TSX-V Ticker: SWA
SWA.WT
VANCOUVER,
April 23, 2013 /PRNewswire/ - Sarama
Resources Limited ("Sarama" or the "Company") is
pleased to report that recent reverse-circulation ("RC") and
diamond drilling at its South Houndé Project in south-western
Burkina Faso has extended
high-grade mineralisation in the southern area of the MM Prospect
to a vertical depth of 260m. Associated infill drilling has
also confirmed the geological continuity and grade distribution of
the interpreted mineralisation system.
Highlights
- Southern high-grade mineralisation extended to 260m
vertical depth.
- Infill RC and diamond drilling confirms continuity of
major mineralised lenses within the MM system.
- Downhole intersection highlights include:
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FRC677 (RC) |
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31.0m @ 7.07 g/t Au |
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from 24.0m |
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including 13.0m @ 20.42 g/t Au |
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DDH054 (DDH) |
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30.8m @ 5.54 g/t Au |
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from 288.0m |
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including 2.0m @ 35.77 g/t Au |
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FRC655 (RC) |
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17.0m @ 5.45 g/t Au |
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from 11.0m |
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including 13.0m @ 7.03 g/t Au |
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FRC647 (RC) |
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19.0m @ 2.23 g/t Au (EOH) |
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from 83.0m |
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including 5.0m @ 5.48 g/t Au |
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FRC501RE1 (DDH) |
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15.2m @ 2.40 g/t Au |
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from 81.5m |
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FRC624 (RC) |
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9.0m @ 2.99 g/t Au |
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from 4.0m |
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and |
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7.0m @ 4.41 g/t Au |
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from 36.0m |
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FRC654RE1 (DDH) |
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11.8m @ 2.50 g/t Au |
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from 192.3m |
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- Potential remains for further extensions along strike and
across the stacked-lode system.
- Maiden mineral resource estimate planned for Q3
2013.
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 the last assay
results for 2,500m diamond drilling (16 holes) and 1,700m RC
drilling (13 holes, including 2 pre-collars) are listed in
Appendices A and B respectively.
The drilling program was designed to test for
strike and down-dip extensions around the southern and northern
extents of the mineralised system and other minor lodes within the
central part of the system that had returned significant
intersections from drilling in 2012. The recent program
successfully intersected the targeted mineralisation, delivering
depth extensions in the north and south, as well as better defining
the grade characteristics of the 1.9km-long mineralisation system
(refer Figure 1).
Drilling in the southern area continued to
demonstrate continuity of mineralisation in both down-dip and
southerly directions with new intersections including 31.0m @
7.07 g/t Au and 30.8m @ 5.54 g/t Au supporting the
interpretation of high-grade shoot-controlled mineralisation.
The strength of the mineralisation, which now extends to a vertical
depth of 260m in the southern area, provides an attractive target
for deeper exploration.
Infill and extensional drilling in the central
area of the MM Prospect targeted the eastern-most lodes of the
system. The drilling returned encouraging near-surface
(<50m vertical depth) intersections including 17.0m @ 5.45 /t
Au, 10.0m @ 2.17 g/t Au and 13.5m @ 1.59 g/t Au
which are expected to contribute positively to the estimated grade
of the mineralisation in this area. Deeper drilling (50-100m
vertical depth) returned intersections of 19.0m @ 2.23 g/t Au
(EOH) and 6.3m @ 2.16 g/t Au which demonstrate
continuity and an increase in the local grades.
The drilling in the northern area, which was
designed to target the deeper parts of the stacked lode system
(approximately 140-250m vertical depth), demonstrated the
continuity of the system at depth with broad, lower-grade
intersections returned in the western-most lode and narrower
(<5m) intersections featuring in the secondary lodes in the
centre and east of the system. Highlighted intersections of
4.5m @ 3.90 g/t Au, 2.8m @ 6.41 g/t Au and 11.8m @
2.50 g/t Au again suggest the influence of higher-grade shoot
controls to the mineralisation. The results of the infill
drilling in the upper parts of the system (<100m vertical depth)
were in line with expectations, with highlighted intersections of
15.2m @ 2.40 g/t Au, 9m @ 2.99 g/t Au and 7.0m @
4.41 g/t Au.
With the completion of the programs in the
currently interpreted area of MM, Sarama is now focussing on the
extension and further definition of lode systems to the south,
north and east which the Company anticipates will contribute to the
estimation of a maiden resource in Q3 2013. The Company's
regional exploration at the South Houndé Project is ongoing.
Sarama's President and CEO, Andrew Dinning commented:
"We are pleased with the results of these
drilling programs which continue to demonstrate a significant
mineralised system at the MM Prospect. The depth extension of the
high-grade zone in the south is encouraging given the strength of
the intersections and now presents a legitimate target for deeper
exploration in the area. Sarama is well funded with a cash
balance of approximately US$11M
(unaudited as at 31 March 2013) and will now focus on regional
exploration programs in the south of the MM Prospect which are
expected to contribute to the maiden resource estimate planned for
Q3 2013."
For further information on the Company's activities, please
contact:
Andrew Dinning or Paul Schmiede
email: info@saramaresources.com
telephone: +61 8 9363 7600
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 Infill and
Extensional Drilling at MM Prospect
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 and maiden resource
estimate. 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.
Sarama undertakes geological sampling and
assays in accordance with its QA/QC program which includes the use
of certified reference materials for both RC and diamond drilling
and duplicates in the case of RC drilling.
Gold assays for the RC and diamond drilling
were undertaken by the SGS S.A. laboratory in Morila, Mali. 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.
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.
Appendix A - Significant Diamond Drill Results
Appendix B - Significant RC Drill Results
SOURCE Sarama Resources Limited