TSX-V Ticker: SWA
SWA.WT
VANCOUVER, Canada, Aug. 13, 2012 /PRNewswire/ - Sarama Resources
Limited ("Sarama" or the "Company") is pleased to
report results of initial exploration programs on its Serakoro 1
exploration property ("Serakoro 1" or the "Property")
on the Houndé Belt in south-western Burkina Faso, West
Africa. The programs have delineated two extensive
gold-in-soil anomalies measuring 25km and 14km in length, and scout
drilling has generated a number of encouraging results including
27m @ 3.71 g/t Au and 13m @ 2.12 g/t Au.
Highlights
- Two extensive gold-in-soil anomalies, measuring 25km and
14km in length, have been delineated by a soil geochemistry program
undertaken by Sarama at Serakoro 1.
- A reverse circulation ("RC") scout drilling program,
comprising 9 lines, undertaken by Sarama yielded a number of
encouraging downhole intersections with highlights
including:
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FRC417 |
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27m @ 3.71 g/t Au from 35m (including 2m @ 40.40 g/t
Au)
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FRC433 |
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13m @ 2.12 g/t Au from 65m (including 1m @ 12.20 g/t
Au)
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FRC422 |
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3m @ 6.49 g/t Au from 76m (including 1m @ 17.10 g/t
Au)
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FRC449 |
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4m @ 4.37 g/t Au from 71m
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FRC412 |
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5m @ 2.61 g/t Au from 22m (including 1m @ 10.60 g/t
Au)
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FRC410 |
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5m @ 1.74 g/t Au from 10m (including 2m @ 3.58 g/t Au),
and
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3m @ 4.75 g/t au from 88m (including 1m @ 12.50 g/t
Au) |
- The Serakoro 1 results provide a second major exploration
focus within Sarama's 1,600km² South Houndé Project in
south-western Burkina
Faso.
The 250km² Serakoro 1 property is located on the western margin
of the Houndé Belt, approximately 85km south-east of the major
regional town of Bobo-Dioulasso and 10km west of Sarama's Tankoro
exploration property (refer Figure 1).
The Houndé Belt is a regionally significant
assemblage of greenstone rocks, typically of volcanic and
sedimentary origin belonging to the Lower Proterozoic Birimian
Supergroup, as well as inter-belt granitoids of various
compositions. The Birimian greenstone rocks are renowned for
their economic gold deposits, hosting large deposits such as the
Obuasi and Ahafo mines in Ghana,
the Morila and Sadiola mines in Mali and the Mana and Essakane mines in
Burkina Faso.
Several multi-million ounce gold deposits have
been discovered within the Houndé Belt in recent years; notably
Semafo Inc's Mana mine and Avion Gold Corp's Vindaloo deposit,
highlighting the potential of the exploration belt.
Sarama holds an option over the gold mineral
rights to Serakoro 1, with the right to acquire a 95% interest in
the Property through a series of 4 instalment payments aggregating
US$575,000. Upon reaching the
95% interest level, Sarama may increase its ownership to 98% by
making a final instalment payment of US$3,000,000, following which the vendor will
retain a 2% free-carried equity interest. No royalties are
payable to the vendor in respect of this property.
The Company has completed an initial permit-wide
soil geochemistry survey which resulted in the delineation of two
parallel coherent and extensive gold-in-soil anomalies, measuring
25km and 14km in length. The anomalies are approximately 1km
in width, extending out to 2km width in several areas (refer Figure
2).
Based on these promising soil geochemistry
results, Sarama conducted a 9 line, 74 hole, 7,400m RC scout
drilling program over 6 of the most promising anomalies with
significant results from this campaign listed in Appendix A.
Sarama will continue fieldwork on the Property
in the upcoming exploration season, initially focusing on the areas
that returned highlighted drill results and other untested drill
targets identified by the soil geochemistry survey.
Sarama's President and CEO, Andrew Dinning commented:
"Our initial exploration programs on Serakoro
1 have provided encouraging results with the delineation of two
extensive gold-in-soil anomalies and the initial scout drilling has
generated a number of significant intersections that will be
followed-up in the next exploration season. We are pleased to
have this property forming another exploration focus for us in our
major land position in Burkina
Faso which allows us to be poised to lead the new generation
of explorers in this prolific belt."
For further information on the Company's activities, please
contact:
Andrew Dinning or Paul
Schmiede |
email: |
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info@saramaresources.com |
telephone: |
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+61 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 is a Canadian company with a focus on the
exploration and development of gold deposits in West Africa. The board of directors and
management team, a majority of whom are founders of the Company,
are seasoned resource industry professionals with extensive
experience in the exploration and development of world-class gold
projects in Africa.
The South Houndé Project in south-west
Burkina Faso is the Company's
flagship property and is currently the focus of an aggressive
exploration program to test gold-in-soil anomalies located in a
20km-long structural corridor. Recent drilling programs at
the South Houndé Project have intersected significant
mineralisation in several prospect areas which the Company is
actively following-up. The Company has built substantial
early stage exploration landholdings in prospective and
underexplored areas of Burkina
Faso (>2,800 km²), Liberia (>2,400 km²) and Mali (>1,200 km²) and is aggressively
exploring across the property portfolio.
Figure 1: Sarama's Exploration Interests in
South-West Burkina Faso
Figure 2: Soil Geochemistry Survey &
highlighted Scout Drilling Results - Serakoro 1
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 planned exploration programs, including when results may
be available. 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; 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.
Notes - Soil
Geochemistry
Soil geochemistry results are reported as processed data for a
population of raw assay results. The effects of mechanical
and chemical concentration, weathering, and the topographical and
vegetative settings have not been presented and therefore results
reflect a first-pass exploration phase. No top-cuts were
applied to assay grades.
Sarama undertakes geological sampling and
assaying in accordance with its QA/QC program which includes the
use of uncertified reference materials and field duplicates.
Gold assay work was undertaken by the ALS Group ("ALS")
laboratory in Ouagadougou,
Burkina Faso. Assays are
determined by the bulk-leach-extractable-gold ("BLEG") assay
method using a nominal 500g sample which is subjected to cyanide
leaching and AAS finish with a 1ppb Au lower detection
limit.
Soil samples were collected from holes with a
nominal diameter of 200mm which were manually excavated to a depth
of approximately 400-500mm. Holes were spaced on a regular grid
measuring 400m (north-south) x 100m (east west). Sub-samples
of 700-1,000g were produced from field samples for each hole, which
were then assayed using the BLEG method.
The gold-in-soil anomalies represented were
delineated using the 80th percentile of the samples' Au
grade population (Au >10ppb).
Notes - Drilling
Drilling results are quoted as downhole intersections. Due
to the preliminary stage of the drilling, the nature of the
mineralisation is not fully understood and it is therefore not
appropriate to provide guidance on the relationship of the downhole
intersection length to the true width of mineralisation. The
reported composites were determined using a cut-off grade of 0.3g/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
assaying in accordance with its QA/QC program which includes the
use of certified reference materials and duplicates. Gold
assay work was undertaken by the SGS S.A. ("SGS")
laboratories in Ouagadougou,
Burkina Faso and Morila,
Mali. Assays are determined
by the fire assay method using a 50 gram charge, lead collection
and an AAS finish with a 0.01g/t Au lower detection limit.
Drilling was designed using west-east
oriented holes, dipping at -55° to the east and approximately 100m
in length. Holes were spaced approximately 40-60m apart along
the drill lines. RC drill chips were sampled over regular 1m
composited intervals.
Qualified Person's
Statement
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 Michel Mercier.
Michel Mercier 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 and style of mineralisation under
consideration and activity which he is undertaking to qualify as a
Qualified Person under National Instrument 43-101.
Michel Mercier consents to the
inclusion in this report of the information, in the form and
context in which it appears.
Appendix A - Significant RC Drill Results
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Location |
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BHID |
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Downhole Intersection |
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Depth
From |
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Depth
To |
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Dip |
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Azimuth |
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Hole
Length |
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Line 1 |
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FRC387 |
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no significant assays |
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.. |
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.. |
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-55° |
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90° |
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100m |
(Western Anomaly) |
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FRC388 |
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2m @ 0.71g/t Au |
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35m |
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37m |
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-55° |
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90° |
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100m |
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5m @ 0.46g/t Au |
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49m |
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54m |
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.. |
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.. |
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.. |
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2m @ 0.51g/t Au |
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59m |
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61m |
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.. |
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.. |
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.. |
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10m @ 0.62g/t Au |
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67m |
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77m |
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.. |
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.. |
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.. |
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incl. 2m @ 1.93g/t Au |
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.. |
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.. |
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.. |
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.. |
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.. |
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2m @ 0.49g/t Au |
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93m |
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95m |
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.. |
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.. |
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.. |
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FRC389 |
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6m @ 0.64g/t Au |
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38m |
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44m |
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-55° |
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90° |
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100m |
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2m @ 1.91g/t Au |
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94m |
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96m |
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.. |
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.. |
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.. |
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FRC390 |
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no significant assays |
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.. |
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.. |
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-55° |
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90° |
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100m |
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FRC391 |
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no significant assays |
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.. |
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.. |
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-55° |
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90° |
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100m |
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FRC392 |
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4m @ 0.43g/t Au |
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20m |
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24m |
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-55° |
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90° |
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103m |
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FRC393 |
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2m @ 1.23g/t Au |
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12m |
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14m |
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-55° |
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90° |
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100m |
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4m @ 0.24g/t Au |
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77m |
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81m |
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.. |
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.. |
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.. |
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Line 2 |
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FRC410 |
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5m @ 1.74g/t Au |
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10m |
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15m |
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-55° |
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90° |
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103m |
(Western Anomaly) |
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incl. 2m @ 3.58g/t Au |
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.. |
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.. |
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.. |
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.. |
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.. |
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7m @ 0.92g/t Au |
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59m |
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66m |
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.. |
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.. |
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.. |
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3m @ 4.75g/t Au |
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88m |
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91m |
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.. |
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.. |
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.. |
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incl. 1m @ 12.50g/t Au |
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.. |
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.. |
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.. |
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.. |
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.. |
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FRC411 |
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6m @ 0.90g/t Au |
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5m |
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11m |
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-55° |
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90° |
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100m |
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incl. 1m @ 3.77g/t Au |
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.. |
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.. |
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.. |
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.. |
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.. |
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11m @ 0.54g/t Au |
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34m |
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45m |
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.. |
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.. |
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.. |
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3m @ 0.90g/t Au |
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53m |
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56m |
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.. |
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.. |
|
.. |
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FRC412 |
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5m @ 2.61g/t Au |
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22m |
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27m |
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-55° |
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90° |
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100m |
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incl. 1m @ 10.60g/t Au |
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.. |
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.. |
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.. |
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.. |
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.. |
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4m @ 0.73g/t Au |
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49m |
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53m |
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2m @ 0.54g/t Au |
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90m |
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92m |
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FRC413 |
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no significant assays |
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.. |
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.. |
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-55° |
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90° |
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100m |
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FRC414 |
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4m @ 1.50g/t Au |
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48m |
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52m |
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-55° |
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90° |
|
100m |
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incl. 1m @ 4.50g/t Au |
|
.. |
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.. |
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.. |
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.. |
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.. |
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3m @ 2.16g/t Au |
|
61m |
|
64m |
|
.. |
|
.. |
|
.. |
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FRC415 |
|
3m @ 1.27g/t Au |
|
24m |
|
27m |
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-55° |
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90° |
|
100m |
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|
3m @ 0.39g/t Au |
|
79m |
|
82m |
|
.. |
|
.. |
|
.. |
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|
FRC416 |
|
2m @ 1.00g/t Au |
|
39m |
|
41m |
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-55° |
|
90° |
|
100m |
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4m @ 0.39g/t Au |
|
44m |
|
48m |
|
.. |
|
.. |
|
.. |
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4m @ 0.45g/t Au |
|
80m |
|
84m |
|
.. |
|
.. |
|
.. |
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|
FRC417 |
|
27m @ 3.71g/t Au |
|
35m |
|
62m |
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-55° |
|
90° |
|
100m |
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incl. 2m @ 40.40g/t Au |
|
.. |
|
.. |
|
.. |
|
.. |
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.. |
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3m @ 1.22g/t Au |
|
67m |
|
70m |
|
.. |
|
.. |
|
.. |
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4m @ 0.37g/t Au |
|
80m |
|
84m |
|
.. |
|
.. |
|
.. |
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|
FRC418 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
100m |
|
|
FRC419 |
|
no significant assays |
|
.. |
|
.. |
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-55° |
|
90° |
|
100m |
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|
FRC420 |
|
16m @ 0.49g/t Au |
|
58m |
|
74m |
|
-55° |
|
90° |
|
100m |
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|
FRC421 |
|
4m @ 0.47g/t Au |
|
30m |
|
34m |
|
-55° |
|
90° |
|
100m |
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2m @ 0.56g/t Au |
|
52m |
|
54m |
|
.. |
|
.. |
|
.. |
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|
FRC422 |
|
3m @ 6.49g/t Au |
|
76m |
|
79m |
|
-55° |
|
90° |
|
100m |
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incl. 1m @ 17.10g/t Au |
|
.. |
|
.. |
|
.. |
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.. |
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.. |
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Line 3 |
|
FRC394 |
|
2m @ 1.04g/t Au |
|
52m |
|
54m |
|
-55° |
|
90° |
|
100m |
(Eastern Anomaly) |
|
FRC395 |
|
5m @ 1.48g/t Au |
|
5m |
|
10m |
|
-55° |
|
90° |
|
100m |
|
|
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|
2m @ 1.39g/t Au |
|
48m |
|
50m |
|
.. |
|
.. |
|
.. |
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4m @ 0.19g/t Au |
|
73m |
|
77m |
|
.. |
|
.. |
|
.. |
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2m @ 0.44g/t Au |
|
91m |
|
93m |
|
.. |
|
.. |
|
.. |
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|
FRC396 |
|
2m @ 0.35g/t Au |
|
27m |
|
29m |
|
-55° |
|
90° |
|
100m |
|
|
FRC397 |
|
2m @ 0.52g/t Au |
|
16m |
|
18m |
|
-55° |
|
90° |
|
100m |
|
|
FRC398 |
|
2m @ 0.42g/t Au |
|
40m |
|
42m |
|
-55° |
|
90° |
|
100m |
|
|
FRC399 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
103m |
|
|
FRC400 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
100m |
|
|
FRC401 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
100m |
|
|
FRC402 |
|
4m @ 0.31g/t Au |
|
48m |
|
52m |
|
-55° |
|
90° |
|
100m |
|
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|
Line 4 |
|
FRC403 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
100m |
(Eastern Anomaly) |
|
FRC404 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
99m |
|
|
FRC405 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
103m |
|
|
FRC406 |
|
3m @ 2.34g/t Au |
|
93m |
|
96m |
|
-55° |
|
90° |
|
100m |
|
|
FRC407 |
|
no significant assays |
|
.. |
|
.. |
|
55° |
|
90° |
|
97m |
|
|
FRC408 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
100m |
|
|
FRC409 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
103m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line 5 |
|
FRC423 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
100m |
(Eastern Anomaly) |
|
FRC424 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
100m |
|
|
FRC425 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
100m |
|
|
FRC426 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
100m |
|
|
FRC427 |
|
2m @ 0.37g/t Au |
|
74m |
|
76m |
|
-55° |
|
90° |
|
100m |
|
|
FRC428 |
|
3m @ 0.39g/t Au |
|
90m |
|
93m |
|
-55° |
|
90° |
|
100m |
|
|
FRC429 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
100m |
|
|
FRC430 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
100m |
|
|
FRC431 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
100m |
|
|
FRC432 |
|
2m @ 0.33g/t Au |
|
45m |
|
47m |
|
-55° |
|
90° |
|
100m |
|
|
|
|
2m @ 1.07g/t Au |
|
76m |
|
78m |
|
.. |
|
.. |
|
.. |
|
|
|
|
3m @ 0.30g/t Au |
|
84m |
|
87m |
|
.. |
|
.. |
|
.. |
|
|
FRC433 |
|
3m @ 1.57g/t Au |
|
56m |
|
59m |
|
-55° |
|
90° |
|
109m |
|
|
|
|
13m @ 2.12g/t Au |
|
65m |
|
78m |
|
.. |
|
.. |
|
.. |
|
|
|
|
incl. 1m @12.20g/t Au |
|
.. |
|
.. |
|
.. |
|
.. |
|
.. |
|
|
|
|
18m @ 0.65g/t Au |
|
82m |
|
100m |
|
.. |
|
.. |
|
.. |
|
|
FRC434 |
|
4m @ 0.31g/t Au |
|
33m |
|
37m |
|
-55° |
|
90° |
|
100m |
|
|
FRC435 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
100m |
|
|
FRC436 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
100m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line 6 |
|
FRC437 |
|
3m @ 0.96g/t Au |
|
33m |
|
36m |
|
-55° |
|
90° |
|
109m |
(Eastern Anomaly) |
|
FRC438 |
|
3m @ 0.69g/t Au |
|
33m |
|
36m |
|
-55° |
|
90° |
|
100m |
|
|
|
|
2m @ 0.72g/t Au |
|
81m |
|
83m |
|
.. |
|
.. |
|
.. |
|
|
|
|
2m @ 2.26g/t Au |
|
92m |
|
94m |
|
.. |
|
.. |
|
.. |
|
|
FRC439 |
|
5m @ 0.58g/t Au |
|
20m |
|
25m |
|
-55° |
|
90° |
|
103m |
|
|
FRC440 |
|
3m @ 0.59g/t Au |
|
50m |
|
53m |
|
-55° |
|
90° |
|
100m |
|
|
|
|
6m @ 0.29g/t Au |
|
85m |
|
91m |
|
.. |
|
.. |
|
.. |
|
|
FRC441 |
|
2m @ 1.97g/t Au |
|
28m |
|
30m |
|
-55° |
|
90° |
|
91m |
|
|
|
|
3m @ 0.99g/t Au |
|
68m |
|
71m |
|
.. |
|
.. |
|
.. |
|
|
FRC442 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
106m |
|
|
FRC443 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
109m |
|
|
FRC444 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
91m |
|
|
FRC445 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
100m |
|
|
FRC446 |
|
2m @ 0.62g/t Au |
|
29m |
|
31m |
|
-55° |
|
90° |
|
100m |
|
|
FRC447 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
103m |
|
|
FRC448 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
91m |
|
|
FRC449 |
|
4m @ 4.37g/t Au |
|
71m |
|
75m |
|
-55° |
|
90° |
|
100m |
|
|
FRC450 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
92m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line 7 |
|
FRC451 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
109m |
(Eastern Anomaly) |
|
FRC452 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
103m |
|
|
FRC453 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
95m |
|
|
FRC454 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
100m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line 8 |
|
FRC455 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
100m |
(Eastern Anomaly) |
|
FRC456 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
103m |
|
|
FRC457 |
|
no significant assays |
|
.. |
|
.. |
|
-55° |
|
90° |
|
103m |
|
|
FRC458 |
|
3m @ 0.67g/t Au |
|
45m |
|
48m |
|
-55° |
|
90° |
|
100m |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Line 9 |
|
FRC459 |
|
2m @ 0.77g/t Au |
|
88m |
|
90m |
|
-55° |
|
90° |
|
100m |
(Eastern Anomaly) |
|
FRC460 |
|
4m @ 0.21g/t Au |
|
36m |
|
40m |
|
-55° |
|
90° |
|
100m |
SOURCE Sarama Resources Limited