TSX-V Ticker: SWA
SWA.WT
VANCOUVER, Jan. 14, 2013 /CNW/ - Sarama Resources Limited
("Sarama" or the "Company") is pleased to report that
recent reverse-circulation ("RC") and diamond drilling at
the MM Prospect at its South Houndé Project in south-western
Burkina Faso has extended the
strike length of mineralisation by 25% to a total of 1.9km and
confirmed previous high-grade intersections in the south of the
mineralised zone.
Highlights
- Strike length of the MM mineralisation system has been
increased to 1.9km.
- Infill RC and diamond drilling confirms continuity of
major mineralised lenses within the MM system as well as the
presence of a broad high-grade zone in the south.
- Downhole intersection highlights include:
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DDH019 |
5.3m @ 5.18 g/t Au |
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from 291.3m |
DDH |
including 2.3m @ 10.68 g/t Au |
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DDH045* |
15.5m @ 6.61 g/t Au |
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from 176.5m |
DDH |
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DDH005RE1 |
6.5m @ 2.93 g/t Au |
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from 225.5m |
DDH |
including 2.5m @ 5.57 g/t Au |
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DDH050 |
19.1m @ 4.06 g/t Au |
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from 263.5m |
DDH |
including 2.5m @ 17.42 g/t Au |
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FRC612 |
11.0m @ 2.70 g/t Au |
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from 128.0m |
RC |
including 6.0m @ 4.65 g/t Au |
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FRC613 |
18.0m @ 2.09 g/t Au |
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from 196.5m |
DDH |
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FRC614 |
15.5m @ 2.79 g/t Au |
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from 101.0m |
DDH |
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FRC616 |
14.0m @ 5.71 g/t Au |
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from 180.0m |
DDH |
including 6.1m @ 12.02 g/t Au |
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* Note: Hole was reported previously as ending in
mineralisation - the listing is a composite of the
new
extended intersection and previously reported
intersection. |
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- Potential remains for further extensions along strike and
across the stacked-lode system.
Sarama has received assay results from recent RC
and diamond drilling programs at the MM Prospect which is situated
on the Tankoro exploration property within the Company's South
Houndé Project. The infill and extensional programs commenced in
October 2012 and results for an
initial 4,500m RC (35 holes, including 11 pre-collars) and 2,800m
(23 holes) diamond drilling are listed in Appendices A and B
respectively.
The extensional program was designed to test for
strike and down-dip extensions around the southern extent of the
mineralised system and also strike and down-dip extensions of other
minor lodes within the central part of the system that contained
significant intersections returned from drilling earlier in
2012. This program successfully intersected the targeted
mineralised units, leading to a 25% increase in strike length of
the MM system to 1.9km (refer Figure 1).
Holes in the southern extension area were
drilled to a vertical depth of 100-120m along 100-200m spaced drill
lines, with intersections including 7m @ 2.14 g/t Au, 15m @ 1.36
g/t Au and 8m @ 1.38 g/t Au being returned. Several
broad, low-grade intersections >20m in thickness were also
returned, potentially indicating the presence of shoot controls on
mineralisation. A down-dip extension of mineralisation to
200-230m vertical depth was achieved by the program in the south of
the system with intersections including 19.1m @ 4.06 g/t Au,
18.0m @ 2.09 g/t Au and 13.5m @ 1.42 g/t Au being
returned.
Extensional drilling of minor lodes in the
central area returned intersections including 5.3m @ 5.18 g/t
Au, 6.5m @ 2.93 g/t Au and 11.0m @ 2.70 g/t Au.
The infill drill program targeted an area of
high-grade mineralisation located in the south of the mineralised
system. The southern area has consistently returned
high-grade intersections over several drill campaigns conducted
since May 2011 and the recent infill
drilling was designed to provide additional information on the
spatial extent and directional controls on the high-grade
mineralisation. Intersections returned include 14.0m @
5.71 g/t Au, 15.5m @ 2.79 g/t Au, 15.5m @ 6.61 g/t Au* and 16.0m @
1.63 g/t Au. These results are aligned with previous
drilling in the area and notably define the high-grade (+5g/t Au)
zone along a strike length of approximately 250m.
Sarama is continuing the drill programs at the
MM Prospect focussing on areas where the mineralised zones are most
likely to extend along strike and/or dip and expects to announce a
maiden resource estimate later in 2013. Regional exploration
on the Tankoro property is ongoing, with particular emphasis on
following-up targets proximal to the MM Prospect.
* Note: This hole (DDH045) was
reported previously as ending in mineralisation - the listing above
is a composite of the new extended intersection and
previously reported intersection.
Sarama's President and CEO, Andrew Dinning commented:
"We are very pleased with these results which
continue to demonstrate a significant mineralised system at the MM
Prospect. The confirmation of the high-grade zone in the south is
particularly encouraging and, when viewed in combination with the
Company's regional exploration results, highlights the potential
for the Tankoro Structural Corridor to host multiple economic
zones."
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 increase the size of its maiden discovery
and to test gold-in-soil anomalies located in a 30km-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.
Figure 1: Recent Drilling on MM
Prospect Showing Strike Length Extension
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.
Notes - Drilling
Drilling results are quoted as downhole intersections.
True mineralisation width is approximately 70% to 80% of
intersection length for holes drilled on east-west sections,
dipping at -50° to -55° and intersecting the NNE striking
lenses.
The reported composites for RC and diamond
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.
For RC and diamond drilling, Sarama
undertakes geological sampling and assay in accordance with its
QA/QC program which includes the use of certified reference
materials and duplicates. No duplicates were taken for the
diamond drilling program.
Gold assays for the RC and diamond drilling
were undertaken by the SGS S.A. ("SGS") laboratory in
Morila, Mali and by the ALS Group
laboratory in Ouagadougou,
Burkina Faso. 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.
RC drilling was generally designed using
west-east oriented holes, dipping at -50° to -55° to the east,
approximately 130m in length. Holes were spaced approximately
40-60m apart along the drill lines. RC drill cuttings were
sampled over regular 1m intervals.
Diamond drilling was generally designed using
west-east oriented holes, dipping at -50° to -55° to the east, of
variable length. Holes were spaced approximately 40-60m apart
along the drill lines. Diamond core was logged and sampled
according to geological intervals. Samples submitted for
assay were half core.
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 Diamond Drill Results
Appendix B - Significant RC Drill Results
SOURCE Sarama Resources Limited