Andrew Dinning, Founder and CEO,


"Many people blanket Burkina Faso with the same risk profile across the country, but it’s important to go a little deeper to understand the granularity of the risk and look for mispriced assets and opportunities."

Founded in 2010, Sarama Resources is an explorer and developer focused on Burkina Faso. Could you start by telling us about the developments at your flagship Sanutura project?

Sanutura is our most advanced project; it is 100% owned, covers 1,500 km2 and is situated in the Houndé belt, one of the most prolific gold belts in West Africa, which hosts gold mines like Endeavour’s Mana and Houndé mines and Fortuna Silver’s Yaramoko mine. The project hosts two gold deposits, the 2.5 million oz Tankoro deposit and the 0.5 million oz Bondi deposit.

The land package has significant opportunity for further resource growth. We are planning a 50,000 m drilling campaign for next season; this will primarily focus on shallow oxides and comprise a mixture of extensional, infill and exploration drilling, with over 30 targets to test. Once we have the results from this drill campaign, we will update the resource and undertake a PEA, and by the end of 2022, we’d like to have a well-framed project to present to the market.

Sarama is planning a second listing of its securities on the ASX. What is the rationale behind this?

One of our immediate priorities is the dual listing on the ASX where we intend to raise between A$8-10 million to put towards the extensive drilling program mentioned before. It is difficult for Sarama to service the North American capital markets especially given travel restrictions. The ASX understands African risk, and we see many Australian companies active in Africa who are enjoying great success from both a technical and capital markets point of view.

Can you tell us about the upside potential at Sanutura and the additional targets identified?

We have identified over 30 targets that require drilling, including ones on our Bamako 2 permit where scout drilling returned very high-grade results with some of the better hits being 15 m @ 6.17 g/t Au and 8 m @ 18.4 g/t Au. We have a new discovery called Zanawa, about 4 km form Bondi, where we have delineated mineralization over about 800 m of strike with some pretty good hits including 22 m @ 3.85 g/t Au and 28 m @ 1.44 g/t Au.

What is early exploration work indicating at your second project, Koumandara?

Koumandara is also 100% owned and is located about 90 km west of Sanutura. Soil sampling and mapping has identified several gold corridors and the largest gold anomaly is 35 km long and 3-5 km wide. Scout drilling has delivered great intercepts of up to 10 g/t Au and the tenor of the soil anomalies are about double what we see at Sanutura.

As one of the few explorers in Burkina Faso, how do you navigate security challenges?

We need to clearly understand the local dynamics and drivers of insecurity, which tend to be complex and varied depending on location. Our assets are based in the southwest of the country, an area with a different demographic and higher population density than the tri-border areas to the north and east of the country. We view the risk profile of the Sanutura area as being similar to Ghana and Ivory Coast, however things do change, and you need to keep abreast of developments. We also work closely with local communities and make sure we understand local demographics, including tribal and religious differences and having good relationships with your host communities is paramount to being able to operate safely.

Is it difficult to communicate to investors a well-balanced view of risks and opportunities in the country?

People have many options on where they can invest, and it often comes down to the risk-reward equation and what they are looking to achieve with their investment. Part of that decision making depends on how informed they are on the various risks involved and when it comes to geopolitical considerations, understanding the nuances of each jurisdiction. Many people blanket Burkina Faso with the same risk profile across the country, but it’s important to go a little deeper to understand the granularity of the risk and look for mispriced assets and opportunities.

Could you summarize your key priorities for 2021-2022?

The key upcoming milestones for us are listing on the ASX, execution of the 50,000 m drill program, and completion of a resource update and PEA.