VANCOUVER, May 5, 2015 /CNW/ - Sarama Resources Ltd.
("Sarama" or the "Company") is pleased to report that
regional drilling at the MC and Obi Prospects has returned
significant gold intersections in oxide material, leading to the
interpretation of mineralised zones along newly-defined strike
lengths of 800m and 1,900m respectively. The zones are
situated south and along strike from the mineral resource at the MC
Prospect and indicate the potential for a continuous eastern
horizon extending over 5km. A USD$3.5M, multi-faceted exploration program is
ongoing (50% complete) at the South Houndé Project (the
"Project") which is subject to an earn-in agreement between
Sarama and Acacia Mining plc.
Highlights
- Two new zones of oxide mineralisation delineated at the MC and
Obi Prospects, measuring 800m and 1,900m along strike
respectively.
- Drilling shows potential for a 5km-long mineralised horizon,
parallel to the well-defined 9.8km-long trend that lies
approximately 800m to the west.
- Drilling continues to demonstrate the potential to add to the
oxide mineral resource of the Project.
- Highlighted downhole intersections include:
- AC1869 7.0m @ 2.09g/t
Au
from 37.0m
- AC1868 7.0m @ 1.83g/t
Au
from 41.0m
- AC1918 6.0m @ 1.59g/t
Au
from 64.0m
- AC1921 12.0m @
1.18g/t
Au from
30.0m
- AC1927 14.0m @
1.12g/t
Au from
52.0m
- AC1914 14.0m @
1.06g/t
Au from
26.0m
- AC1925 35.0m @
0.80g/t
Au from
22.0m
- AC1924 22.0m @ 0.92
g/t Au from
24.0m, including 14.0m @ 1.24g/t Au from 24.0m
- AC1920 26.0m @
0.84g/t
Au from
22.0m, including 18.0m @ 1.04g/t Au from 30.0m
- Further exploration will be conducted along the trend,
targeting 'drilling gaps' and working towards understanding the
geological controls on higher-grade and broad zones of
mineralisation.
- USD$3.5M (CAD$4.4M) exploration program is budgeted for
2015 including geochemical and geophysical surveys and drill
programs.
MC and Obi Prospects Drill Programs
The Project's mineral resource currently stands at 1.5
Moz1,2 of contained gold, a majority of which is
delineated at the MM and MC Prospects and hosted within a
regional-scale structural-magmatic zone informally known as the
Tankoro Structural Corridor. The area to the south of the
defined mineral resources at the MC Prospect has only been lightly
explored, with activities limited to regional scout drilling and
ground-based geophysical and geochemical programs.
A 2,500m air-core ("AC") drill program, completed in
March 2015, was designed to test
shallow oxide targets generated by soil geochemistry and
ground-based geophysical surveys in areas interpreted to be
structural extensions to mineralised zones previously identified by
drilling at the MC Prospects. The main focus areas were two
500m-long zones in the north-east and south-east of the Obi and MC
Prospects respectively (refer Figure 1).
Highlighted downhole intersections from the northern part of the
drill program at the MC Prospect include 7.0m @ 2.09g/t Au from
37.0m in AC1869 and 7.0m @ 1.83g/t Au from 41.0m in
AC1868. The southern part of the program at the Obi Prospect
returned several broad downhole intersections including 12.0m @
1.18g/t Au from 30.0m in AC1921, 14.0m @ 1.12g/t Au from
52.0m in AC1927, 14.0m @ 1.06g/t Au from 26.0m in
AC1914; 35.0m @ 0.80g/t Au from 22.0m in AC1925, 22.0m @
0.92g/t Au from 24.0m (including 14.0m @ 1.24g/t Au from
24.0m) in AC1924 and 26.0m @ 0.84g/t Au from 22.0m
(including 18.0m @ 1.04g/t Au from 30.0m) in AC1920.
The two new zones of mineralisation have strike lengths of 800m
and 1,900m at the MC and Obi Prospects respectively. The
location of these zones along strike from the mineral resource at
the MC Prospect indicates the potential for a 5km-long mineralised
horizon to be present, extending from the MC Prospect in the north
to the Obi Prospect in the south. This is significant when
considered in conjunction with the 9.8km-long trend of
mineralisation that is defined by drilling approximately 800m to
the west. This further expands the potential of the Project
to host oxide mineralisation.
The drilling results illustrate the merit of using geophysical
techniques to generate targets in areas with poor geochemical
responses. The Company now looks forward to conducting
further exploration in 'drilling gaps' along the newly defined
horizon and working identify zones of higher grade and broader
mineralisation along the greater MC-Obi trend.
Significant results from the drill program are listed in
Appendices A and selected cross-sections are presented as Figures 2
to 4.
Sarama's President and CEO, Andrew
Dinning, commented:
"These results have opened up the entire eastern part of the
Obi Prospect to further exploration as the delineation of two new
mineralised zones trending south from the MC Prospect provide
evidence of a continuous mineralised trend extending 5km from the
MC Prospect to the Obi Prospect.
We now need to understand the geological controls for high
grade material and look for repeating zones of mineralisation
similar to those seen at the MM and MC Prospects. We have been
fortunate that in doing this work we are continuing to improve the
likelihood of growing the oxide resource to a size that provides
opportunities for development."
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 – New Mineralisation at MC and Obi
Prospects Illustrates Potential for Parallel 5km-Long Mineralised
Horizon
Figure 2 – MC Prospect Section
1174770mN
Figure 3 – Obi Prospect Section
1173360mN
Figure 4 – Obi Prospect Section
1173160mN
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
gold.1,2 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 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.
Gold assays for the AC drilling were undertaken by the SGS
S.A. laboratory 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.
AC drilling was generally designed using west-east oriented
holes, dipping at -55° to the east, of variable length. Holes
were spaced at 25m intervals along drill lines. AC drill
cuttings were sampled over regular 1m or 2m intervals, depending on
the purpose of the hole.
Sarama undertakes geological sampling and assays in
accordance with its quality assurance/quality control program which
includes the use of certified reference materials and duplicates
for RC and AC drilling.
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 AC Drill Results
SOURCE Sarama Resources Limited