VANCOUVER, March 25, 2015 /CNW/ - Sarama Resources Ltd
("Sarama" or the "Company") and Acacia Mining plc
("Acacia") entered in to an Earn-In Agreement
("Agreement") on Sarama's South Houndé Project
("Project") in south west Burkina
Faso in November 2014 (see
Sarama's news release dated November 27,
2014). Pursuant to this agreement, Sarama has commenced a
multi-faceted exploration program with a budget funded by Acacia of
US$3.5M (CAD$4.4M) for the first year, which includes
drilling as well as various geochemical and geophysical
surveys.
Results received to date are encouraging and continue to show
potential to increase oxide mineral resources and further the
understanding of high-grade zones encountered at the MM and MC
Prospects. The results from the drill programs are currently being
compiled and will be used to plan the next steps of the exploration
program.
Highlights of the Initial and Planned 2015 Exploration
Program
- USD$3.5M (CAD$4.4M) exploration program is budgeted for
2015 and includes geochemical and geophysical surveys and diamond,
reverse circulation ("RC"), aircore ("AC") and auger
drilling
- 11,100m, 3,600m and 4,600m of AC, RC and diamond drilling,
respectively, have been completed in the initial program to test:
- high-grade shoot controls at the MM and MC Prospects where the
best drilling results to date have been returned;
- strike extensions to the current mineral resource, including
the Phantom Prospect, where initial drilling has returned positive
results; and
- new targets to support growth of the Project's oxide mineral
resource and to identify additional deeper drilling targets
- Induced polarization ("IP") geophysical surveys, which
include both a gradient-array survey to extend previous IP survey
to the north-north-east of the existing mineral resource and a
pole-dipole survey to image deeper, sulphide-rich targets at the MM
and MC Prospects
- A 9,200 line-km airborne magnetic-radiometric survey over the
entire 760km2 Project
- A soil geochemical and regolith survey over the Tyikoro
Property in the central part of the Project
South Houndé Project
Exploration
Sarama has recently completed a multi-faceted drill program at
its 100% owned1 South Houndé Project, which is the
subject of an Agreement with Acacia where Sarama will be the
operator until at least US$7M
(CAD$8.8M) has been expended on
exploration, funded by Acacia. The program will continue throughout
2015 and is budgeted to cost approximately US$3.5M (CAD$4.4M)
and subject to results, nominally includes 15,000m of AC drilling,
6,000m of RC drilling, 5,500m of diamond drilling, 12,000m of auger
drilling, a 9,200 line-km airborne geophysical survey and various
geochemical, regolith and IP surveys (refer Figure 1).
Figure 1. Schematic of Planned 2015
Exploration Areas at the South Houndé Project
The initial diamond drilling program is focused on the further
delineation of high-grade shoot controls at the MM and MC Prospects
where previous drilling has demonstrated continuity to a depth of
at least 280m. The initial RC drill program has been designed
to test previously identified near-surface targets at the MM, MC
and Phantom Prospects and the AC drill program is designed to test
oxide targets to the north and south of the MM and MC Prospects in
order to expand the present oxide component of the current mineral
resource.
An auger program has been planned to better define potential
gold anomalism in the north-east of the project area where regolith
complexity has presented challenges for conventional soil
geochemistry surveys. The initial area to be investigated is where
the controlling structure for mineralisation at Orezone Resources'
Bondi Prospect (282,000 oz Au Measured and Indicated mineral
resources at 2.1g/t Au and 149,700 oz Au Inferred mineral resource
at 1.8g/t Au2) projects southward into the South Houndé
Project area (refer Figure 1).
A previous 9km-long, gradient-array IP survey along the Tankoro
Structural Corridor that produced numerous, coincident
chargeability and resistive anomalies has been extended northward.
Initial drill results in this extension area indicate the
continuance of gold mineralization providing potential to add
further oxide resources.
In addition to the gradient-array survey, eight pole-dipole
fences have been completed across the MM and MC Prospects to better
delineate the geometry of the high-grade shoots as they plunge to
depth.
An airborne magnetic and radiometric survey is currently being
undertaken to better understand the litho-structural setting of
gold mineralization across the 760km2 Project. The
results of this survey will be layered into existing datasets to
improve the geological model for the Project and to generate new
targets, particularly in areas of regolith complexity and deeper
cover.
The Tyikoro Property in the central part of the Project will be
the subject of initial prospecting activities consisting of soil
geochemical and regolith surveys.
Sarama's President and CEO, Andrew
Dinning, commented:
"Sarama is pleased to be working closely with a strong and
experienced partner such as Acacia Mining. Under this partnership,
we continue to add real value to the South Houndé Project with the
discovery of additional oxide zones and increase our understanding
of the regional geological setting which will support our aim to
grow the existing resource base. Preliminary results to date are
encouraging and once a sufficient amount of data is received and
interpreted, we will update the market".
For further information on the Company's activities, please
contact:
Andrew Dinning or Paul Schmiede
e:
info@saramaresources.com
t: +61 (0) 8 9363 7600
____________________________________________
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1 The
Project is the subject of an Earn-In Agreement with Acacia where
Acacia can earn up to 70% of the Project upon making payments and
funding exploration expenditures totalling US$15M(CAD$19M) and a
further 5% upon the estimation of a 1.6Moz reserve.
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2 4.2Mt @
2.1g/t Au Measured & Indicated mineral resources, 2.5Mt @ 1.8
g/t Au Inferred mineral resource - Source Orezone Resources News
Release, June 4, 2013.
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Neither TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in policies of the TSX Venture
Exchange) accepts responsibility for the adequacy or accuracy of
this release.
About Sarama Resources Ltd
Sarama Resources Ltd (TSX-V: SWA) is a West African focused gold
explorer with substantial landholdings in Burkina Faso, Liberia and Mali.
Sarama's flagship property is the South Houndé Project in
south-west Burkina Faso. Located
within the prolific Houndé greenstone belt, Sarama's exploration
programs have built on significant early success to deliver a
maiden Inferred Mineral Resource estimate of 1.5 Moz
gold1,2. In November
2014, Sarama entered in to an earn-in agreement with Acacia
Mining plc where Acacia has the right to earn up to a 70% interest
in the Company's South Houndé Project by meeting certain
conditions, including spending US$14m
on exploration and can earn a further 5% interest upon the
estimation of a mineral reserve of 1.6Moz Au.
The Company's Board and management team have a proven track
record in Africa and a strong
history in the discovery and development of large-scale gold
deposits. Sarama is well positioned to build on its current
success with a strong financial position and a sound exploration
strategy across its property portfolio.
1.
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29.13 Mt @ 1.6 g/t
Au (at a 0.8 g/t Au cut-off)
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2.
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The effective date
of the Company's Mineral Resource estimate is September 16, 2013.
For further information regarding the Mineral Resource estimate
please refer to the technical report titled "NI 43-101 Independent
Technical Report, South Houndé Project, Bougouriba and Ioba
Provinces, Burkina Faso", dated October 28, 2013. The technical
report is available under the Company's profile on SEDAR at
www.sedar.com.
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Caution Regarding Forward Looking Statements
Information in this news release that is not a statement of
historical fact constitutes forward-looking information. Such
forward-looking information includes statements regarding the
Company's plans for drilling and geochemical and geophysical
surveys at the South Houndé Project, the Earn-In Agreement with
Acacia, including the amounts that may be spend on exploration and
interests in the South Houndé Project that may be earned by Acacia
upon making certain expenditures and estimating a minimum reserve,
the potential to expand the present oxide component of the
Company's existing estimated mineral resources, and future
exploration plans. Actual results, performance or achievements of
the Company may vary from the results suggested by such
forward-looking statements due to known and unknown risks,
uncertainties and other factors. Such factors include, among
others, that the business of exploration for gold and other
precious minerals involves a high degree of risk and is highly
speculative in nature; Mineral Resources are not Mineral Reserves,
they do not have demonstrated economic viability, and there is no
certainty that they can be upgraded to Mineral Reserves through
continued exploration; few properties that are explored are
ultimately developed into producing mines; geological factors; the
actual results of current and future exploration; changes in
project parameters as plans continue to be evaluated, as well as
those factors disclosed in the Company's publicly filed documents.
There can be no assurance that any mineralisation that is
discovered will be proven to be economic, or that future required
regulatory licensing or approvals will be obtained. However, the
Company believes that the assumptions and expectations reflected in
the forward-looking information are reasonable. Assumptions have
been made regarding, among other things, Acacia's continued funding
of exploration activities, the Company's ability to carry on its
exploration activities, the sufficiency of funding, the timely
receipt of required approvals, the price of gold and other precious
metals, that the Company will not be affected by adverse political
events, the ability of the Company to operate in a safe, efficient
and effective manner and the ability of the Company to obtain
further financing as and when required and on reasonable terms.
Readers should not place undue reliance on forward-looking
information.
Sarama does not undertake to update any forward-looking
information, except as required by applicable laws.
Qualified Person's Statement
Scientific or technical information in this news release that
relates to the preparation of the Company's mineral resource
estimate is based on information compiled or approved by
Adrian Shepherd. Adrian Shepherd is an employee of Cube
Consulting Pty Ltd and is considered to be independent of Sarama
Resources Ltd. Adrian Shepherd
is a chartered professional member in good standing of the
Australasian Institute of Mining and Metallurgy and has sufficient
experience which is relevant to the commodity, style of
mineralisation under consideration and activity which he is
undertaking to qualify as a Qualified Person under National
Instrument 43-101. Adrian
Shepherd consents to the inclusion in this news release of
the information, in the form and context in which it
appears.
SOURCE Sarama Resources Limited