Sarama Resources Defines 9km-Long Gold-In-Soil Anomaly at the Cape Mount Property in Liberia and Increases its Interest in Peds
August 24 2012 - 9:00AM
PR Newswire (Canada)
TSX-V Ticker: SWA SWA.WT VANCOUVER, Aug. 24, 2012 /CNW/ -
Sarama Resources Limited ("Sarama" or the "Company") is pleased to
report that a 9km-long gold-in-soil anomaly, proximal to the 1.7
million ounce resource New Liberty Gold Project, has been defined
by geochemical surveys at the Cape Mount exploration property
("Cape Mount") in western Liberia. Sarama has also increased
its interest in the Pedsam properties in Liberia to 50% after
achieving the required earn-in milestones. Highlights -- A 9km-long
gold-in-soil anomaly has been defined by a geochemical survey on
the southern portion of the Cape Mount exploration property. -- The
anomalous zone is coincident with a major geological feature
identified by a detailed airborne geophysical survey in an area
that hosts extensive artisanal and small-scale gold mining
activity. -- The presence of the anomalous zone in a geological
terrane that is similar to Aureus Mining Inc's 1.7 Moz resource New
Liberty Gold Project augers well for Cape Mount to host gold
mineralisation of significance. -- Sarama increases its interest in
the Cape Mount, Gbarpolu and Grand Bassa exploration properties to
50% after achieving earn-in milestones. Sarama has received assay
results for approximately 75% of a soil geochemical survey it
undertook on the 200km² Cape Mount exploration property in late
2011 and 2012. A principal sample grid spacing of 400m (east-west)
x 50m (north-south) was used for the surveys with several areas
being sampled at a higher density (200m x 50m spacing) after being
identified as high priority targets based on structural setting,
airborne geophysical results and prevalence of artisanal mining
activity. The survey identified a 9km-long gold-in-soil anomaly in
the southern portion of the property, in an area which hosts
artisanal and small-scale gold mining activity (refer Figure
1). The anomalous zone is also co-incident with several
geologically prospective features identified by an airborne
geophysical survey conducted by the Company in 2012. The
location of the Aureus Mining Inc's 1.7 Moz resource New Liberty
Gold Project approximately 10km south-east of Cape Mount, and
similarities interpreted in the airborne magnetic signatures of the
two properties augers well for the potential of Cape Mount to host
gold mineralisation of significance. The anomalous zone is broadly
defined by the 95(th) percentile of returned assays
(Au37ppb). Within this zone, several areas up to
approximately 2km in length and 400m in width are defined by
elevated gold-in-soil values of Au89ppb. Approximately 25% of
the assay results for the survey are yet to be received by the
Company. Sarama has commenced trenching over selected areas within
the identified trend at the Cape Mount property with a view to
defining drill targets. A similar geochemical survey at the 400km²
Gbarpolu property was commenced in 2012 and is partially complete
with assay results being returned for approximately 20% of the
surveyed area. Whilst only a low proportion of the samples from the
Gbarpolu property have been assayed, the results from the southern
part of the property identify an area with elevated gold-in-soil
content. The spatial distribution of the results received to
date for this area is not sufficient to define discrete anomalous
zones with certainty, however the Company is encouraged by the
early-stage indications that are co-incident with magnetic features
identified by the Company's airborne geophysical survey as well as
active artisanal gold mining sites. Sarama expects the balance of
assay results for both properties to be returned over the coming
months and plans to re-commence fieldwork in the upcoming
exploration season, with an initial focus on the major anomalous
zones identified to date. Acquisition of 50% Interest in PedSam
Mining Limited (Liberia) Pursuant to an earn-in agreement (the
"Agreement") between Sarama and Pedra Mining AS (Norway) ("Pedra"),
Sarama is pleased to report that it has increased its interest by a
further 30%, for an aggregate 50% interest, in PedSam Mining
Limited ("PedSam"). PedSam is a Liberian entity that is managed by
Sarama which has title to the three exploration licences that are
subject to the Agreement. The licences are located in Grand
Cape Mount, Gbarpolu and Grand Bassa Counties and total
approximately 1,200km² in area. The 50% earn-in milestone was
achieved by Sarama having incurred US$1,000,000 in eligible
expenditures across the three exploration licences. Pedra
currently holds the remaining 50% interest in PedSam, and under the
Agreement, Sarama has the right to earn a 90% interest in PedSam,
with the ability to acquire 100% of PedSam subject to certain
conditions being met. Sarama expects to increase its interest in
PedSam to 65% by the end of 2012, subject to achieving prescribed
earn-in milestones. Sarama's President and CEO, Andrew Dinning
commented: "We are very encouraged by the early results of these
geochemical surveys, which the airborne geophysical surveys
conducted over the last 12 months have helped us target. The
presence of artisanal and small-scale gold mining activity in areas
proximal to the anomalies, and the various geophysical similarities
of the anomaly on the Cape Mount property to those at the New
Liberty deposit give confidence in the prospectivity of our
properties." 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: Geochemical Anomalies
Superimposed on Magnetic Image - Cape Mount Property 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 and when the
Company expects to increase its interest in the PedSam
properties. 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 certified standard reference
materials, uncertified blank reference materials and field
duplicates. Gold assay work was undertaken by the SGS S.A.
("SGS") laboratories in Monrovia, Liberia and Tarkwa, Ghana.
Assays are determined by aqua regia digest of a 50g charge,
followed by solvent extraction and an AAS finish with a 2ppb 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 (east-west) x 50m north-south), or 200m
(east-west) x 50m (north-south) where higher priority targets were
identified. Field samples of 2-3kg were collected from each
hole, after which a sub-sample was produced by sieving for
assaying. The gold-in-soil anomaly represented for the Cape Mount
property were delineated using the 95(th) percentile of the
samples' Au grade population (Au 37ppb). Qualified Person's
Statement Scientific or technical information in this news release
that relates to the Company's exploration activities in Liberia is
based on information compiled or approved by John Mpambije.
John Mpambije is an employee of Sarama Resources Ltd and is a
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. John Mpambije consents to the
inclusion in this report of the information, in the form and
context in which it appears. Sarama Resources Limited
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