VANCOUVER, April 23, 2015 /CNW/ - Sarama Resources Ltd.
("Sarama" or the "Company") is pleased to advise that
Savary Gold Corp. ("Savary"), the operator of the Karankasso
Project Joint Venture between Sarama (35% interest) and Savary (65%
interest), has announced the commencement of a 15,000m drill
program on the Karankasso Project JV in south-western Burkina Faso.
Following the approval of the program by Savary and Sarama, a
drill contractor and geological and service personnel were
mobilised with drilling commencing on April
21, 2015. The program will follow-up ore-grade intercepts
from five previously modelled zones and test nine newly developed
targets (refer Figure 1).
The first phase of the drill program consists of 63 reverse
circulation ("RC") drill holes totaling 6,600 metres.
Additional RC drill holes will be planned and executed following
the completion and review of results from the first phase of
drilling. Further details of the planned 15,000m drill program are
set out in Savary's news release dated April
23, 2015.
Sarama's President and CEO, Andrew
Dinning commented:
"We are very pleased with the support Savary received
in its recent capital raise which we see as an endorsement of the
Karankasso Project. We look forward to receiving the results of
this program which will advance the project and hopefully move it
toward the estimation of a maiden mineral resource. The Karankasso
Project, when combined with the 1.5Moz1,2 South Houndé
Project, provides exposure for Sarama to over 1,400km2
of highly prospective ground in the southern part of the prolific
Houndé belt."
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 – Karankasso Project – Proposed Drill
Locations 2015
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 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, 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