Sarama Resources Ltd. (“Sarama” or the “Company”) (TSX-V:SWA) is pleased to announce that the Government of Burkina Faso has granted(6) the Company a new Exploration Permit (the “Permit”) covering the Tankoro 2 Property (“Tankoro 2” or the “Property”) in south-western Burkina Faso. 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 (refer Figure 1). The Project hosts the Tankoro and Bondi Deposits (Figures 2 & 3), which were recently the subject of a significant increase(4) in mineral resources to 0.6Moz Au (Indicated) and 2.3Moz Au (Inferred)(1) . These deposits contain a substantial amount(2) 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)(3).

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This article includes content from Sarama Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

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