Riedel Resources (ASX:RIE) has entered a binding agreement with Sarama Resources (ASX:SRR) to acquire two projects in the Laverton district of Western Australia.
The company will acquire the Cosmo and Mt Venn projects through the acquisition of Samara’s wholly owned subsidiary Yikarri Resources.
The total consideration includes 150 million shares, 100 million performance rights across four tranches for project and share price milestones, and the payment of project-related costs incurred by Sarama, which will be capped at $300,000.
Sarama will hold an initial 32% stake in Riedel following the acquisition.
Cosmo and Mt Venn occupy belt-scale positions, located near gold discoveries and producing mines, including Gruyere with 9.1 million ounces (Moz) of gold, Duketon with 7.4Moz, and Golden Highway Trend with 1.6Moz.
Drilling is expected to begin in July 2026 at the Cosmo Project, with a heritage survey currently underway. Cosmo hosts multiple kilometre-scale gold-in-soil anomalies.
Riedel non-executive Chairman Scott Cuomo says Western Australia’s Eastern Goldfields is prospective for delivering “world-class gold discoveries”.
“The Cosmo and Mt Venn projects occupy a commanding position over two of the remaining greenstone belts in Western Australia that are yet to be systematically explored,” Cuomo says.
“We are excited to secure such a rare land package to create a multi-project portfolio in tier-one jurisdictions and look forward to undertaking systematic exploration in the coming months.”
Riedel Resources is an exploration company focused on advancing the Kingman Gold Project in Arizona.
Write to Maddison Elliott at Mining.com.au
Images: Sarama Resources
