Sarama Updates on Progress of Cosmo Gold Project Acquisition
Sarama Resources announced progress on its acquisition of the Cosmo Gold Project in Western Australia. Field exploration, including soil geochemistry programs, is underway. Meetings with local Traditional Owner groups have been positive. The acquisition, involving an 80% interest in most exploration licences, awaits shareholder approval at Cosmo Gold's AGM on November 4, 2024, with completion expected by mid-November. The 580km² project covers the Cosmo-Newbery Greenstone Belt, known for its gold potential. Sarama's shareholders and securities exchanges in Australia and Canada have already approved the transaction. The project, one of the last unexplored greenstone belts, offers significant exploration opportunities. Board changes include Simon Jackson becoming Non-Executive Director and Andrew Dinning assuming the role of Executive Chairman.
Sarama Resources ha annunciato progressi nell'acquisizione del Cosmo Gold Project in Australia Occidentale. È in corso un'esplorazione sul campo, inclusi programmi di geochimica del suolo. I colloqui con i gruppi locali dei proprietari tradizionali hanno avuto esiti positivi. L'acquisizione, che prevede una partecipazione dell'80% nella maggior parte delle licenze di esplorazione, è in attesa dell'approvazione degli azionisti nell'AGM di Cosmo Gold del 4 novembre 2024, con completamento previsto entro metà novembre. Il progetto di 580 km² copre il Cosmo-Newbery Greenstone Belt, noto per il suo potenziale aurifero. Gli azionisti di Sarama e le borse valori in Australia e Canada hanno già approvato la transazione. Il progetto, uno degli ultimi greenstone belt inesplorati, offre significative opportunità di esplorazione. I cambiamenti nel consiglio includono Simon Jackson come Direttore Non Esecutivo e Andrew Dinning che assume il ruolo di Presidente Esecutivo.
Sarama Resources anunció avances en su adquisición del Cosmo Gold Project en Australia Occidental. La exploración de campo, incluyendo programas de geoquímica del suelo, está en marcha. Las reuniones con los grupos de Propietarios Tradicionales locales han sido positivas. La adquisición, que implica un interés del 80% en la mayoría de las licencias de exploración, espera la aprobación de los accionistas en la AGM de Cosmo Gold el 4 de noviembre de 2024, con la finalización esperada a mediados de noviembre. El proyecto de 580 km² cubre el Cosmo-Newbery Greenstone Belt, conocido por su potencial aurífero. Los accionistas de Sarama y las bolsas de valores en Australia y Canadá ya han aprobado la transacción. El proyecto, uno de los últimos cinturones de greenstone inexplorados, ofrece oportunidades significativas de exploración. Los cambios en la junta incluyen a Simon Jackson como Director No Ejcutivo y a Andrew Dinning asumiendo el rol de Presidente Ejecutivo.
사라마 리소스는 호주 서부의 코스모 금 프로젝트 인수 진행 상황을 발표했습니다. 현장 탐사가 진행 중이며, 토양 지구화학 프로그램도 포함됩니다. 지역 전통 소유자 그룹과의 회의는 긍정적인 결과를 보였습니다. 인수는 대부분의 탐사 라이센스에 대한 80%의 지분을 포함하며, 2024년 11월 4일 코스모 금 주주 총회의 승인을 기다리고 있으며, 완료는 11월 중순으로 예상됩니다. 580km² 규모의 프로젝트는 금 잠재력으로 알려진 코스모-뉴버리 그린스톤 벨트를 포함하고 있습니다. 사라마의 주주와 호주 및 캐나다의 증권 거래소는 이미 거래를 승인했습니다. 이 프로젝트는 마지막으로 탐사되지 않은 그린스톤 벨트 중 하나로, 상당한 탐사 기회를 제공합니다. 이사회 변화에는 사이먼 잭슨이 비상임 이사가 되고 앤드류 디닝이 전무 이사 역할을 맡는 것이 포함됩니다.
Sarama Resources a annoncé des progrès dans son acquisition du projet aurifère Cosmo en Australie occidentale. L'exploration sur le terrain, y compris des programmes de géochimie des sols, est en cours. Les réunions avec les groupes de propriétaires traditionnels locaux ont été positives. L'acquisition, qui implique une participation de 80 % dans la plupart des licences d'exploration, attend l'approbation des actionnaires lors de l'AGM de Cosmo Gold le 4 novembre 2024, le complet étant attendu d'ici la mi-novembre. Le projet de 580 km² couvre le Cosmo-Newbery Greenstone Belt, connu pour son potentiel aurifère. Les actionnaires de Sarama et les bourses de valeurs en Australie et au Canada ont déjà approuvé la transaction. Le projet, l'un des derniers belts de greenstone inexplorés, offre d'importantes opportunités d'exploration. Les changements au sein du conseil comprennent Simon Jackson en tant que directeur non exécutif et Andrew Dinning prenant le rôle de président exécutif.
Sarama Resources hat Fortschritte beim Erwerb des Cosmo-Goldprojekts in Western Australia angekündigt. Die Feldexploration, einschließlich Boden-Geo-Chemie-Programmen, ist im Gange. Die Treffen mit den lokalen traditionellen Eigentümergruppen verliefen positiv. Der Erwerb, der eine 80%ige Beteiligung an den meisten Explorationslizenzen umfasst, wartet auf die Zustimmung der Aktionäre bei der Hauptversammlung von Cosmo Gold am 4. November 2024, wobei mit einem Abschluss bis Mitte November gerechnet wird. Das 580 km² große Projekt umfasst das Cosmo-Newbery-Grünstein-Gürtel, das für sein Goldpotenzial bekannt ist. Die Aktionäre von Sarama und die Börsen in Australien und Kanada haben die Transaktion bereits genehmigt. Das Projekt, eines der letzten unerforschten Grünsteingürtel, bietet erhebliche Erkundungsmöglichkeiten. Zu den Veränderungen im Vorstand gehört, dass Simon Jackson nicht geschäftsführender Direktor wird und Andrew Dinning die Rolle des geschäftsführenden Vorsitzenden übernimmt.
- Field exploration on the Cosmo Gold Project is progressing well.
- Meetings with local Traditional Owners have been positive.
- Sarama received strong support from shareholders for the acquisition.
- Securities exchanges in Australia and Canada have conditionally approved the transaction.
- The project covers 580km² in a gold-rich region with significant exploration potential.
- Completion of the acquisition has been delayed due to Cosmo Gold's AGM rescheduling.
Exploration Fieldwork Underway & Cosmo Gold Shareholders Set to Approve Transaction
PERTH, AUSTRALIA and VANCOUVER, BC / ACCESSWIRE / October 15, 2024 / Sarama Resources Ltd. ("Sarama" or the "Company") (ASX:SRR)(TSX-V:SWA) is pleased to advise that field exploration on the Cosmo Gold Project (the "Project") in Western Australia is progressing well, with soil geochemistry programs underway (refer Photo 2). Meetings with senior members of the local Traditional Owner groups have also been held during a recent site visit to the Project (refer Photo 1), with both groups welcoming Sarama to the Project and all parties looking forward to establishing mutually beneficial relationships.
The Company's acquisition of a majority interest(1) in the Project (the "Transaction") continues to progress toward completion with Cosmo Gold Limited's ("Cosmo Gold") Annual General Meeting ("AGM") now scheduled for 4 November 2024 where it will seek approval for the Transaction from shareholders. With a majority of the key conditions precedent having already been met, shareholder approval will pave the way for completion of the Transaction. Sarama notes that eligible directors of Cosmo Gold have recommended that shareholders vote in favour of the Transaction.
The Transaction received strong support from Sarama's shareholders at the Company's recent AGM and Sarama has received requisite approval and conditional approval from securities exchanges in Australia and Canada respectively. Due to the slight delay in Cosmo Gold's AGM, the Company anticipates the Transaction will now be completed by mid-November 2024.
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 (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.
Highlights
Cosmo Gold Project covers an area of 580km² and captures +50km strike of greenstone in a highly prospective gold producing region; 95km from both the world-class Gruyere Mine and Laverton gold district
Project captures one of the last effectively unexplored greenstone belts in Western Australia; virtually no effective exploration undertaken for several decades
Project is very well located being an approximate 4 hour drive from Kalgoorlie with all but 30km being on paved roads
Soil geochemistry program progressing as planned
Meetings with Traditional Owners confirm support for Sarama's involvement and its planned endeavours
Cosmo Gold AGM set for 4 November 2024 with completion of the Transaction anticipated shortly thereafter
Sarama's President, CEO & MD, Andrew Dinning commented:
"We are pleased to see on-the-ground exploration progressing well and we look forward to completing the acquisition of the Cosmo Gold Project which we view as a compelling opportunity for the Company. The Company also looks forward to working with local communities to bring this project to account in the interests of all stakeholders."
Photo 1 - Harvey Murray, Chairman of Yilka Talintji Aboriginal Corporation and Sarama's President & CEO, Andrew Dinning, at the Cosmo Community Office
Cosmo Newbery Project
The 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 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's. Multiple historical gold workings are documented within the Project area and work undertaken to date, has identified multiple exploration targets for follow up.
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
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.
Figure 1 - Cosmo Gold Project Location, Eastern Goldfields, Western Australia
Photo 2 - Soil Geochemistry Sample Collection at the Cosmo Gold Project (7 October 2024)
Sarama Board Changes
Due to changing commitments and needs of the Company, the Board of Directors has agreed that the Company's Non-Executive Chairman, Simon Jackson, will move into the role of Non-Executive Director. Mr Jackson will maintain his role as Chairman of the Company's Audit Committee. Andrew Dinning will assume the role of Executive Chairman of the Company in conjunction with his role as President & CEO and Managing Director effective 11 October 2024.
The Company wishes to thank Mr Jackson for his guidance and support as Chairman and looks forward to his ongoing and invaluable contribution to the Board and Company moving forward.
For further information, please contact:
Company Activities |
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Andrew Dinning or Paul Schmiede |
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e: info@saramaresources.com |
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FOOTNOTES
Upon completion of the Transaction, Sarama, via its
100% -owned subsidiary, will acquire from Cosmo an80% interest in all the Project's Exploration Licences, with the exception of E38/2274 for which Sarama will acquire an effective60% interest (with Cosmo retaining a15% interest and an exisitng joint tenement holder retaining a25% interest). The tenements in which Sarama will acquire an80% interest account for approximately80% of the total area of the Project. For a period of 2-years following completion of the Transaction, Sarama will have the right to acquire Cosmo's remaining20% interest all the above Exploration Licences (with the exception of E38/2274 which would be held75% by Sarama and25% by an exisitng joint tenement holder in the event that Sarama exercises the option to acquire Cosmo's remaining interest in the Project).The Project is comprised of the following contiguous Exploration Licences: E38/2851, E38/3456, E38/2627, E38/2274, E38/3525, E38/3249 and E38/2774 covering approximately 580km². Cosmo currently has a
100% interest in all the Project's Exploration Licences with the exception of E38/2274 for which Comso holds a75% interest.
CAUTION REGARDING FORWARD LOOKING INFORMATION
Information in this news release that is not a statement of historical fact constitutes forward-looking information. Such forward-looking information includes, but is not limited to, statements regarding the prospectivity of the Cosmo Gold Project, information with respect to Sarama having or acquiring mineral interests in areas which are considered highly prospective for gold and other commodities and which remain underexplored, costs and timing of future exploration, the potential for exploration discoveries, the intention to gain the best commercial outcome for shareholders of the Company, timing and receipt of approvals, consents and permits under applicable legislation and the completion of a transaction to acquire the Cosmo Gold Project. Actual results, performance or achievements of the Company may vary from the results suggested by such forward-looking statements due to known and unknown risks, uncertainties and other factors. Such factors include, among others, that the business of exploration for gold and other precious minerals involves a high degree of risk and is highly speculative in nature; Mineral Resources are not mineral reserves, they do not have demonstrated economic viability, and there is no certainty that they can be upgraded to mineral reserves through continued exploration; few properties that are explored are ultimately developed into producing mines; geological factors; the actual results of current and future exploration; changes in project parameters as plans continue to be evaluated, as well as those factors disclosed in the Company's publicly filed documents.
There can be no assurance that any mineralisation that is discovered will be proven to be economic, or that future required regulatory licensing or approvals will be obtained. However, the Company believes that the assumptions and expectations reflected in the forward-looking information are reasonable. Assumptions have been made regarding, among other things, the Company's ability to carry on its exploration activities, the sufficiency of funding, the timely receipt of required approvals, the price of gold and other precious metals, that the Company will not be affected by adverse political and security-related events, the ability of the Company to operate in a safe, efficient and effective manner and the ability of the Company to obtain further financing as and when required and on reasonable terms. Readers should not place undue reliance on forward-looking information.
Sarama does not undertake to update any forward-looking information, except as required by applicable laws.
QUALIFIED PERSON'S STATEMENT
Scientific or technical information in this disclosure that relates to exploration is based on information compiled or approved by Paul Schmiede. Paul Schmiede is an employee of Sarama Resources Ltd and is a Fellow in good standing of the Australasian Institute of Mining and Metallurgy. Paul Schmiede has sufficient experience which is relevant to the commodity, style of mineralisation under consideration and activity which he is undertaking to qualify as a Qualified Person under National Instrument 43-101. Paul Schmiede consents to the inclusion in this news release of the information in the form and context in which it appears.
This announcement has been authorised by the Board of Sarama Resources.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE: Sarama Resources Ltd.
View the original press release on accesswire.com
FAQ
What is the current status of Sarama's acquisition of the Cosmo Gold Project?
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