exploration PermitPERTH, AUSTRALIA and VANCOUVER, BC / ACCESSWIRE / September 5, 2023 / Sarama Resources Ltd. (\"Sarama\" or the \"Company\") (ASX:SRR)(TSXV:SWA) advises that it has received notification (\"Notification\") from the Ministry of Energy, Mines and Quarries of Burkina Faso (the \"Government\") that it has withdrawn the Company's rights to the 100% owned Tankoro 2 Exploration Permit (the \"Permit\").The Permit hosts the Tankoro Deposit (Mineral Resource of 0.6Moz Au Indicated and 1.9Moz Au Inferred(1)) which is the central component of the Company's multi-million-ounce Sanutura Project (the \"Project\"). The Project has been the subject of a preliminary economic assessment which was due for completion and release imminently; however, following receipt of the Notification, this has been suspended.Sarama has been active on the Permit for 12 years and its mineral tenure was most recently confirmed with the granting of the Permit on November 24, 2021 by the then Minister of Energy, Mines and Quarries, Minister Dr Bachir Ouédraogo and the subsequent payment of the prescribed issuance fees within the requisite timeframe, on November 29, 2021 (refer news release December 1, 2021).Under the applicable Burkina Faso laws, following the grant of an exploration permit, the Government issues the respective arrêté (or licence certificate(4)) which is an administrative process. The Company has successfully been re-issued exploration permits through this same process on multiple occasions, and as recently as August 3, 2023, in respect of the Ouangoro 2 Exploration Permit.The Notification states that the Company's application for the Permit was unsuccessful. This is inconsistent with, and contradictory to formal correspondence from the Government. The Company stridently disagrees with the withdrawal of its rights and intends to pursue all avenues to appeal this decision.The Company retains 100% ownership of its fully issued permits which include the Djarkadougou 2 Exploration Permit which was reissued July 30, 2021 followed by the receipt of the arrêté on January 6, 2023 and hosts the Bondi deposit (0.5Moz Au Inferred Mineral Resource(2)). The Company also retains an 18 percent interest in the Karankasso Project JV (Mineral Resource of 0.7Moz Au Inferred(3)).The C...