Sierra Leone : GSR raises funds to fast track operations on diamond and gold

AIM-listed Golden Saint Resources Ltd (GSR), with a portfolio of diamond and gold mining assets in Sierra Leone, raised 614,820 £ before expenses, it reported on 12 September.

It intends to use the net proceeds to progress alluvial bulk sampling operations and for general working capital purposes. The West African-focused diamond and gold exploration company also intends to use the proceeds to explore new business opportunities.

Incorporated in the British Virgin Islands, it has a portfolio that includes, in Sierra Leone, the Tongo licence of 53.42km2 prospective for diamonds, the Baja licence of 59.51km2 considered prospective for both gold and diamonds, and the Moa licence of 46.45km2 which is highly prospective for both gold and diamonds.

At the Tongo and Baja site, Golden Saint expects to complete by end September ongoing washing of gravels, while it welcomed that no operational services were affected by recent flooding in Sierra Leone. In addition, it said work on Moa will begin in early October subject to weather conditions.

Over the twelve months to 31 December last year, the company recovered a total of 64 diamonds weighing 26.78 carats and 8.49 grams of gold during initial bulk sampling operations in Tongo licence. Meanwhile at Baja site 2, it recovered a total of 19 diamonds weighing 7.81 carats and ranging from 0.17 to 1.57 carats per stone and 7.97 grams of alluvial gold during bulk sampling operations.