The Perth-based company said it now had an exploration target in excess of 3.5Moz.

Sarama had updated the project's Tankoro resource in September 2020 to an indicated and inferred 2.5Moz. This comprised an indicated 9.4 million tonnes at 1.9g/t for 600,000oz and an inferred 43.6Mt at 1.4gpt gold for 1.9Moz.

Yesterday it said the Bondi deposit added an inferred 9.2Mt at 1.5g/t Au for 0.5Moz, following an extensive re-interpretation of exploration data from 2003-2018.

This took the inferred total to 52.7Mt at 1.4g/t for 2.3Moz, which president and CEO Andrew Dinning said represented a significant increase.

Sanutura also contains a higher-grade component, of an indicated 6.3Mt at 2.5g/t for 0.5Moz and an inferred 29.8Mt at 1.9g/t for 1.8Moz.

"The inclusion of the Bondi deposit to the project's mineral resource base provides a significant increase in high-grade, free-milling material and has the potential to materially improve start-up economics for the project," Dinning said.

"In addition, the overall increase in the oxide and free-milling component to 0.2Moz (indicated) plus 1.1Moz (inferred) has a material impact on the project development picture and our next key step will be to pursue the compelling exploration targets we have identified across the project."

Sarama also has an 18% interest in the adjacent 709,000oz Karankasso project, operated by joint venture partner Endeavour Mining, and the earlier-stage Koumandara project to the west.

Sarama is aiming to complete a preliminary economic assessment for Sanutura in 2022, following a 50,000m drilling programme which is set to start after its planned circa A$10 million ASX IPO, according to a presentation this month. 

It had C$2.1 million in cash in October after raising $2 million in an upsized placement priced at 21c per unit in July.

Sarama shares (TSXV: SWA) have slid from a 38c peak 12 months ago but closed up 8.3% yesterday to 19.5c, to value it at $19.5 million (US$15.5 million).