Sarama Sources Ltd. (“Sarama” or the “Firm”) (ASX:SRR, TSX- V:SWA) is happy to advise that it has executed a non-binding Heads of Settlement (the “HoA”) with Orbminco Restricted (“Orbminco”) (ASX: OB1), an arm’s size third social gathering, to amass a majority(1) and controlling curiosity(1) within the under- explored, belt-scale 420km² Mt Venn Undertaking (the “Undertaking”)(2), positioned within the Japanese Goldfields of Western Australia.
This follows Sarama’s current acquisition of a majority curiosity within the 580km² Cosmo Undertaking, roughly 45km to the west of the Mt Venn Undertaking. Each tasks are well-positioned and underexplored, presenting an thrilling alternative for Sarama within the Laverton Gold District which is understood for its prolific gold endowment (refer Determine 1).
Highlights
- Non-binding Heads of Settlement executed for acquisition of 80% curiosity in belt-scale Mt Venn Undertaking
- Situated within the prolific Laverton Gold District, 35km from the manufacturing Gruyere Gold Mine and fewer than 20km from Gold Highway’s Golden Freeway Deposit
- Undertaking covers 420km² and encompasses a beneficial litho-structural setting, primarily in greenstone rocks
- Contains regional shear zone of ~50km strike size and 1-3km width extending full size of greenstone belt
- Superior gold targets generated by historic exploration, together with broad drill-defined gold mineralisation
- Extremely complementary to Sarama’s just lately acquired, underexplored and potential Cosmo Undertaking
- Creates 1,000km² exploration place within the Laverton Gold District, capturing 100km of strike size
- Land entry settlement with Conventional House owners in place for exploration
- 100% scrip consideration with preliminary exploration funded by the November 2024 fairness elevate of A$2M
Sarama’s President, Govt Chairman, Andrew Dinning commented:
“We’re very happy to have reached settlement to amass the Mt Venn Undertaking and when accomplished, this acquisition will considerably consolidate our place within the prolific Laverton Gold District of Western Australia. The addition of this venture creates a serious 1,000km2 area-play which considerably enhances the chance of creating the following huge discovery in a area that continues to ship new deposits in beforehand unexplored areas, together with the regionally- vital Gruyere Deposit simply 35km east of the Mt Venn Undertaking. We sit up for working in direction of finishing the transaction and can present updates sooner or later.”
Mt Venn Undertaking
The Undertaking is comprised of three contiguous exploration tenements protecting roughly 420km² within the Japanese Goldfields of Western Australia, roughly 110km north-east of Laverton and 35km west of the regionally- vital Gruyere Gold Mine(3). The Undertaking is instantly accessible by way of the Nice Central Highway which companies the regional space east of Laverton.
The Undertaking captures nearly all of the underexplored Jutson Rocks Greenstone Belt over a strike size of ~50km. Rocks throughout the belt characteristic a various sequence of volcanic lithologies of various composition, along with pyroclastics and metasediments. A number of inner intrusive items have been recognized all through the Undertaking and are generally related to native structural options. A regionally in depth shear zone, spanning 1-3km in width, extends the whole size of the belt with subordinate splays interpreted within the southern space of the Undertaking which offers a beneficial structural setting for mineralisation.
Gold mineralisation was first found within the 1920’s with sampling returning very excessive grades and prompting the graduation of small-scale mining operations within the mid 1920’s. A number of gold occurrences have since been recognized all through the Undertaking, demonstrating the prospectivity of the system. Regardless of the identification of a number of km-scale gold-in-soil anomalies by soil geochemistry and auger drilling, many of those targets are but to be correctly examined. Encouragingly, drilling by Cazaly Sources Restricted (“Cazaly”) (ASX: CAZ) on the Undertaking intersected broad, gold mineralisation over a number of fences in weathered and recent rock on the Three Bears Prospect, presenting a precedence goal for exploration (Cazaly information launch 27 February 2017: “Widespread Gold & Zinc Mineralisation Outlined”).
Along with the attractiveness of the Undertaking for gold, it’s thought-about potential for base metals and platinum group components. Historic exploration work together with auger geochemistry and geophysical surveys recognized a number of targets for copper, nickel and zinc mineralisation. A number of of those targets stay untested because of historic funding and land entry constraints. Exploration within the belt to the quick south of the Undertaking space is famous to have intersected copper mineralisation of serious grade over a major strike size(4).
In abstract, the Undertaking is positioned inside a prolific gold district and has a beneficial lithological and structural setting. A stable database of base-level historic exploration work by earlier operators, together with technology of drill-ready targets, offers a great platform for Sarama to advance the Undertaking along with its actions on the Cosmo Undertaking. The dimensions and prospectivity of the landholding that Sarama could have within the Laverton Gold District upon completion of this transaction considerably enhances the possibilities of making an financial discovery, significantly given the infrastructure and proliferation of mines within the area which could have a beneficial affect on the scale threshold for locating one thing of financial worth.
Determine 1 – Mt Venn and Cosmo Undertaking Areas, Japanese Goldfields, Western Australia
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