Sarama Resources to Acquire Additional 338km Exploration Properties on the Banfora Belt in Burkina Faso
August 27 2012 - 9:00AM
PR Newswire (Canada)
TSX-V Ticker: SWA SWA.WT VANCOUVER, Aug. 27, 2012 /CNW/ - Sarama
Resources Limited ("Sarama" or the "Company") is pleased to report
that it has entered into an agreement to acquire two exploration
properties, totalling 338km² in area, located on the Banfora Belt
in south-western Burkina Faso, West Africa. Highlights -- Sarama
has entered into an agreement to acquire a 100% interest in two
contiguous exploration properties, Nyarafo and Noumoudara (the
"Properties"), located on the prospective Banfora Belt in
south-western Burkina Faso. -- The Properties cover a combined land
area of 338km² and are adjacent to, and along trend from, Sarama's
existing Tiéfora Nord exploration property. -- Previous exploration
work conducted by the vendor on the Properties, which is subject to
confirmation by Sarama, includes a 19 hole, 2,300m scout
reverse-circulation ("RC") drilling program which yielded downhole
intersection highlights including: Nyarafo Property BF_08 13 m @
2.87 g/t Au from 10m (including 10m @ 3.59 g/t Au) and 4 m @ 10.59
g/t Au from 30m (including 1m @ 40.80g/t Au) BF_03 4 m @ 2.86 g/t
Au from 9m and 8 m @ 1.08 g/t Au from 23m (including 1m @ 4.71 g/t
Au) BF_06 17 m @ 1.18 g/t Au from 12m (including 4m @ 3.49 g/t Au)
BF_07 6 m @ 1.08 g/t Au from 82m (including 2m @ 2.07 g/t Au) BF_12
5 m @ 1.61 g/t Au from 65m (including 2m @ 3.29 g/t Au) BF_15 12 m
@ 0.7 g/t Au from 10m (including 1m @ 2.67 g/t Au and 1m @ 2.42 g/t
Au) Noumoudara Property BF_18 7 m @ 6.86 g/t Au from 53m (including
3m @ 15.26 g/t Au) -- Sarama's Banfora Belt exploration properties
are located approximately 70km to the east of its flagship South
Houndé project. -- Upon completion of the transaction, Sarama's
land interests in Burkina Faso will total approximately 3,100km².
The Properties are located on the Banfora Belt, approximately 25km
south of the major regional town of Bobo-Dioulasso. The area
is serviced by a regional road network and the population in the
immediate area of the Properties is predominantly involved with
subsistence farming and artisanal gold mining. The Banfora Belt is
a regionally significant assembly 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 deposits in Ghana, the Morila and Sadiola deposits
in Mali and the Essakane and Mana deposits in Burkina Faso. No
significant advanced gold prospects have been identified in the
Banfora Belt, which the Company attributes to exploration in the
area being at a very early stage. The Nyarafo exploration property
covers an area of 177km², and the Noumoudara exploration property
covers an area of 161km². Both exploration permits covering
the Properties are in their final terms and will expire on 4(th)
July 2014. Re-issue of the exploration permits will be at the
discretion of the government of Burkina Faso. Depending on
the results of the Company's exploration work, the Company has the
option to convert the permits to exploitation permits at the end of
the final terms. Previous exploration work on the Properties by the
vendor includes limited soil geochemistry surveys, trenching and
approximately 4,400m of rotary-air-blast ("RAB") drilling in
2007. In addition, approximately 2,300m of scout RC drilling
was completed by the vendor in 2011, with the more significant
results from this campaign listed in Appendix A. Sarama will begin
fieldwork on the properties in the upcoming exploration season,
initially focusing on the verification of historical findings and
completion of permit-wide soil geochemistry surveys. Pursuant to
the purchase agreement, upon the permits covering the Properties
being registered in the name of the Company's local subsidiary, the
Company will make a first instalment payment to the vendor of
either, at the Company's sole discretion, US$100,000 cash or the
equivalent in common shares in Sarama Resources Ltd. A second
payment, of either US$100,000 cash or the equivalent in common
shares of Sarama, at the Company's sole discretion, will be due to
the vendor upon successful re-issue of either or both of the
exploration permits covering the Properties to Sarama by the
government of Burkina Faso after the end of the current terms in
July 2014. The shares in Sarama issued in connection with
this transaction will be subject to a mandatory 4-month hold period
under applicable securities laws. Figure 1 shows the location of
the Properties, relative to Sarama's existing interests on the
Banfora Belt, and Figure 2 shows the Properties in relation to the
Company's South Houndé Project. Sarama's President and CEO, Andrew
Dinning commented: "We are pleased to have acquired this relatively
large ground position in a prospective and under-explored belt and
where previous preliminary exploration work has shown promising
results. The proximity of the Banfora properties to our South
Houndé Project adds to the attractiveness of the acquisition and we
look forward to undertaking further work in the zones of
mineralisation identified in historical exploration." 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. Figure 1: Sarama's Exploration
Interests on the Banfora Belt Figure 2: Sarama's
Exploration Interests in South-West Burkina Faso 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 (3,100 km²), Liberia (2,400 km²) and Mali (1,200 km²)
and is aggressively exploring across the property portfolio.
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, registration of
permits into the Company's local subsidiary's name, and the
possibility of re-issue of exploration permits. 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 government of Burkina Faso
may not exercise its discretion to renew the exploration permits;
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 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 For the results in Appendix A, the intersected true width is
unknown and reported intervals are downhole intersection
lengths. No top-cuts were applied to raw assay values and a
lower grade cut of 0.3 g/t Au was used to determine the quoted
intervals, with up to a maximum of 2m internal dilution being
incorporated into the composite. The vendor instituted a QA/QC
program which includes the use of reference materials and
duplicates for the drilling results reported in Appendix A.
Duplicate assaying ceased after 14 holes of the 19 hole program
were completed. Insertion of reference materials
occurred throughout the campaign, ranging from 1 in every 50
samples for the first 14 holes of the 19 hole program to 1 in every
100 samples for the remainder of the program. Gold assay work was
undertaken by SGS Burkina Faso SA ("SGS") in Ouagadougou, Burkina
Faso - a member of the SGS Group (Société Générale de
Surveillance). SGS is accredited under the National
Association of Testing Authorities Australia for compliance with
ISO/EC 17025 for Chemical Testing and is independent of Sarama and
the vendor of the Properties. Gold assays are determined
using fire assay methods with a 50 gram charge and AAS finish,
which have a 0.01g/t Au detection limit. Qualified Person's
Statement Scientific or technical information in this news release
is based on information that has been 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 Historical Rc
Drill Results Sarama Resources Limited
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