Sarama Resources Reports Encouraging Results from Initial Exploration Programs on the Serakoro 1 Property at its South Hounde P
August 11 2012 - 7:15AM
PR Newswire (Canada)
TSX-V Ticker: SWA SWA.WT VANCOUVER, Canada, Aug. 13, 2012 /CNW/ -
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: FRC417 27m @ 3.71
g/t Au from 35m (including 2m @ 40.40 g/t Au) FRC433 13m @ 2.12 g/t
Au from 65m (including 1m @ 12.20 g/t Au) FRC422 3m @ 6.49 g/t Au
from 76m (including 1m @ 17.10 g/t Au) FRC449 4m @ 4.37 g/t Au from
71m FRC412 5m @ 2.61 g/t Au from 22m (including 1m @ 10.60 g/t Au)
FRC410 5m @ 1.74 g/t Au from 10m (including 2m @ 3.58 g/t Au), and
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: info@saramaresources.com
telephone: +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 80(th) 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 Location BHID Downhole Depth Depth Dip Azimuth Hole
Intersection From To Length Line 1 FRC387 no .. .. -55° 90° 100m
significant assays (Western FRC388 2m @ 0.71g/t 35m 37m -55° 90°
100m Anomaly) Au 5m @ 0.46g/t 49m 54m .. .. .. Au 2m @ 0.51g/t 59m
61m .. .. .. Au 10m @ 67m 77m .. .. .. 0.62g/t Au incl. 2m @ .. ..
.. .. .. 1.93g/t Au 2m @ 0.49g/t 93m 95m .. .. .. Au FRC389 6m @
0.64g/t 38m 44m -55° 90° 100m Au 2m @ 1.91g/t 94m 96m .. .. .. Au
FRC390 no .. .. -55° 90° 100m significant assays FRC391 no .. ..
-55° 90° 100m significant assays FRC392 4m @ 0.43g/t 20m 24m -55°
90° 103m Au FRC393 2m @ 1.23g/t 12m 14m -55° 90° 100m Au 4m @
0.24g/t 77m 81m .. .. .. Au Line 2 FRC410 5m @ 1.74g/t 10m 15m -55°
90° 103m Au (Western incl. 2m @ .. .. .. .. .. Anomaly) 3.58g/t Au
7m @ 0.92g/t 59m 66m .. .. .. Au 3m @ 4.75g/t 88m 91m .. .. .. Au
incl. 1m @ .. .. .. .. .. 12.50g/t Au FRC411 6m @ 0.90g/t 5m 11m
-55° 90° 100m Au incl. 1m @ .. .. .. .. .. 3.77g/t Au 11m @ 34m 45m
.. .. .. 0.54g/t Au 3m @ 0.90g/t 53m 56m .. .. .. Au FRC412 5m @
2.61g/t 22m 27m -55° 90° 100m Au incl. 1m @ .. .. .. .. .. 10.60g/t
Au 4m @ 0.73g/t 49m 53m Au 2m @ 0.54g/t 90m 92m Au FRC413 no .. ..
-55° 90° 100m significant assays FRC414 4m @ 1.50g/t 48m 52m -55°
90° 100m Au incl. 1m @ .. .. .. .. .. 4.50g/t Au 3m @ 2.16g/t 61m
64m .. .. .. Au FRC415 3m @ 1.27g/t 24m 27m -55° 90° 100m Au 3m @
0.39g/t 79m 82m .. .. .. Au FRC416 2m @ 1.00g/t 39m 41m -55° 90°
100m Au 4m @ 0.39g/t 44m 48m .. .. .. Au 4m @ 0.45g/t 80m 84m .. ..
.. Au FRC417 27m @ 35m 62m -55° 90° 100m 3.71g/t Au incl. 2m @ ..
.. .. .. .. 40.40g/t Au 3m @ 1.22g/t 67m 70m .. .. .. Au 4m @
0.37g/t 80m 84m .. .. .. Au FRC418 no .. .. -55° 90° 100m
significant assays no .. .. -55° 90° 100m FRC419 significant assays
FRC420 16m @ 58m 74m -55° 90° 100m 0.49g/t Au FRC421 4m @ 0.47g/t
30m 34m -55° 90° 100m Au 2m @ 0.56g/t 52m 54m .. .. .. Au FRC422 3m
@ 6.49g/t 76m 79m -55° 90° 100m Au incl. 1m @ .. .. .. .. ..
17.10g/t Au Line 3 FRC394 2m @ 1.04g/t 52m 54m -55° 90° 100m Au
(Eastern FRC395 5m @ 1.48g/t 5m 10m -55° 90° 100m Anomaly) Au 2m @
1.39g/t 48m 50m .. .. .. Au 4m @ 0.19g/t 73m 77m .. .. .. Au 2m @
0.44g/t 91m 93m .. .. .. Au FRC396 2m @ 0.35g/t 27m 29m -55° 90°
100m Au FRC397 2m @ 0.52g/t 16m 18m -55° 90° 100m Au FRC398 2m @
0.42g/t 40m 42m -55° 90° 100m Au FRC399 no .. .. -55° 90° 103m
significant assays no .. .. -55° 90° 100m FRC400 significant assays
no .. .. -55° 90° 100m FRC401 significant assays FRC402 4m @
0.31g/t 48m 52m -55° 90° 100m Au Line 4 FRC403 no .. .. -55° 90°
100m significant assays (Eastern no .. .. -55° 90° 99m Anomaly)
FRC404 significant assays FRC405 no .. .. -55° 90° 103m significant
assays FRC406 3m @ 2.34g/t 93m 96m -55° 90° 100m Au FRC407 no .. ..
55° 90° 97m significant assays no .. .. -55° 90° 100m FRC408
significant assays no .. .. -55° 90° 103m FRC409 significant assays
Line 5 FRC423 no .. .. -55° 90° 100m significant assays (Eastern no
.. .. -55° 90° 100m Anomaly) FRC424 significant assays FRC425 no ..
.. -55° 90° 100m significant assays no .. .. -55° 90° 100m FRC426
significant assays FRC427 2m @ 0.37g/t 74m 76m -55° 90° 100m Au
FRC428 3m @ 0.39g/t 90m 93m -55° 90° 100m Au FRC429 no .. .. -55°
90° 100m significant assays no .. .. -55° 90° 100m FRC430
significant assays no .. .. -55° 90° 100m FRC431 significant assays
FRC432 2m @ 0.33g/t 45m 47m -55° 90° 100m Au 2m @ 1.07g/t 76m 78m
.. .. .. Au 3m @ 0.30g/t 84m 87m .. .. .. Au FRC433 3m @ 1.57g/t
56m 59m -55° 90° 109m Au 13m @ 65m 78m .. .. .. 2.12g/t Au incl. 1m
.. .. .. .. .. @12.20g/t Au 18m @ 82m 100m .. .. .. 0.65g/t Au
FRC434 4m @ 0.31g/t 33m 37m -55° 90° 100m Au FRC435 no .. .. -55°
90° 100m significant assays no .. .. -55° 90° 100m FRC436
significant assays Line 6 FRC437 3m @ 0.96g/t 33m 36m -55° 90° 109m
Au (Eastern FRC438 3m @ 0.69g/t 33m 36m -55° 90° 100m Anomaly) Au
2m @ 0.72g/t 81m 83m .. .. .. Au 2m @ 2.26g/t 92m 94m .. .. .. Au
FRC439 5m @ 0.58g/t 20m 25m -55° 90° 103m Au FRC440 3m @ 0.59g/t
50m 53m -55° 90° 100m Au 6m @ 0.29g/t 85m 91m .. .. .. Au FRC441 2m
@ 1.97g/t 28m 30m -55° 90° 91m Au 3m @ 0.99g/t 68m 71m .. .. .. Au
FRC442 no .. .. -55° 90° 106m significant assays no .. .. -55° 90°
109m FRC443 significant assays no .. .. -55° 90° 91m FRC444
significant assays no .. .. -55° 90° 100m FRC445 significant assays
FRC446 2m @ 0.62g/t 29m 31m -55° 90° 100m Au FRC447 no .. .. -55°
90° 103m significant assays no .. .. -55° 90° 91m FRC448
significant assays FRC449 4m @ 4.37g/t 71m 75m -55° 90° 100m Au
FRC450 no .. .. -55° 90° 92m significant assays Line 7 FRC451 no ..
.. -55° 90° 109m significant assays (Eastern no .. .. -55° 90° 103m
Anomaly) FRC452 significant assays FRC453 no .. .. -55° 90° 95m
significant assays no .. .. -55° 90° 100m FRC454 significant assays
Line 8 FRC455 no .. .. -55° 90° 100m significant assays (Eastern no
.. .. -55° 90° 103m Anomaly) FRC456 significant assays FRC457 no ..
.. -55° 90° 103m significant assays FRC458 3m @ 0.67g/t 45m 48m
-55° 90° 100m Au Line 9 FRC459 2m @ 0.77g/t 88m 90m -55° 90° 100m
Au (Eastern FRC460 4m @ 0.21g/t 36m 40m -55° 90° 100m Anomaly) Au
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