VANCOUVER, Aug. 7, 2015 /CNW/ - Sarama Resources Ltd.
("Sarama" or the "Company") is pleased to advise that
Savary Gold Corp. ("Savary"), the operator of the Karankasso
Project Joint Venture ("JV") between Sarama and Savary,
provided an update on August 6, 2015
of follow-up drilling on the Kueredougou West Trend. Set out below
are key highlights from this release.
Highlights
- Kueredougou West Trend interpreted to extend over a 9km strike
length and has potential to host a major gold zone
- 9 reverse circulation holes totaling 1,100m were drilled over a
small portion of the trend as part of a greater 14,500m drill
program at the Karankasso Project
- Drilling defined three parallel, close spaced lenses of gold
mineralization to approximately 90 metres depth along a strike
length of 350 metres
- Highlight intercepts for the Kueredougou West Trend include:
- RC hole
15-83
10m @ 2.4 g/t
gold
from 45m
- RC hole
15-93
17m @ 2.0 g/t
gold
from 64m
- RC hole
15-99
3m @ 6.9 g/t
gold
from 114m
- RC hole 15-100
2m
@ 19.5 g/t
gold
from 89m
- RC hole
15-42*
9m @ 5.2 g/t gold
from
3m
- RC hole
15-41*
8m @ 2.5 g/t
gold
from 42m
- * Previously reported intercepts in Savary Gold news release dated June 15, 2015
- Results for the remainder of the 115 hole program across other
areas within the Karankasso Project are expected after
interpretative work has been completed
The drilling targeted extensions to previously intersected
high-grade mineralisation, noted by Savary as being hosted by
quartz-veined, sericitic and pyritic fine grained sediments
intruded by quartz-feldspar porphyry sills.
Savary also noted that the follow-up drill program defined three
parallel close spaced lenses of gold mineralization to
approximately 90 metres depth along a 350 metre strike. The
gold-bearing lenses are still open to depth and along strike.
Savary indicated that they are very encouraged by the drill results
and size of the mineralised trend and remain optimistic about
future results of the greater 14,500m drill program completed
across the Karankasso Project.
Sarama's President and CEO, Andrew
Dinning commented:
"We are pleased with the results of this
follow-up drill program and the identification of several new gold
zones. These results continue to support
our belief that the southern Houndé Gold
Belt is a great place to be and we look
forward to continuing to work collaboratively with
Savary."
Savary's August 7, 2015 news
release contains further information on Savary's drill campaign on
the Karankasso Project.
For further information on the Company's activities, please
contact:
Andrew Dinning or Paul Schmiede
e:
info@saramaresources.com | t: +61 (0) 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 - Kueredougou West
Trend – Drill Hole Plan
About Sarama Resources Ltd
Sarama Resources Ltd (TSX-V: SWA) is a West African focused gold
explorer with substantial landholdings in Burkina Faso, Liberia and Mali.
Sarama's flagship properties are situated within the Company's
South Houndé Project area in south-west Burkina Faso. Located within the prolific
Houndé greenstone belt, Sarama's exploration programs have built on
significant early success to deliver a maiden Inferred Mineral
Resource estimate of 1.5 Moz gold1,2. Outside of
Burkina Faso, Sarama is focused on
consolidating a number of under-explored landholdings in other
emerging and established mining jurisdictions.
Incorporated in 2010, the Company's Board and management team
have a proven track record in Africa and a strong history in the discovery
and development of large-scale gold deposits. Sarama is well
positioned to build on its current success with a strong financial
position and a sound exploration strategy across its property
portfolio.
- 29.13 Mt @ 1.6 g/t Au (at a 0.8 g/t Au cut-off)
- The effective date of the Company's Mineral Resource
estimate is September 16, 2013. For
further information regarding the Mineral Resource estimate please
refer to the technical report titled "NI 43-101 Independent
Technical Report, South Houndé Project, Bougouriba and Ioba
Provinces, Burkina Faso", dated
October 28, 2013. The technical
report is available under the Company's profile on SEDAR at
www.sedar.com.
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
entering into of the joint venture agreement with Savary, the
operation of the joint venture by Savary on property which includes
Sérakoro 1 and Houndé South and future follow-up exploration on
number of gold bearing intercepts on the land to be covered by the
joint venture. 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 completion of the joint venture agreement depends on,
among other things, the satisfaction of conditions precedent that
are usual in a transaction of this nature, including the receipt of
regulatory approvals, that the business of exploration for gold and
other precious minerals involves a high degree of risk and is
highly speculative in nature; Mineral Resources are not Mineral
Reserves, they do not have demonstrated economic viability, and
there is no certainty that they can be upgraded to Mineral Reserves
through continued exploration; 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 preparation of the Company's mineral resource
estimate is based on information compiled or approved by
Adrian Shepherd. Adrian Shepherd is an employee of Cube
Consulting Pty Ltd and is considered to be independent of Sarama
Resources Ltd. Adrian Shepherd
is a chartered professional member in good standing of the
Australasian Institute of Mining and Metallurgy 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. Adrian
Shepherd consents to the inclusion in this news release of
the information, in the form and context in which it
appears.
SOURCE Sarama Resources Limited