{"id":11950,"date":"2024-11-05T00:51:56","date_gmt":"2024-11-05T00:51:56","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/11\/05\/sarama-resources-key-milestone-in-cosmo-gold-project-acquisition\/"},"modified":"2024-11-05T00:51:56","modified_gmt":"2024-11-05T00:51:56","slug":"sarama-resources-key-milestone-in-cosmo-gold-project-acquisition","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/11\/05\/sarama-resources-key-milestone-in-cosmo-gold-project-acquisition\/","title":{"rendered":"Sarama Resources \u2013 Key Milestone in Cosmo Gold Project Acquisition"},"content":{"rendered":"<\/p>\n

Sarama Resources Ltd.<\/strong> (\u201cSarama\u201d or the \u201cCompany\u201d) (ASX:SRR, TSX- V:SWA) is pleased to advise that the shareholders of Cosmo Gold Ltd (\u201cCosmo\u201d) have voted in favour of Sarama\u2019s acquisition of a majority interest(1) in the Cosmo Gold Project (the \u201cProject\u201d) in Western Australia. This shareholder approval was a key outstanding condition to be satisfied for the Transaction (defined below) to be completed. <\/p>\n

The acquisition now has approval from the shareholders of both Sarama and Cosmo and Sarama has received requisite approval and conditional approval from securities exchanges in Australia and Canada respectively. It is anticipated the Transaction will be completed in mid-November 2024.<\/p>\n

The 580km\u00b2 Cosmo Gold 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 (refer Figure 1). As one of the last effectively unexplored greenstone belts in Western Australia, the Project presents a unique and compelling opportunity for the Company. <\/p>\n

Highlights <\/strong><\/p>\n

Sarama acquiring a majority interest in, and control of, Cosmo Gold Project in Western Australia
\nSarama acquiring an initial 80% interest(1) with ability to increase to 100% in the majority of the Project(1)
\n580km\u00b2 landholding capturing +50km strike length in highly prospective gold producing region; 95km from both the world-class Gruyere Mine and Laverton gold district
\nProject captures one of the last effectively unexplored greenstone belts in Western Australia; virtually no effective exploration undertaken for several decades
\nProject is very well located being only a 4 hour drive from Kalgoorlie on predominantly paved roads
\nAll shareholders approvals for the Transaction secured
\nKey conditions precedent satisfied and completion of transaction anticipated in mid-November 2024
\nMeetings with Traditional Owners confirm support for Sarama\u2019s involvement and its planned endeavours
\nSoil geochemistry program underway to generate regional targets in unexplored areas <\/p>\n

<\/div>\n

Sarama\u2019s Executive Chairman, Andrew Dinning commented:<\/strong><\/p>\n

\u201cWe are pleased to have passed this major milestone and look forward to finalizing the acquisition of a majority interest in the Cosmo Gold Project in the coming weeks. Together with Cosmo, we have commenced our first soil geochemistry program which will continue over the next 6-8 weeks and feed into larger targeting efforts and work up of drill targets for the 2025 exploration season.\u201d <\/em><\/em><\/p>\n

Cosmo Newbery Project<\/strong><\/p>\n

The Project is comprised of 7 contiguous exploration tenements covering approximately 580km\u00b2 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.<\/p>\n

The Project captures one of the last unexplored greenstone belts in Western Australia and with a strike length of +50km, the Cosmo Newbery Belt represents a large and prospective system with gold first being discovered in the area in the 1890\u2019s. Multiple historical gold workings are documented within the Project area and work undertaken to date, has identified multiple exploration targets for follow up.<\/p>\n

Despite this significant prospectivity, the Project has seen virtually no modern exploration or drilling of merit due to a lack of land access persisting over a significant period. As a result, the Project has not benefited from the evolution of geochemical and geophysical techniques which now facilitate effective exploration in deeply weathered and complex regolith settings which is particularly pertinent given approximately 75% of the Project area is under cover.<\/p>\n

Following the relatively recent securing of land access, the Project is now available for systematic and modern-day exploration programs to be conducted on a broad-scale. It is anticipated that future exploration programs will initially follow-up preliminary targets generated from regional soil sampling and limited reconnaissance drilling programs, a majority of which extended to approximately 5m below surface with a small percentage extending up to 30m below surface. <\/p>\n<\/p>\n

Click here for the full ASX Release<\/strong><\/p>\n<\/p>\n

This post appeared first on investingnews.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Sarama Resources Ltd. (\u201cSarama\u201d or the \u201cCompany\u201d) (ASX:SRR, TSX- V:SWA) is pleased to advise that the shareholders of Cosmo Gold Ltd (\u201cCosmo\u201d) have voted in favour of Sarama\u2019s acquisition of a majority interest(1) in the Cosmo Gold Project (the \u201cProject\u201d) in Western Australia. This shareholder approval was a key outstanding condition to be satisfied for […]<\/p>\n","protected":false},"author":0,"featured_media":11951,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"class_list":["post-11950","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/11950","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=11950"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/11950\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/11951"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=11950"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=11950"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=11950"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}