VANCOUVER, April 23, 2015 /CNW/ - Sarama Resources Ltd.
(the "Company" or "Sarama") is pleased to report that
drilling at the MC and MM Prospects has extended mineralisation
along strike and down-dip and intersected high-grade oxide
mineralisation that presents a new target for further exploration.
The results represent the initial portion of a USD$3.5M, multi-faceted exploration program
(approximately 50% complete) at the South Houndé Project (the
"Project") which is subject to an earn-in agreement between
Sarama and Acacia Mining plc.
Highlights
- MC Prospect continues to grow and new intersections confirm
depth and strike extensions of existing mineral resource,
demonstrating potential for further growth.
- Confirmation of high-grade easterly-trending oxide
mineralisation at the MC Prospect and intersection of a new oxide
zone presents additional exploration targets based on a new
structural model.
- Intersections at the MM Prospect demonstrate that distinct
high-grade lenses continue to depth within favourable intrusive
host units.
- Mineralisation now extends to 260m and 400m vertical depth at
the MC and MM Prospects, respectively, and remains open at depth
and along strike.
- Highlighted drill intersections from the MC Prospect include:
- AC1891 45.0m @ 3.88g/t Au from
6.0m
- DDH061 19.3m @ 2.22g/t Au from
260.3m
- FRC873 8.0m @ 1.31g/t
Au from 10.0m
-
7.0m @ 1.16g/t Au from 22.0m
-
34.0m
@ 2.62g/t Au from 32.0m
-
4.0m @ 1.84g/t Au from 90.0m
- FRC836 7.4m @ 2.82g/t
Au from 132.3m
- FRC876 10.0m @ 1.84g/t Au from
49.0m
- Highlighted drill intersections from the MM Prospect include:
- FRC878 13.2m @ 4.70g/t Au from
307.9m
- DDH065 5.5m @ 3.69g/t Au from
475.2m
-
4.3m @ 5.00g/t Au from 501.9m
- FRC875 8.0m @ 2.50g/t Au from
155.0m
- USD$3.5M (CAD$4.3M) exploration program is budgeted for
2015 including geochemical and geophysical surveys and drill
programs.
MC & MM Prospects Drill Programs
The Project's mineral resource currently stands at 1.5
Moz1,2 of contained gold, a majority of which is
delineated within the MM and MC Prospects. Diamond,
reverse-circulation ("RC") and air-core ("AC") drill
programs commenced in December 2014
and were designed to investigate higher-grade shoots and extend
known mineralised horizons within these two prospects (refer Figure
1).
MC Prospect
A total of 1,600m of diamond core, 700m of RC and 900m of AC
drilling has been completed at the MC Prospect, focussed on the
existing mineral resource area which hosts approximately 20% of the
Project's current mineral resource. The MC Prospect is a
relatively new discovery, and the drill program has been designed
to test down-dip extensions to the current mineral resource as well
as to confirm the geometry of cross-cutting mineralised
lodes. The diamond and RC drilling is located on 6 fences
over a strike distance of 350m, oriented east-west and typically
testing an area of 50-100m down-dip of the known mineralisation
(refer Figure 2).
The drilling program has been successful in extending the
mineralised system to a vertical depth of 260m and has better
defined the orientation of mineralised structures. It is now
apparent that at least two mineralised orientations are present; a
set of north-north-east striking, west-dipping horizons that
represent the main mineralised structural orientation, and a more
easterly-oriented horizon that manifests as crossing structures.
The intersections of these structures represent future exploration
targets.
The majority of reported drill holes intersected continuations
of west-dipping mineralised zones with varying degrees of sericite
alteration attesting to the strength of the hydrothermal fluid
system over significant widths in preferential areas.
Highlights of the diamond and RC drill program include:
- FRC873 (RC hole), which intersected oxide mineralisation
including 8.0m @ 1.31g/t Au from 10.0m, 7.0m @ 1.16g/t Au
from 22.0m and 34.0m @ 2.62g/t Au from 32.0m, confirming
a previous AC intersection and indicating the presence of an
anomalous zone requiring high priority follow-up drilling (section
1175625mN);
- FRC876 (RC hole), which intersected multiple lodes at shallow
depths, including 10.0m @ 1.84g/t Au from 49.0m indicating
potential for southerly extensions of the known oxide
mineralisation (section 1175425mN);
- DDH061 (diamond hole), which intersected numerous mineralised
zones, including 19.3m @ 2.22g/t Au from 260.3m, that is
associated with a wide zone of sericite alteration indicating the
presence of a strong fluid pathway (section 1175650mN); and
- FRC836 (diamond hole), which intersected 7.4m @ 2.86g/t Au
from 132.3m confirming continuity of mineralisation in both
porphyry and bounding sedimentary rocks (section 1175900mN).
The AC program was designed to confirm the orientation and
geometry of easterly-striking high-grade oxide mineralisation which
is oriented as a large pod with its long axis along the lines of
previous drilling. Previously reported intersections,
including 26.0m @ 6.90g/t Au from 22m (RC hole FRC845) and 36.0m @
6.48g/t Au from 14.0m (diamond hole DDH059), were a high priority
target for confirmation.
The easterly-oriented interpretation has been verified by recent
north-south oriented drilling, with intersections including
45.0m @ 3.88g/t Au from 6.0m in AC1891 and 12.0m @
1.53g/t Au from 16.0m in AC1900. This is significant when
considered in conjunction with the recent intersections in FRC873
which support the hypothesis of multiple high-grade
easterly-striking lenses being present in oxide and fresh rock
horizons (refer Figure 1). Further work is planned to improve
understanding of the genesis and controls of these east-west
oriented zones.
Significant results from the diamond and RC programs are listed
in Appendices A, B and C and selected cross-sections are presented
as Figures 3 to 5.
MM Prospect
Extensional drilling was initiated on the western flank of the
mineral resource at the MM Prospect to test down-dip continuity of
the mineralisation within favourable host units. The majority
of the mineral resource at the MM Prospect is situated within 200m
vertical depth, although previous deeper drilling returned
high-grade intersections demonstrating extension of the mineralised
system to a vertical depth of 400m.
Six areas over a 3.1km strike length (refer Figure 6) were
selected for testing based on previous high-grade drill
intersections and resource modelling. Each area was tested
with one or two holes below the current drilled horizon with the
exception of the area around 1178600mN which included three
holes. In total, 3,000m of diamond core and 1,000m of RC
drilling was completed at the MM Prospect in the recent
program.
In general, drilling on all six sections was successful in
extending the down-dip extent of the dominant
quartz-feldspar-porphyry host unit, which is now interpreted to
extend from surface to a vertical depth of 390m at its deepest
point. The system remains open at depth, which when
considered in the context of the 7.3km long strike length of the
semi-continuous array of lodes present along the Tankoro Structural
Corridor, highlights the size of the favourable host unit
network. Quartz-feldspar-porphyry intersections along the
western flank are consistent with previous intersections, returning
true widths in the range of 15-25m and hosted within zones of
pervasive sericite alteration, indicating that drilling program has
followed the intrusions and spatially associated mineralising fluid
corridor.
Highlights of the program include:
- FRC878 (diamond hole), which intersected both mineralised
porphyry and bounding sedimentary rock to give a downhole interval
of 13.2m @ 4.70g/t Au from 307.9m confirming previous high
grade intersections in neighbouring holes at the 1175050mN
section;
- DDH065 (diamond hole), which intersected multiple lodes at
depth, including 5.5m @ 3.69g/t Au from 475.2m and
4.3m @ 5.00g/t Au from 501.9m on the 1177275mN section;
and
- FRC875 (RC hole) which returned 8.0m @ 2.50 g/t Au from
155.0m on the 1176150mN section.
Some of the quartz-feldspar-porphyry dykes intersected by the
drilling returned low grade mineralisation, indicating that the
high-grade lenses have a different plunge and dip direction than
that predicted. Further geological interpretation and drilling is
required to properly understand the controls on high grade
mineralisation.
Significant results from the diamond and RC programs are listed
in Appendices A and B and selected cross-sections are presented as
Figures 7 to 9.
Sarama's President and CEO, Andrew
Dinning, commented:
"The results of this program continue to show the potential
of the MC and MM Prospects with drilling intersecting porphyry
dykes and wide zones of pervasive sericite alteration that
characterise these deposits. In addition, the structural geometry
of the mineralised system is becoming better understood with at
least two important orientations of mineralised structures, the
intersection of which give rise to lodes, or lenses, of better
widths and grades."
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
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.
Figure 1 – Overall Coverage of Drilling on MC and MM
Prospects
Figure 2 – MC Prospect Plan Showing New Drill Fences
Figure 3 – MC Prospect Section 1175650mN
Figure 4 – MC Prospect Section 1175625mN
Figure 5 – MC Prospect Section 1175900mN
Figure 6 – MM Prospect Plan Showing New Drill Fences
Figure 7 – MM Prospect Oblique Section 1177225mN
Figure 8 – MM Prospect Section 1175050mN
Figure 9 – MM Prospect Section 1176150mN
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.
- 29.13 Mt @ 1.6 g/t Au (at a 0.8 g/t Au cut-off) inferred
mineral resource
- 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.
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 spent 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.
NOTES –DRILLING
Drilling results are quoted as downhole intersections.
True mineralisation width is expected to be approximately 70% to
80% of intersection length for holes drilled on east-west sections,
dipping at -50° to -75° and intersecting the north-north-east
striking lenses, however the nature of some mineralised units
is not well understood.
The reported composites for diamond, RC and AC drilling were
determined using a cut-off grade of 0.30g/t Au to select
significant and anomalous intersections, with a maximum of 2m
internal dilution being incorporated into the composite where
appropriate. No top-cuts were applied to assay grades.
Isolated mineralised intersections less than 2m in length have not
been reported.
Sarama undertakes geological sampling and assays in
accordance with its quality assurance/quality control program which
includes the use of certified reference materials for diamond, RC
and AC drilling and duplicates in the case of RC and AC
drilling.
Gold assays for the RC and AC drilling were undertaken by the
SGS S.A. laboratory in Ouagadougou, Burkina
Faso and in the case of diamond drilling, assays were
undertaken by the SGS S.A.and Actlabs Burkina Faso SARL
laboratories in Ouagadougou,
Burkina Faso. Assays are determined by fire assay methods
using a 50 gram charge, lead collection and an AAS finish with a
0.01g/t Au lower detection limit.
Diamond drilling was generally designed using west-east
oriented holes, dipping at -50° to -55° to the east, of variable
length. Holes were spaced at varying intervals depending on
specific targets and program objectives. Diamond core was
logged and sampled according to geological intervals. Samples
submitted for assay were half core.
RC drilling was generally designed using west-east oriented
holes, dipping at -50° to -55° to the east, of variable
length. Holes were spaced at varying intervals depending on
specific targets and program objectives. RC drill cuttings
were sampled over regular 1m intervals.
AC drilling was generally designed using south-north oriented
holes, dipping at -50° to -55° to the north, of variable
length. Holes were spaced at 25m intervals along drill
lines. AC drill cuttings were sampled over regular 1m
intervals.
For further information regarding the Company's QAQC
protocols 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.
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.
Scientific or technical information in this news release that
relates to the Company's exploration activities in Burkina Faso is based on information compiled
or approved by Guy Scherrer.
Guy Scherrer is an employee of
Sarama Resources Ltd and is a member in good standing of the Ordre
des Géologues du Québec 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.
Guy Scherrer consents to the
inclusion in this report of the information, in the form and
context in which it appears.
Appendix A – Significant Diamond Drill Results
Appendix B – Significant RC Drill Results
Appendix C – Significant AC Drill Results
SOURCE Sarama Resources Limited