Sarama Resources Hits Significant Intersections of Gold Mineralisation in Regional Drill Programs at its South Hounde Project i
August 23 2012 - 9:00AM
PR Newswire (Canada)
TSX-V Ticker: SWA SWA.WT VANCOUVER, Aug. 23, 2012 /CNW/ - Sarama
Resources Limited ("Sarama" or the "Company") is pleased to report
that regional scout drilling has returned significant intersections
of gold mineralisation along strike from the MM Prospect and at
several other areas at its South Houndé Project (the "Project") in
south-western Burkina Faso. Highlights -- Significant intersections
of gold mineralisation returned from scout rotary-air-blast ("RAB")
and reverse circulation ("RC") drilling programs on regional
targets within a 7km radius of the MM Prospect. -- Results show
potential for economic mineralisation over a distance of 2.7km
immediately to the north of the 1.4km strike-length MM Prospect. --
Intersections to the immediate west and east of the MM Prospect
indicate the potential for parallel mineralised structures. --
Downhole intersection highlights include: M RAB062 RAB 10m @ from
40m (incl. Prospect 2.36 6m @ (West) g/t 3.58g/t Au Au) (EOH) M
RAB092 RAB 4m @ from 46m Prospect 2.35 (North) g/t Au (EOH) Phantom
RAB097 RAB 6m @ from 10m Prospect 2.55 g/t Au RAB112 RAB 4m @ from
32m 1.95 g/t Au RAB118 RAB 4m @ from 46m 1.45 g/t Au (EOH) RAB130
RAB 14m @ from 32m (incl. 3.26 8m @ g/t 5.39g/t Au Au) RAB148 RAB
6m @ from 22m 2.17 g/t Au RAB174 RAB 10m @ from 4m 2.02 g/t Au
MM-East RAB051 RAB 10m @ from 10m and Prospect 1.93 g/t Au 13m @
from 26m 1.74 g/t Au (EOH) FRC263 RC 6m @ from 79m 3.36 g/t Au
FRC264 RC 5m @ from 44m (incl. 2.16 2m @ g/t 4.51g/t Au Au) FRC348
RC 5m @ from 24m 2.57 g/t Au Obi FRC285 RC 6m @ from 24m Prospect
2.27 g/t Au FRC320 RC 5m@ from 52m 2.09 g/t Au FRC479 RC 9m @ from
46m (incl. 2.76 5m @ g/t 4.60g/t Au Au) Gbédanga RAB227 RAB 10m @
from 36m Prospect 1.49 g/t Au Dlarakoro RAB254 RAB 6m @ from 14m
(incl. Prospect 2.87 2m @ g/t 8.00g/t Au Au) Sarama has completed
two scout drilling programs on the Tankoro Permit, which is the
principal property within the Company's South Houndé Project.
Previous exploration work by the Company resulted in the discovery
of the high-grade MM Prospect (refer news releases 2(nd) February
2012 and 7(th) May 2012). These programs advance the regional
exploration strategy that the Company has been pursuing in parallel
with its work at the more advanced MM Prospect, which forms the
central focus for the Company in the region. In addition to
the MM Prospect, the interpreted 24km-long Tankoro Structural
Corridor contains several exploration targets, which the Company
views as being part of a larger regional gold mineralisation system
(refer Figures 2 & 3). The drill programs focused on targets
within a 7km radius of the MM Prospect to test for the presence of
mineralisation where anomalies were defined by a soil geochemistry
survey conducted in 2011. The programs consisted of 309 RAB holes
(13,300m) and 101 RC holes (10,300m). 121 holes returned
significant results and are listed in Appendices A and B.
Highlighted higher-grade intercepts are illustrated in Figures 1
& 2. The programs successfully identified significant
mineralisation in a number of areas, providing an indication of the
scale of the Tankoro property's mineralised system and its
potential to host economic mineralisation. Drilling demonstrated
potential for economic mineralisation over a distance of 2.7km
immediately to the north of the MM Prospect and also returned
several encouraging intersections approximately 200m outside the
interpreted trend, indicating a degree of lateral extent to the
system (refer Figure 1). This is further supported by the
good intersections 300m to the west of the main mineralisation at
the MM Prospect. In addition to the highlighted results, the
drilling campaigns also returned numerous broad intersections of
low grade gold mineralisation across all targeted prospects.
The broad nature of the intersections warrants follow-up to examine
their relationship with the higher grade intercepts returned from
the same prospects. Sarama will re-commence regional fieldwork in
the upcoming exploration season, with an initial focus on areas
that returned high-grade scout drilling results and other untested
drill targets identified by the soil geochemistry survey. Sarama's
President and CEO, Andrew Dinning commented: "We are very
encouraged by the results of these scout drilling programs which
reinforce our view that the Tankoro Structural Corridor presents a
large and prospective area for gold with numerous validated drill
targets. We are hopeful that with further drilling, the
mineralisation intersected in this scout drilling program will
develop into multiple satellite exploration areas." 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: Significant Results
Proximal to the MM Prospect Figure 2: Highlighted
Regional Scout Drilling Results Figure 3: Tankoro
Permit Prospect Areas 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 adverse by
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. 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. RC drilling was generally designed using west-east
oriented holes, dipping at -55° to the east, approximately 100m in
length. Drilling on the 'Obi' Prospect was oriented on
north-west to south-east lines. Holes were spaced
approximately 40-60m apart along the drill lines. RC drill
cuttings were sampled over regular 1m composited intervals. RAB
drilling was generally designed using west-east oriented holes,
dipping at -55° to the east, approximately 50m in length. RAB
drilling proceeded to design or cutting head refusal. Holes
were spaced approximately 40-60m apart along the drill lines.
RAB drill cuttings were sampled over regular 2m composited
intervals. The reported composites for RC 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. The
reported composites for RAB drilling were determined using a
cut-off grade of 0.30g/t Au to select significant and anomalous
intersections, with a maximum of 4m 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. For RC
drilling Sarama undertakes geological sampling and assay in
accordance with its QA/QC program which includes the use of
certified reference materials and field duplicates. No
certified reference materials or field duplicate based QA/QC
regimes were adopted for the RAB drilling due to the preliminary
nature of the program. Gold assays for the RC drilling were
undertaken by the SGS S.A. ("SGS") laboratories in Ouagadougou,
Burkina Faso and Morila, Mali. 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. Gold assays for the
RAB drilling were undertaken by the SGS S.A. ("SGS") laboratories
in Ouagadougou, Burkina Faso and Morila, Mali, and by Activation
Laboratories Ltd ("ActLabs") in Ouagadougou, Burkina Faso.
The assays produced by SGS 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 assays produced by
ActLabs are determined by initially by fire assay methods using a
50 gram charge, lead collection and an AAS finish with a 0.005g/t
Au lower detection limit and a 3.0g/t Au upper assay limit.
Initial ActLabs assays returning greater than 3.0g/t Au are
re-assayed using fire assay methods using a 50 gram charge, lead
collection, solvent extraction and gravimetric measurement with a
0.03g/t Au lower detection limit and a 10,000g/t Au upper assay
limit. 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, 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 RAB Drill Results Appendix B - Significant RC Drill
Results
SOURCE Sarama Resources Limited PDF available at:
http://stream1.newswire.ca/media/2012/08/23/20120823_C9035_DOC_EN_17185.pdf
PDF available at:
http://stream1.newswire.ca/media/2012/08/23/20120823_C9035_DOC_EN_17186.pdf
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