TSX-V Ticker: SWA
SWA.WT
VANCOUVER, Oct. 22, 2012 /PRNewswire/ - Sarama Resources
Limited ("Sarama" or the "Company") reports that it
has commenced exploration activities at the South Houndé and
Banfora Projects in south-western Burkina
Faso for the new exploration season following the finish of
seasonal rains. Approximately 46,000m of drilling is planned
for the first part of the season (to April
2013), including 6,000m of diamond and reverse circulation
("RC") drilling at the MM Prospect.
Highlights
- 46,000m drilling planned across Sarama's properties at
the South Houndé and Banfora Projects. Air-core ("AC") and
rotary-air-blast ("RAB") drilling accounts for 55% of the total
planned drill metres.
- 6,000m of infill and extensional drilling to commence at
the MM Prospect in preparation for a maiden resource estimate
planned for the first half of 2013.
- Scout drilling planned to test regional-scale
gold-in-soil anomalies defined at the South Houndé
Project.
- Ground-based geophysical surveys planned at the Tankoro
property to aid drill targeting in areas proximal to the MM
Prospect.
- Permit-wide soil sampling and 2,500m RC drill program to
commence at the recently acquired Banfora
properties.
MM Prospect Infill & Extensional Drilling and Ground
Geophysical Survey
Following the success of recent RC and diamond
drilling at the MM Prospect on the Tankoro property, Sarama has
planned infill and extensional drilling campaigns to better define
the controls of grade distribution and to extend the interpreted
mineralisation along strike, as well as, up and down dip. The
mineralised porphyry-dyke related system demonstrates a high degree
of continuity, with a strike extent of over 1km and significant
gold mineralisation continuing to be intersected to approximately
300m down-dip. The stacked-lens style of the system (refer
Figure 1) presents an opportunity to test for extensions to the
mineralisation relatively quickly and in a cost effective
manner.
Approximately 6,000m of RC and diamond drilling
is planned, which will support the estimation of a maiden resource,
planned for the first half of 2013. The drilling will
generally focus on mineralisation down to a vertical depth of 200m,
however previous high-grade intersections located at a vertical
depth of 250-270m (including 13.9m @ 14.47g/t Au - refer News
Release 28 August 2012) will also be
followed-up.
Sarama will also undertake an
induced-polarisation ("IP") geophysical survey in order to
better identify drill targets along strike from the MM
Prospect.
Tankoro Property - Scout Drilling
Follow-up
Sarama has planned approximately 21,000m of RC,
AC and RAB drilling at other prospects within the Tankoro property
to follow-up on encouraging scout drilling results returned earlier
this year. The majority of the drilling will focus on targets
within a 5km radius of the MM Prospect and at the MM-East and
Phantom Prospects. Drilling at the Phantom Prospect will
investigate 2.7km of the Tankoro Structural Corridor immediately
along strike to the north of the MM mineralised zone which is
already 1.4km in length (refer Figure 2).
South Houndé Project - Scout
Drilling
Soil geochemistry surveys conducted in 2011 and
2012 defined several extensive gold-in-soil anomalies on properties
adjacent to the Tankoro property within Sarama's South Houndé
Project. These anomalies are co-incident with interpreted
favourable structural and lithological features. The Tankoro
Structural Corridor, which hosts the MM Prospect, extends for
approximately 35km over the Tankoro, Gbingué and Danymi properties
which form part of Sarama's contiguous landholding. In
addition, several other kilometre-scale geochemical trends are
present which are yet to be drill tested (refer Figure 3).
The 25km-long and 14km-long soil anomalies on
the Serakoro 1 property will also be tested further with AC and RC
drilling.
Regional scout drilling comprising 16,000m of
AC, RAB and RC drilling is planned within the property group in
addition to the work at the Tankoro property.
Banfora Project - Verification and
Extensional Drilling
Approximately 2,500m of RC drilling has been
planned for Sarama's recently acquired Nyarafo and Noumoudara
properties within the Banfora Belt. The drilling aims to
verify significant historical RC drill results which featured 13m @
2.87 g/t Au (including 10m @ 3.59 g/t Au) from 10m depth and 7m @
6.86 g/t Au (including 3m @ 15.26 g/t Au) from 53m depth (refer
News Release 27 August 2012).
The program will also test for extensions to known
mineralisation.
Sarama's President and CEO, Andrew Dinning commented:
"We are very pleased with the rate of
progress and the outstanding exploration results achieved in the
previous exploration season. Sarama has continued to
consolidate its position in Burkina
Faso with particular focus on the southern Houndé Belt, and
more recently in the Banfora Belt. The Company has assembled
a suite of exploration properties containing targets ranging from
the advanced MM Prospect to large prospective gold-in-soil trends
that are yet to be tested. With the strong support of our
shareholders and the success of our recent financing, we will be
pursuing our exploration programs aggressively and look forward to
future exploration success."
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: Cross-Section of MM Mineralisation -
Central Region (1177300mN) - Looking North
Figure 2: Highlighted Regional Scout Drilling
Results in the Tankoro Structural Corridor
Figure 3: South Houndé Project - Areas of Planned Regional
Drilling
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 (>560
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. 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.
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.
SOURCE Sarama Resources Limited