TSX-V Ticker: SWA
VANCOUVER, Aug. 23, 2012 /PRNewswire/ - Sarama Resources Limited ("Sarama" or the "Company") is pleased to report that regional scout drilling has returned significant intersections of gold mineralisation along strike from the MM Prospect and at several other areas at its South Houndé Project (the "Project") in south-western Burkina Faso.
- Significant intersections of gold mineralisation returned from scout rotary-air-blast ("RAB") and reverse circulation ("RC") drilling programs on regional targets within a 7km radius of the MM Prospect.
- Results show potential for economic mineralisation over a distance of 2.7km immediately to the north of the 1.4km strike-length MM Prospect.
- Intersections to the immediate west and east of the MM Prospect indicate the potential for parallel mineralised structures.
- Downhole intersection highlights include:
|M Prospect (West)||RAB062||RAB||10m @ 2.36 g/t Au (EOH)||from||40m||(incl. 6m @ 3.58g/t Au)|
|M Prospect (North)||RAB092||RAB||4m @ 2.35 g/t Au (EOH)||from||46m|
|Phantom Prospect||RAB097||RAB||6m @ 2.55 g/t Au||from||10m|
|RAB112||RAB||4m @ 1.95 g/t Au||from||32m|
|RAB118||RAB||4m @ 1.45 g/t Au (EOH)||from||46m|
|RAB130||RAB||14m @ 3.26 g/t Au||from||32m||(incl. 8m @ 5.39g/t Au)|
|RAB148||RAB||6m @ 2.17 g/t Au||from||22m|
|RAB174||RAB||10m @ 2.02 g/t Au||from||4m|
|MM-East Prospect||RAB051||RAB||10m @ 1.93 g/t Au||from||10m||and|
|13m @ 1.74 g/t Au (EOH)||from||26m|
|FRC263||RC||6m @ 3.36 g/t Au||from||79m|
|FRC264||RC||5m @ 2.16 g/t Au||from||44m||(incl. 2m @ 4.51g/t Au)|
|FRC348||RC||5m @ 2.57 g/t Au||from||24m|
|Obi Prospect||FRC285||RC||6m @ 2.27 g/t Au||from||24m|
|FRC320||RC||[email protected] 2.09 g/t Au||from||52m|
|FRC479||RC||9m @ 2.76 g/t Au||from||46m||(incl. 5m @ 4.60g/t Au)|
|Gbédanga Prospect||RAB227||RAB||10m @ 1.49 g/t Au||from||36m|
|Dlarakoro Prospect||RAB254||RAB||6m @ 2.87 g/t Au||from||14m|| (incl. 2m @ 8.00g/t Au)
Sarama has completed two scout drilling programs on the Tankoro Permit, which is the principal property within the Company's South Houndé Project. Previous exploration work by the Company resulted in the discovery of the high-grade MM Prospect (refer news releases 2nd February 2012 and 7th May 2012).
These programs advance the regional exploration strategy that the Company has been pursuing in parallel with its work at the more advanced MM Prospect, which forms the central focus for the Company in the region. In addition to the MM Prospect, the interpreted 24km-long Tankoro Structural Corridor contains several exploration targets, which the Company views as being part of a larger regional gold mineralisation system (refer Figures 2 & 3).
The drill programs focused on targets within a 7km radius of the MM Prospect to test for the presence of mineralisation where anomalies were defined by a soil geochemistry survey conducted in 2011.
The programs consisted of 309 RAB holes (13,300m) and 101 RC holes (10,300m). 121 holes returned significant results and are listed in Appendices A and B. Highlighted higher-grade intercepts are illustrated in Figures 1 & 2.
The programs successfully identified significant mineralisation in a number of areas, providing an indication of the scale of the Tankoro property's mineralised system and its potential to host economic mineralisation.
Drilling demonstrated potential for economic mineralisation over a distance of 2.7km immediately to the north of the MM Prospect and also returned several encouraging intersections approximately 200m outside the interpreted trend, indicating a degree of lateral extent to the system (refer Figure 1). This is further supported by the good intersections 300m to the west of the main mineralisation at the MM Prospect.
In addition to the highlighted results, the drilling campaigns also returned numerous broad intersections of low grade gold mineralisation across all targeted prospects. The broad nature of the intersections warrants follow-up to examine their relationship with the higher grade intercepts returned from the same prospects.
Sarama will re-commence regional fieldwork in the upcoming exploration season, with an initial focus on areas that returned high-grade scout drilling results and other untested drill targets identified by the soil geochemistry survey.
Sarama's President and CEO, Andrew Dinning commented:
"We are very encouraged by the results of these scout drilling programs which reinforce our view that the Tankoro Structural Corridor presents a large and prospective area for gold with numerous validated drill targets. We are hopeful that with further drilling, the mineralisation intersected in this scout drilling program will develop into multiple satellite exploration areas."
For further information on the Company's activities, please contact:
Andrew Dinning or Paul Schmiede
email: [email protected]
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 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 (>2,800 km²), Liberia (>2,400 km²) and Mali (>1,200 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, including when results may be available. 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 adverse by 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.
RAB drilling was generally designed using west-east oriented holes, dipping at -55° to the east, approximately 50m in length. RAB drilling proceeded to design or cutting head refusal. Holes were spaced approximately 40-60m apart along the drill lines. RAB 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 RAB drilling were determined using a cut-off grade of 0.30g/t Au to select significant and anomalous intersections, with a maximum of 4m 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 RAB drilling due to the preliminary nature of the program.
Gold assays for the RC drilling were undertaken by the SGS S.A. ("SGS") laboratories in Ouagadougou, Burkina Faso and 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.
Gold assays for the RAB drilling were undertaken by the SGS S.A. ("SGS") laboratories in Ouagadougou, Burkina Faso and Morila, Mali, and by Activation Laboratories Ltd ("ActLabs") in Ouagadougou, Burkina Faso. The assays produced by SGS 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. The assays produced by ActLabs are determined by initially by fire assay methods using a 50 gram charge, lead collection and an AAS finish with a 0.005g/t Au lower detection limit and a 3.0g/t Au upper assay limit. Initial ActLabs assays returning greater than 3.0g/t Au are re-assayed using fire assay methods using a 50 gram charge, lead collection, solvent extraction and gravimetric measurement with a 0.03g/t Au lower detection limit and a 10,000g/t Au upper assay 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.
SOURCE Sarama Resources Limited