VANCOUVER, April 28, 2015 /CNW/ - Sarama
Resources Ltd. (the "Company" or "Sarama") is pleased
to report that regional drilling at the Phantom West Prospect has
delineated additional oxide mineralisation over a strike length of
1.3km, bringing the total semi-continuous strike length of
drill-defined mineralisation at the South Houndé Project (the
"Project") to 9.8km. The results represent the initial
portion of a USD$3.5M, multi-faceted
exploration program (approximately 50% complete) at the South
Houndé Project (the "Project") which is subject to an
earn-in agreement between Sarama and Acacia Mining plc.
Highlights
- Delineation of additional oxide mineralisation over a 1.3km
strike length at the Phantom West Prospect, bringing the total
strike length of drill defined mineralisation to a semi-continuous
distance of 9.8km.
- Deeper drilling at the Phantom West Prospect indicates
potential for mineralisation to continue at depth, possibly with
the presence of higher-grade shoots.
- Scout drilling at the Phantom Prospect indicates potential for
the main lodes at the MM Prospect to continue north.
- Highlighted drill intersections from the Phantom West Prospect
include:
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AC1834
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9.0m @ 4.18g/t
Au
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from 36.0m
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AC1828
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9.0m @ 2.52g/t
Au
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from 39.0m
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AC1832
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12.0m @ 1.87g/t
Au
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from 37.0m
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AC1990
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10.0m @ 2.09g/t
Au
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from 6.0m
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AC1837
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12.0m @ 1.44g/t
Au
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from 11.0m
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AC1840
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12.0m @ 1.39g/t
Au
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from 42.0m
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FRC890
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13.0m @ 1.83g/t
Au
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from 95.0m
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FRC887
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7.0m @ 1.24g/t
Au
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from
141.0m
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FRC892
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5.0m @ 1.58g/t
Au
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from 83.0m
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- Highlighted drill intersections from the Phantom Prospect
include:
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AC1973
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6.0m @ 3.33g/t
Au
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from 30.0m
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AC1985
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6.0m @ 3.85g/t Au
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from 12.0m
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- USD$3.5M (CAD$4.4M) exploration program is budgeted for
2015 including geochemical and geophysical surveys and drill
programs.
Phantom West and Phantom Prospects Drill
Programs
The Project's mineral resource currently stands at 1.5
Moz1,2 of contained gold, a majority of which is
delineated within the MM and MC Prospects. The Phantom West
and Phantom Prospects are situated directly north of the MM
Prospect and lie within a regional-scale structural-magmatic zone
known as the Tankoro Structural Corridor. The Phantom West
and Phantom Prospects have only been lightly explored and remain
attractive exploration targets.
The reverse-circulation ("RC") and air-core ("AC")
drill programs commenced in December
2014 and were designed to test shallow targets generated by
soil geochemistry and ground-based geophysical surveys and also
targeted structural extensions to mineralised zones previously
identified by shallow drilling.
Phantom West Prospect
The Phantom West Prospect lies along a mineralised horizon
situated approximately 100m into the hanging wall of the main
mineralised lodes of the MM Prospect. The drill program
targeted anomalous zones identified ground-based geophysical
surveys which followed encouraging soil geochemistry survey to the
south (refer Figure 1).
A total of 1,100m RC and 3,300m AC drilling along a coincident
resistivity-chargeability anomaly encountered significant gold
mineralisation over a strike distance of approximately 1.3km.
Highlighted AC drill intersections include 9.0m @ 4.18g/t Au
from 36.0m in AC1834, 9.0m @ 2.52g/t Au from 39.0m in
AC1828, 12m @ 1.87g/t Au from 37.0m in AC1832, 10.0m @
2.09g/t Au from 6.0m in AC1990, 12.0m @ 1.44g/t Au from
11.0m in AC1837 and 12.0m @ 1.39g/t Au from 42.0m in AC
1840.
RC drill holes were drilled to the west of anomalous AC drill
results on selected fences to test continuity at slightly deeper
levels. The more significant results include 13.0m @
1.83g/t Au from 95.0m in FRC890, 7.0m @ 1.24g/t from
141.0m in FRC887 and 5.0m @ 1.58g/t Au from 83.0m in
FRC892.
The results of the shallow drilling indicate the continuation of
lenses hosting oxide mineralisation in the hanging wall of the main
MM Prospect, extend over a strike length of 1.3km as it trends
north into the Phantom Prospect. This effectively increases
the strike extent of drill defined mineralisation along the Tankoro
Structural corridor to a semi-continuous distance of 9.8km.
The deeper RC drilling intersected porphyry dykes and sericite
alteration which is consistent with mineralisation at the MM
Prospect. Highlighted RC intersections show potential for the
mineralisation to continue to depth, with possible shoot controls
present, which is also consistent with observations at the MM
Prospect.
Significant results from the RC and AC drill programs are listed
in Appendices A and B and selected cross-sections are presented as
Figures 2 to 4.
Phantom Prospect
Four AC fences, for a total of 900m of drilling, were placed
along the central area of the Phantom Prospect over a strike length
of approximately 900m. These fences were initiated to test a
subtle chargeability anomaly trend that appears to represent the
possible extension of the main lodes of the MM Prospect as it
passes into the Phantom Prospect.
The shallow drilling encountered two significant intersections
of 6.0m @ 3.33g/t Au from 30.0m in AC1973 and 6.0m @
3.85g/t Au from 12.0m in AC1985.
These results indicate that there is some potential for the main
lodes of the MM Prospect to continue north. Follow-up
drilling and interpretative work is required to investigate this
geological model.
Significant results from the RC and AC drill programs are listed
in Appendices A and B respectively.
Figure 1 – Phantom West and Phantom
Prospects Plan Showing New Drilling and Additional
Mineralisation
Figure 2 – Phantom West Prospect Section
1179700mN
Figure 3 – Phantom West Prospect Section
1179850mN
Figure 4 – Phantom West Prospect Section
1180170mN
Sarama's President and CEO, Andrew
Dinning, commented:
"The delineation of a further 1.3km of oxide mineralisation
at the Phantom West Prospect brings us to almost 10kms of
drill-defined mineralisation and further demonstrates the size of
the mineralising system and potential to further grow the size of
the oxide resource and ultimately the fresh mineral resource as
well.
The success of this and our on-going exploration programs at
the South Houndé Project once again demonstrates the benefits of
working with our partner, Acacia Mining, allowing us to add value
and move the project forward without suffering unacceptable levels
of shareholder dilution. "
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 property is the South Houndé Project 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. In November
2014, Sarama entered in to an earn-in agreement with Acacia
Mining plc where Acacia has the right to earn up to a 70% interest
in the Company's South Houndé Project by meeting certain
conditions, including spending US$14m
on exploration and can earn a further 5% interest upon the
estimation of a mineral reserve of 1.6Moz Au.
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) Inferred
Mineral Resource
- 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
Company's plans for drilling and geochemical and geophysical
surveys at the South Houndé Project, the Earn-In Agreement with
Acacia, including the amounts that may be spent on exploration and
interests in the South Houndé Project that may be earned by Acacia
upon making certain expenditures and estimating a minimum reserve,
the potential to expand the present oxide component of the
Company's existing estimated mineral resources, and future
exploration plans. 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; 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, Acacia's continued funding
of exploration activities, 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 expected to be approximately 70% to
80% of intersection length for holes drilled on east-west sections,
dipping at -50° to -75° and intersecting the north-north-east
striking lenses, however the nature of some mineralised units
is not well understood.
The reported composites for RC and AC 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 quality assurance/quality control program which
includes the use of certified reference materials and duplicates
for RC and AC drilling.
Gold assays for the RC and AC drilling were undertaken by the
SGS S.A. laboratory in Ouagadougou, Burkina Faso. 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, of variable
length. Holes were spaced at varying intervals depending on
specific targets and program objectives. RC drill cuttings
were sampled over regular 1m intervals.
AC drilling was generally designed using west-east oriented
holes, dipping at -55° to the east, of variable length. Holes
were spaced at 25m intervals along drill lines. AC drill
cuttings were sampled over regular 1m or 2m intervals, depending on
the purpose of the hole.
For further information regarding the Company's QAQC
protocols 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.
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.
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 Guy Scherrer.
Guy Scherrer 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.
Guy Scherrer consents to the
inclusion in this report of the information, in the form and
context in which it appears.
APPENDIX A – SIGNIFICANT RC DRILL RESULTS
APPENDIX B – SIGNIFICANT AC DRILL RESULTS
SOURCE Sarama Resources Limited