Sarama Resources expands exploration footprint

Sarama Resources (ASX:SRR) has achieved a major milestone by acquiring a majority interest in the Cosmo Gold Project in Western Australia. Shareholders of Cosmo Gold Ltd have approved the acquisition, allowing Sarama to initially take an 80% stake in this promising exploration site.

Strategic expansion and future exploration plans

Sarama Resources' acquisition of the Cosmo Gold Project is poised for completion by mid-November 2024, with an initial 80% interest and potential increase to 100%. Located in the Eastern Goldfields, the project is in a gold-rich area with historical workings but limited modern exploration. Sarama plans to conduct extensive exploration starting with a soil geochemistry program. The project also holds potential for nickel and rare earth elements. This acquisition marks a strategic move to unlock the mineral potential of the Cosmo-Newbery Greenstone Belt, supported by local stakeholders and regulatory approvals.

Executive insights on the acquisition

The Cosmo Gold Project is a strategic addition to Sarama’s exploration portfolio, offering significant potential in a largely untapped region. We are pleased with the support from Cosmo Gold’s shareholders and the local Traditional Owners, which underscores the project’s promising outlook.