VANCOUVER, April 27, 2015 /CNW/ - Sarama Resources Ltd.
("Sarama" or the "Company") is pleased to report that
it has re-commenced drilling at the South Houndé Project (the
"Project") in south-west Burkina
Faso.
Following the review of results from the three month exploration
program completed in March 2015, the
Company, in conjunction with its partner Acacia Mining plc, has
designed a nominal 7,100m diamond, reverse circulation
("RC") and air core ("AC") drill program to follow up
deeper high grade and shallow oxide targets at the Project.
The diamond drill component totals 1,100m and is planned to test
the down dip extension of high-grade lenses in the MM Prospect and
geophysical anomalies in the unexplored footwall of the MM Prospect
and underneath the MC Prospect. The MM Prospect is situated
within a 9.8km trend of semi-continuous mineralisation with
significant intercepts down to a depth of 390m.
The RC drill component totals 3,000m and is planned to
investigate potential down-dip extensions of known shallow
mineralisation at the MC, Phantom, Obi and Dlarakoro Prospects
while the AC drill program, also totaling 3,000m, is designed to
extend and infill known oxide targets at the MM, MC and Phantom
West Prospects.
In addition to the drill programs, Sarama recently completed a
project-wide airborne magnetic and radiometric survey, the results
of which will be combined with other geological data to refine the
geological model and generate further targets.
The Project's 2015 exploration budget is US$3.5M (CAD$4.3M)
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, and ground-based geophysical surveys. Prior to
commencement of this program, approximately 50% of the budgeted
program expenditure had been expended.
Sarama's President and CEO, Andrew
Dinning, commented:
"Following the completion and review of the encouraging
results of the first phase of the 2015 exploration program, we are
pleased to be moving in to the next phase of exploration to follow
up on the high priority targets. We continue to work closely with
our partner, Acacia Mining, to add value to the Project and we look
forward to the results of this next program".
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.
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.
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