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Sarama Resources granted new exploration permit for Tankoro Deposit in Burkina Faso

The Government of Burkina Faso has granted Sarama Resources Ltd new exploration permit for Tankoro Deposit. Receipt of the Permit was the final item outstanding in the Company’s preparations to list on the Australian Securities Exchange (“ASX”) and will allow recommencement of exploration on the Sanutura Project (the “Project”) which hosts a significant mineral resource and an abundance of exploration targets.

The Property is the key component of the Company’s 100%-owned Sanutura Project which covers approximately 1,500km² and is located within the prolific Houndé Belt in south-western Burkina Faso. The Project hosts the Tankoro and Bondi Deposits, which were recently the subject of a significant increase in mineral resources to 0.6Moz Au (Indicated) and 2.3Moz Au (Inferred). These deposits contain a substantial amount of high-grade and free-milling material which has the potential to support a low capital intensity, staged mine development.

The new Permit is effectively a re-issue of the previously expired Tankoro Exploration Permit and covers an area of approximately 250km². The Permit is valid for an initial term of 3 years and is renewable for a further two 3-year terms, subject to satisfaction of routine conditions regarding execution of work programs and minimum expenditure thresholds.

Sarama has identified more than 30 exploration targets within the larger Sanutura Project area, many of which are on Tankoro 2. These targets will be further explored in the upcoming +60,000m drill program with a view to establishing multiple satellite feed deposits and build upon the oxide and transition component of the mineral resource which stands at 0.2Moz Au (indicated) and 0.8Moz Au (inferred).

Dual listing

Sarama remains fully engaged with leading Australian resources broker, Euroz Hartleys, for its proposed dual listing on the ASX. Given the recent progress on the re-issue of key Exploration Permits in Burkina Faso, the Company has recommenced the ASX listing process which remains well advanced and is anticipated to be completed in early Q2 2022.

Proceeds raised pursuant to the dual listing on the ASX will primarily be used to expedite an extensive and predominantly shallow drilling campaign totalling approximately +60,000m at the Sanutura Project. The planned drill programs aim to augment and upgrade the currently defined oxide and free-milling mineral resources, to test high-priority targets identified through previous grassroots exploration that have the potential to significantly impact project growth and to evaluate early-stage targets.

“We are very pleased to have the new Tankoro 2 Exploration Permit granted. This follows the recent issuance of several other key Exploration Permits for the Project and demonstrates the commitment of the Government of Burkina Faso to support the country’s exploration sector. We look forward to progressing the ASX listing which, when completed, will allow us to recommence exploration programs at the Project in earnest. This will initially feature a +60,000m drill program that principally targets near surface material and it is anticipated that material additions can be made to the oxide and transition component of the mineral resource, which were recently increased to over 1Moz Au,” said Sarama’s President and CEO, Andrew Dinning.

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