VANCOUVER, Sept. 1, 2015 /CNW/ - Sarama Resources Ltd.
("Sarama" or the "Company") is pleased to report that
follow-up drilling at the MC and Kenobi Prospects has returned
additional, predominantly oxide gold intersections and confirmed
the presence of a semi-continuous eastern mineralised horizon
measuring 5.6km in length. The drill program built upon
previous exploration programs at the South Houndé Project (the
"Project") and further illustrates the exploration potential
of the Tankoro Structural Corridor. A USD$3.5M, multi-faceted exploration program is
ongoing (90% complete) at the Project which is subject to an
earn-in agreement between Sarama and Acacia Mining plc.
Highlights
- Drilling confirms the presence of a 5.6km-long semi-continuous
mineralised horizon, located approximately 800m east of the
well-defined 9.8km-long parallel trend hosting the bulk of the
Project's mineral resource.
- Mineralisation occurs as stacked lode sequences at both the MC
and Kenobi Prospects, with individual sequences measuring between
900m and 2.2km in strike length.
- Drilling was focussed on open-pittable, oxide mineralisation
that is anticipated to be amenable to heap leaching and comprised
5,300m air-core ("AC") and 2,100m reverse-circulation
("RC") drilling.
- Results demonstrate the potential to add to the oxide mineral
resource of the Project.
- Highlighted downhole intersections include:
|
|
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AC2099
|
7m @ 2.23 g/t
Au
|
from
45m
|
MC
Prospect
|
|
|
|
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AC2103
|
8m @ 2.82 g/t
Au
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from
18m
|
MC
Prospect
|
|
|
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AC2113
|
5m @ 3.28 g/t
Au
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from
28m
|
MC
Prospect
|
|
|
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AC2132
|
6m @ 2.69 g/t
Au
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from
52m
|
MC
Prospect
|
|
|
|
|
AC2082
|
23m @ 1.05 g/t
Au
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from
40m
|
Kenobi
Prospect
|
|
|
|
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FRC899
|
26m @ 1.08 g/t
Au
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from 5m
|
Kenobi
Prospect
|
|
|
|
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FRC899A
|
23m @ 1.23 g/t
Au
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from 9m
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Kenobi
Prospect
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|
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FRC900
|
11m @ 2.13 g/t
Au
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from 38m
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Kenobi
Prospect
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|
|
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FRC904
|
9m @ 2.03 g/t
Au
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from
33m
|
Kenobi
Prospect
|
|
|
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FRC905
|
16m @ 1.28 g/t
Au
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from
28m
|
Kenobi
Prospect
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FRC907
|
31m @ 1.97 g/t
Au**
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from 125m
|
Kenobi
Prospect
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FRC908
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32m @ 0.92 g/t
Au
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from 17m
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Kenobi
Prospect
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** denotes
intersection in fresh rock, all others are in oxide
material
|
- 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$4.7M) exploration program is budgeted for
2015 including geochemical and geophysical surveys and drill
programs.
MC and Kenobi 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 drill program comprising 5,300m AC and 2,100m RC, and focussed
on shallow oxide targets, was conducted during Q2 2015. The
drill program was designed to build upon encouraging reconnaissance
drill results in areas interpreted to be structural extensions to
mineralised zones previously identified by drilling at the MC
Prospect, which hosts 20% of the Project's mineral resources.
The main focus areas were two discrete zones within the
Kenobi and MC Prospects, measuring 2km and 900m strike length,
respectively. Other confirmatory-type targets were also
tested at the MC Prospect (refer Figure 1).
Highlighted downhole intersections from the northern part of the
drill program at the MC Prospect include 7m @ 2.23g/t Au from
45m in AC2099; 8m @ 2.82g/t Au from 18m in AC2103 and
5m @ 3.28g/t Au from 28m in AC2113. The southern part
of the program at the Kenobi Prospect returned several broad
downhole intersections including 23m @ 1.23g/t Au from 9m in
FRC899A; 11m @ 2.13g/t Au from 38m in FRC900; 9m @
2.03g/t Au from 34m in FRC904; 16m @ 1.28g/t Au from 28m
in FRC905; 26m @ 1.08g/t Au from 24.0m in FRC899; 230m @
1.05g/t Au from 40m in AC2082; and 32m @ 0.92g/t Au from
17m in FRC908. A deeper intersection of 31m @ 1.97g/t
Au from 125m was returned in fresh material in FRC907.
The drilling program has been successful in confirming the
continuity of mineralisation and extending the strike length of a
series of semi-continuous stacked lode sequences over a 5.6km-long
trend. This is significant and illustrates the size of the
mineralised system when considered in conjunction with the
Project's main 9.8km-long mineralised horizon approximately 800m to
the west.
The results have identified several oxide-hosted zones of
economic interest along the horizon, with these typically being
closely-spaced stacked lode packages of moderate to higher-grade or
broad, lower-grade zones. RC drilling on selected sections
returned higher-grade intersections in fresh material, illustrating
the potential for the system to continue at depth.
Higher-grade shoots are present in the lodes defined by this
drilling, similar to the mineralisation in the better-defined
western horizon.
The Company now looks forward to conducting further exploration
in 'drilling gaps' along the newly defined horizon and working to
identify zones of higher-grade and broader mineralisation along the
greater MC-Kenobi trend.
Significant results from the drill program are listed in
Appendix A and selected cross-sections are presented as Figures 2
to 3.
Sarama's President and CEO, Andrew
Dinning, commented:
"These results confirm the presence of a second extensive
mineralised horizon within the Tankoro Structural Corridor at the
South Houndé Project. They also illustrate the size of the
mineralised system and highlight the potential for further
exploration success. The mineralisation delineated by this
program will add to the oxide component of the Project's mineral
resource and increase 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 –Plan of MC and Kenobi Prospect Drilling
and 5.6km-Long Mineralised Horizon
Figure 2 – Kenobi Prospect Section 1173070mN
Figure 3 – MC Prospect Section 1174400mN
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 -55° and intersecting the north-north-east
striking lenses, however the nature of some mineralised units
is not well understood.
The reported composites for the 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 drilling were undertaken by the SGS S.A
and ALS Minerals 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.
The drilling was generally designed using west-east oriented
holes, dipping at -50-55° to the east, of variable length.
Holes were spaced at 25-50m intervals along drill lines. AC
drill cuttings were sampled over regular 1m or 2m downhole
intervals, depending on the purpose of the hole. All RC holes
were sampled at regular 1m downhole intervals.
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 Drill Results
SOURCE Sarama Resources Limited