TSX-V Ticker: SWA
VANCOUVER, Aug. 28, 2012 /PRNewswire/ - Sarama Resources Limited ("Sarama" or the "Company") is pleased to report that it has intersected further high-grade gold mineralisation, including 10.2m @ 14.85 g/t Au and 13.9m @ 14.47 g/t Au, and has extended known mineralisation to a depth of 300m during extensional and infill drilling programs at the MM Prospect at its South Houndé Project in south-western Burkina Faso.
- Sarama has intersected further high-grade mineralisation with infill and extensional diamond and reverse-circulation ("RC") drilling at the MM Prospect.
- Infill drilling confirms continuity of major mineralised lenses within the MM system - individual lenses interpreted to extend for 1km along strike and at least 300m vertically.
- Mineralisation interpreted to form stacked lenses, 3-15m in width.
- High-grade intersection at 250m vertical depth indicates the strength and down-dip potential of the mineralised system.
- Downhole intersection highlights include:
|DDH025||10.2m @ 14.85g/t Au||from||109.3m||incl. 0.6m @ 62.90g/t Au|
|DDH045||14.0m @ 7.28g/t Au (EOH)||from||176.5m|
|DDH041||11.8m @ 8.06g/t Au||from||35.3m||incl. 5.5m @ 13.97g/t Au|
|DDH021||14.0m @ 3.13g/t Au||from||6.0m|
|DDH043**||13.9m @ 14.47g/t Au||from||333.2m||incl. 3.1m @ 59.17g/t Au|
|FRC152RE1||18.0m @ 2.49g/t Au||from||218.5m|
|FRC342||7.0m @ 5.47g/t Au||from||39m||incl. 2m @ 13.70g/t Au|
|FRC344||8.0m @ 2.83g/t Au||from||86m||incl.4m @ 5.06g/t Au|
** composite consists of 2 mineralised bands separated by 2.3m of internal dilution
Sarama has received all assay results from recent infill and extensional diamond drilling programs and outstanding assays from an earlier RC drilling program at the MM Prospect which is situated on the Tankoro exploration property at the South Houndé Project.
The RC drill program was designed to infill earlier step-out drilling to a line spacing of approximately 100m. A majority of the results from this program have been previously reported (refer Sarama News Release 4 May 2012) with 21 holes (approximately 2,200m) outstanding at the date of the May news release.
The central 600m-long portion of the 1.5km strike length MM Prospect was the focus of the diamond drilling program, following the results of previous RC drilling which had identified the potential for multiple closely-spaced mineralised lenses extending along strike and down dip. The program, comprising 58 oriented diamond holes for approximately 11,000m, was commissioned to investigate the style, grade, widths and orientation of mineralisation within this area.
Results for 2,100m (12 holes) of the diamond drilling program were reported previously (refer Sarama News Release 4 May 2012). The balance of results for the diamond and RC drilling programs are listed in Appendices A and B respectively.
A majority of the diamond holes were drilled to a vertical depth ranging between 160-200m, however selected holes were extended to an approximate vertical depth of 330m to test for extensions of mineralisation at depth. RC holes were drilled to a vertical depth of approximately 80m.
The MM mineralisation is mainly hosted in an array of stacked, steeply dipping porphyry dykes trending north-north-east (refer Figures 1-3). The 6 major mineralised porphyry units vary in width from 3-15m and are interpreted to form the western and eastern bounds of the known mineralised zone. These units demonstrate a high degree of continuity, sometimes extending along strike for over 1km and down-dip for approximately 300m. A series of secondary mineralised porphyry units trending north-east have also been interpreted in the central area of the system as cross-over structures.
The drilling has intersected high-grade mineralisation at a vertical depth of approximately 250m which demonstrates excellent potential for extensions to mineralisation past the nominal 160m vertical depth limit of drilling. Of note are the particularly strong grades and widths of mineralisation on the 1176800mN section (refer Figure 2).
Sarama plans to re-commence fieldwork on the property in the upcoming exploration season, initially focusing on areas where the mineralised zones are most likely to extend along strike and/or dip as well as near-field areas identified by recent RAB and RC scout drilling.
Sarama's President and CEO, Andrew Dinning commented:
"We are extremely pleased with these results, particularly the deep, high-grade intercepts seen at the MM Prospect which, when combined with near-field RAB and RC scout drilling results previously reported, reinforces our view that the Tankoro property has the potential to host significant mineralisation."
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 (3,100 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. 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.
Drilling results are quoted as downhole intersections. True mineralisation width is approximately 70-75% of intersection length for holes drilled on east-west sections, dipping at -55° and intersecting the NNE striking lenses. Diamond holes DDH031, DDH032, DDH035, DDH037 and DDH038 were drilled on a nominal azimuth of 135° and are interpreted to have very shallow intersection angles to mineralisation, particularly the minor NE trending 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 assay work for the RC and diamond drilling was undertaken by the SGS S.A. ("SGS") laboratories in Ouagadougou, Burkina Faso, Morila, Mali, and Kayes, 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 -55° to the east, approximately 100m in length. Holes were spaced approximately 40-60m apart along the drill lines. RC drill cuttings were sampled over regular 1m composited intervals.
Diamond drilling was generally designed using west-east oriented holes, dipping at -50° to -55° to the east, approximately 200m in 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.
SOURCE Sarama Resources Limited