- Sarama Resources (SRR) began trading on the ASX this week, with the share price since taking a roller coaster ride between 19 cents and 22.5 cents
- Sarama has been listed on the TSX Venture Exchange since 2011, but joined the ASX for greater access to capital and liquidity for shareholders
- It raised $8 million through the IPO process with 20-cent shares
- The company has two wholly owned gold projects in Burkina Faso and an 18 per cent stake in another gold venture
- The existing mineral resource is 600,000 ounces of gold (indicated) and 2.3 million ounces of gold (inferred)
- Sarama Resources is up 10.5 per cent to $0.21 per share as of 2:15 pm AEST
Sarama Resources (SRR) is mobilising its team and drill rigs to its gold projects in Burkina Faso in the wake of its market debut yesterday.
The company began trading on the ASX this week, with the share price since taking a roller coaster ride between 19 cents and 22.5 cents.
Sarama has been listed on the TSX Venture Exchange since 2011, but joined the ASX for greater access to capital and liquidity for shareholders. It raised $8 million through the IPO process with 20-cent shares.
Sarama will recommence exploration at its wholly owned Sanutura Project on Burkina Faso’s Hounde Belt, which is known as one of West Africa’s most prolific gold regions.
The existing Mineral Resource is 600,000 ounces of old (indicated) and 2.3 million ounces of gold (inferred), but the company intends to update this next year after additional drilling across its 1420-square-kilometre Sanutura Project.
It also intends to undertake early-stage exploration at its 100 per cent owned Koumandara Project.
President, CEO and Managing Director Andrew Dinning said a drilling program of more than 50,000 metres was planned to grow the mineral resource — the first major exploration campaign at the Sanutura project since 2017.
“The company’s ASX listing and associated equity raising was an essential precursor to re-activating the project and with that completed, we now look forward to advancing the project, initially focusing on drilling the resource growth-oriented targets which offer immediate opportunity for value accretion,” Mr Dinning said.
“Burkina Faso is well known to the Australian market for its prospective greenstone belts which have frequently delivered multi-milliom ounce discoveries in recent times, leading to the development of a new generation of highly-profitable mines.”
Sarama Resources is up 10.5 per cent to $0.21 per share as of 2:15 pm AEST.