Sarama Resources Confirms 1.8km Long Mineralised Trend North of the
MM Prospect in Burkina Faso
TSX-V Ticker: SWA
SWA.WT
VANCOUVER,
Jan. 23, 2013 /PRNewswire/ - Sarama
Resources Limited ("Sarama" or the "Company") is
pleased to report that recent reverse-circulation ("RC") and
air-core ("AC") drilling at the Tankoro Prospect at its
South Houndé Project in south-western Burkina Faso has returned encouraging
intersections across all target areas and has notably confirmed the
presence of a 1.8km-long mineralised trend at the Phantom Prospect,
immediately along trend from the Company's 1.9km-long MM
Prospect.
Highlights
- 1.8km-long mineralised trend confirmed at the Phantom
Prospect, immediately north of the MM Prospect.
- Further zones containing multiple significant
intersections identified within the Phantom Prospect and in close
proximity to the MM Prospect.
- Strong mineralisation encountered in scout drilling
approximately 1.2km along strike from the main MM mineralised
system.
- Downhole intersection highlights listed by prospect
include:
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Phantom |
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FRC643 |
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8.0m @ 3.39 g/t Au |
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from 48.0m |
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RC |
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including 2.0m @ 10.24 g/t
Au |
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Phantom |
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FRC564 |
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14.0m @ 6.22 g/t Au |
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from surface |
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RC |
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including 10.0m @ 8.52 g/t
Au |
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Phantom |
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FRC562 |
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10.0m @ 5.50 g/t Au |
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from 82.0m |
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RC |
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Phantom |
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AC385 |
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10.0m @ 5.25 g/t Au |
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from 10.0m |
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AC |
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including 2.0m @ 18.35 g/t
Au |
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Phantom |
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FRC563 |
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8.0m @ 5.68 g/t Au |
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from 42.0m |
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RC |
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Phantom |
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AC379 |
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12.0m @ 2.25 g/t Au |
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from 16.0m |
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AC |
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including 2.0m @ 9.92 g/t
Au |
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MM |
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FRC630 |
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21.0m @ 2.50 g/t Au |
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from 93.0m |
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RC |
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MM |
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FRC631 |
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14.0m @ 4.99 g/t Au |
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from 34.0m |
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RC |
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MM-East |
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FRC513 |
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13.0m @ 1.99 g/t Au |
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from 43.0m |
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RC |
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MM-East |
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FRC579 |
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7.0m @ 4.12 g/t Au |
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from 44.0m |
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RC |
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- Potential remains for further extensions in all target
areas.
Sarama has received assay results from recent RC
and scout AC drilling programs commenced in October 2012 on the Tankoro exploration property
within the Company's South Houndé Project. The programs are
part of the regional exploration strategy for the 30km-long Tankoro
Structural Corridor that have been undertaken in parallel with its
work at the more advanced MM Prospect (refer news release
14th January
2013).
The recent drill programs focused on the
Phantom, MM-East, Obi and Dlarakoro prospects, all of which are
situated along trend from Sarama's gold discovery at the MM
Prospect (refer Figure 1). In addition to these
prospect areas, drilling targeted zones within the MM Prospect that
are interpreted to be parallel to the main mineralisation
system.
Results for approximately 11,500m RC (113 holes)
and 9,700m (262 holes) AC drilling are listed in Appendices A and B
respectively. Figure 2 shows highlighted results.
The programs were designed to follow-up
significant intersections from previous scout drilling, further
test gold-in-soil anomalies and test targets generated from
ground-based geophysical surveys recently completed by Sarama.
Successful target generation and recent drilling
has returned significant intersections across six regional
areas:
- Area A - multiple RC and AC intersections in the central zone
of the Phantom Prospect, contained in 12 drill lines
covering an interpreted strike length of 1.8km, including 7.0m @
3.27 g/t Au, 4.0m @ 3.28 g/t Au, 6.0m @ 2.40 g/t Au and
7.0m @ 2.26 g/t Au (refer Figure 3), with
mineralisation being of a similar grade and geometry to that
encountered at the MM Prospect, but predominantly presenting as a
single lode;
- Area B - three adjacent RC intersections of 10.0m @ 5.50 g/t
Au, 8.0m @ 5.68 g/t Au and 14.0m @ 6.22 g/t Au
drilled on a single scout line located in the east of the
Phantom Prospect, approximately 750m from the MM
mineralisation (refer Figures 3 and 4);
- Area C - multiple AC intersections in the west of the
Phantom Prospect, from a group of four drill lines
spanning an interpreted strike length of approximately 500m,
including 10.0m @ 5.25 g/t Au, 12.0m @ 2.25 g/t Au,
2.0m @ 7.75 g/t Au (hole ended in mineralisation), 2.0m @
3.89 g/t Au (hole ended in mineralisation) and 2.0m @ 3.39
g/t Au (hole ended in mineralisation) (refer Figure
3);
- Area D - two adjacent RC intersections of 14.0m @ 4.99 g/t
Au and 21.0m @ 2.50 g/t Au drilled on a single scout
line located in the far south of the MM Prospect,
approximately 1.2km south-west and along trend from the defined MM
mineralisation (refer Figure 3 and 5);
- Area E - multiple RC intersections over four drill lines
striking 1.6km at the MM-East Prospect, including
7.0m @ 4.12 g/t Au, 13.0m @ 1.99 g/t Au, 8.0m @
1.92 g/t Au and 10.0m @ 1.81 g/t Au (refer Figure
3); and
- Area F - multiple RC and AC intersections in scout lines in two
distinct areas within the Dlarakoro Prospect
including 7.0m @ 3.89 g/t Au, 10.0m @ 2.11 g/t Au and
4.0m @ 2.72 g/t Au (refer Figure 3).
The results clearly demonstrate the presence of
multiple parallel mineralised 'limbs' of significant strike length
within the Tankoro Structural Corridor with similar grade
characteristics and potentially similar geometry to the
mineralisation already defined at the MM Prospect. Drilling
to date has returned significant intersections along 11.5km of the
trend and has identified a mineralised trend approximately 800m in
width.
Sarama is continuing the drill programs at key
regional targets, focusing initially on areas proximal to the MM
Prospect and which are likely to deliver extensions to the
mineralised zones.
Sarama's President and CEO, Andrew Dinning commented:
"We are very pleased with these results which
continue to demonstrate the potential for the Tankoro Structural
Corridor to host multiple zones of economic mineralisation.
The confirmation of the 1.8km-long mineralised trend at the Phantom
Prospect, along with the intersection of other zones to the south
and proximal to the MM mineralisation, is of significant value from
a project development perspective and these areas will be a key
focus in Sarama's future exploration activities."
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: Tankoro Prospect
Locations
Figure 2: Recent Regional Drilling Across
Tankoro Permit
Figure 3: MM and Phantom Prospects with
Highlighted Results and Mineralised Extents
Figure 4: Cross Section @ 1171800mN - Eastern
Side of Phantom Prospect Looking North
Figure 5: Cross Section @ 1175150mN - Single
Scout Drill Line - Southern MM Prospect Looking North
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. 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.
AC drilling was generally designed using
west-east oriented holes, dipping at -55° to the east,
approximately 50m in length. AC drilling proceeded to design
or cutting head refusal. Holes were spaced approximately
40-60m apart along the drill lines. AC 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 AC 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 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 AC drilling due
to the preliminary nature of the program.
RC drill samples were assayed for gold by the
SGS S.A. ("SGS") laboratory in Morila, Mali and the ALS Group laboratory in
Ouagadougou, Burkina Faso. AC drill samples were
assayed for gold 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.
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 RC DRILL RESULTS
APPENDIX B - SIGNIFICANT AIRCORE DRILL RESULTS
SOURCE Sarama Resources Limited