VANCOUVER,
Aug. 22, 2014 /CNW/ - Sarama
Resources Ltd. ("Sarama" or the "Company") is pleased
to advise that Savary Gold Corp. ("Savary") announced on
August 21, 2014 that preliminary
metallurgical testing results showed gold recoveries averaged in
excess of 93% for sulphide/non-oxidised mineralisation from three
prospects on the Houndé South property. The Houndé South property
is part of the permit package under a Head of Agreement
("HoA") for the formation of a Joint Venture ("JV")
between Sarama and Savary, who will retain operatorship.
A summary of the gold extractions obtained by
72-hour cyanide bottle roll tests are as follows:
- Kien - four samples averaging 95.4% Au extraction
- Karangosso - two samples average 87.3% Au extraction
- Kueredougou - one sample with 96.5% Au extraction
Each of the seven mineralized, fresh rock assay
pulp samples (ground to 95% passing 106mm) were first re-assayed
and then subjected to timed bottle roll gold recovery, with a
cyanide-rich fluid and tested for gold content after 12, 24, 36, 48
and 72 hours*. Sarama is pleased with the high
gold extractions achieved in this mineralisation which lies
approximately 15 kilometres west of the Company's
1.5Moz1,2 South Houndé Project. The results of Savary's
test work indicates that mineralisation and metallurgical
performance can vary significantly between deposits within the same
geological trends and regional belts which may have a bearing on
future exploration undertaken by the Company.
Sarama believes the encouraging results of
recent metallurgical testing and exploration activities on the JV
area highlight the region's prospectivity and is optimistic about
the Company's South Houndé Project reaching critical mass to
support the development of a mine.
Joint Venture Agreement Update
Sarama is close to finalizing the JV with Savary
which follows a HoA signed with Savary on March 10, 2014. The HoA covers the establishment
of a Joint Venture Company ("JVCo") holding Sarama's
Sérakoro 1 property and Savary's Houndé South property in
Burkina Faso.
The JVCo will be 65% owned by Savary and 35%
owned by Sarama and will govern the JV's exploration and
development activities over an area of 750 km2 in the
highly prospective Houndé greenstone belt. Savary has previously
reported that the combined properties host 50 km and 24 km long,
mining camp scale, gold-in-soil anomalies which when tested, have
returned numerous gold-bearing intercepts that require follow-up
(see Figure 1 below).
*As disclosed in Savary's news release dated
August 21, 2014 and for further
information regarding these metallurgical testing results, please
refer to Savary's news release.
Figure 1 - Soil Geochemistry and Prospect Map of
Sarama's Interests in Southern Houndé Belt
Sarama's President and CEO, Andrew Dinning commented:
"We are pleased to be finalising the joint
venture agreement with Savary and that the metallurgical testing
undertaken has shown primary mineralisation to deliver high
recoveries and appears to be non-refractory. We believe the
South Houndé Gold Belt is a great exploration address and we are
highly encouraged by the results of Savary's recent drill program
and metallurgical testwork. We look forward to working with
Savary and advancing our regional interests to the next
stage."
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.
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
exploration 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