VANCOUVER, Jan. 27, 2014 /PRNewswire/ - Sarama Resources
Ltd. ("Sarama" or the "Company") is pleased to
announce that soil geochemistry surveys at its Grand Bassa
exploration property in central Liberia have successfully identified several
anomalous gold-in-soil trends, the largest of which extends for
14km along strike. The Company's exploration program has also
intersected in-situ gold mineralisation in follow-up trenching
programs, giving credence to soil geochemistry survey results.
Highlights
- Gridded soil geochemistry surveys on Sarama's Grand Bassa
exploration property have defined a 14km-long anomalous
gold-in-soil trend parallel to a regional structural feature.
- Several other anomalous gold-in-soil zones with strike lengths
in the order of 1.5km have been partially defined with sampling
programs set to continue.
- Trenching across the eastern-most gold-in-soil anomaly returned
several wide, low-grade intervals with narrower higher-grade
internal sections including:
-
- 29m @ 0.82g/t Au, including 9m @ 2.05g/t Au in GBTR005;
- 37m @ 0.51g/t Au, including 8m @ 1.54g/t Au in GBTR007; and
- 22m @ 0.42g/t Au in GBTR006
- Trenching program confirms the presence of gold within oxidised
in-situ bedrock along the eastern-most anomaly.
- Property is located 35km along strike from the high-grade
Kokoya deposit and has good access to road infrastructure.
Grand Bassa Property Exploration
Sarama's exploration activities in Liberia have primarily focused on the Cape
Mount, Gbarpolu and Grand Bassa exploration properties (refer
Figure 1). Sarama holds an 80% interest in these properties
and can earn up to a 90% interest, subject to the achievement of
certain milestones.
The Company's exploration at the Cape Mount
Project and the Gbarpolu property in the west of Liberia has yielded encouraging results and
recent activities at the Grand Bassa property in central
Liberia are continuing this
theme.
The Grand Bassa property is located in
previously unexplored Archean-aged terrane, approximately 35km
south-west of the high-grade Kokoya deposit for which a positive
pre-feasibility study was recently conducted (refer AmLib Holdings
Plc news release, August 12,
2013).
Figure 1 - Sarama's Exploration Properties in
Liberia
Identification of 14km-long Anomalous Gold-in-Soil Trend
at Grand Bassa
Sarama has received assay results for a soil
geochemical survey undertaken on parts of the 299km² Grand Bassa
exploration property in 2012 and 2013.
A principal sample grid spacing of 800m
(east-west) x 50m (north-south) was used for the surveys with
several areas being sampled at a higher density (400m x 50m
spacing) after being identified as high priority targets based on
structural setting, airborne geophysical results and prevalence of
artisanal mining activity.
The survey identified a 14km-long anomalous
gold-in-soil trend in the western portion of the property, parallel
to a regional structural feature (refer Figure 2). The anomalous
zone is also co-incident with several geologically prospective
features identified by an airborne geophysical survey conducted by
the Company in 2012.
The anomalous zone is broadly defined by the
95th percentile of returned assays (Au>20ppb). Within this zone,
several areas up to approximately 2km in length and 1km in width
are defined by elevated gold-in-soil values of Au>41ppb.
Several other anomalous zones, 1.5km in length,
were partially identified in the east of the property, with soil
geochemistry surveys set to continue to fully investigate the
trends.
Figure 2 - Anomalous Gold-in-Soil Trends at Grand
Bassa Property
Trenching Identifies In-situ Gold
Mineralisation
An initial trenching program consisting of 7
excavations in north-south orientations was completed in Q4 2013,
focusing on the southern portion of the 14km-long western anomalous
zone and in the eastern-most anomalous zones.
The targets were principally generated from the
soil geochemistry survey, but were also co-incident with active
artisanal gold mining sites and several geologically prospective
features identified by an airborne geophysical survey conducted by
the Company in 2012.
The eastern trenching program returned several
encouraging intersections including:
29m @ 0.82g/t Au, including 9m @ 2.05g/t Au
in GBTR005;
37m @ 0.51g/t Au, including 8m @ 1.54g/t Au in GBTR007;
and
22m @ 0.42g/t Au in GBTR006.
Results indicate the presence of broad low-grade
zones of gold mineralization which demonstrate good continuity
along strike. It is also encouraging to note the presence of
higher grade zones within the broad intersections. The walls of the
trenches were sampled at uniform 1m intervals over their length at
a depth of approximately 2-3m below surface.
The weathering environment is similar to that
observed at the Company's exploration properties in the west of
Liberia, with high rainfall
influencing the upper part of the regolith profile, leading to
disaggregation of the upper part of the regolith profile. In
this environment, the Company believes it is probable that
near-surface geochemical and physical dispersion of in-situ gold
has occurred at the level of trench sampling (2-3m depth).
Initial trenching in the southern portion of the
western anomaly did not return any significant intersections, but
subsequent phases of work planned will test the area more
comprehensively.
Figure 3 - Grand Bassa Trenching - Eastern
Area
Sarama's President and CEO, Andrew
Dinning, commented:
"We continue to be encouraged with the
potential being shown on all of our Liberian properties, with all
three now having kilometre-scale gold-in-soil anomalies and
promising trench results. We have identified drill targets on
both our Cape Mount and Gbarpolu properties and we look forward to
completing preliminary exploration at Grand Bassa to allow the next
steps to be determined. Liberia continues to be an important
jurisdiction for Sarama and continues to provide exciting
optionality for our shareholders."
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) accept 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. 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)
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 future exploration at its Grand
Bassa property and the maiden Mineral Resource estimate for its
flagship South Houndé Project. 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, 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 - Soil Geochemistry
Soil geochemistry results are reported as
processed data for a population of raw assay results. The
effects of mechanical and chemical concentration, weathering, and
the topographical and vegetative settings have not been presented
and therefore results reflect a first-pass exploration phase.
No top-cuts were applied to assay grades.
Sarama undertakes geological sampling and
assaying in accordance with its QA/QC program which includes the
use of certified standard reference materials, uncertified blank
reference materials and field duplicates. Gold assay work was
undertaken by the SGS S.A. laboratories in Monrovia, Liberia and Tarkwa, Ghana. Assays are determined by aqua
regia digest of a 50g charge, followed by solvent extraction and an
AAS finish with a 2ppb Au lower detection limit.
Soil samples were collected from holes with a
nominal diameter of 200mm which were manually excavated to a depth
of approximately 400-500mm. Holes were spaced on a combination of
regular grids measuring 800m (east-west) x 50m north-south) and
400m (east-west) x 50m (north-south). Field samples of 2-3kg
were collected from each hole, after which a sub-sample was
produced by sieving for assaying.
The gold-in-soil anomalies represented for
the Grand Bassa property were delineated using the 95th
percentile of the samples' Au grade population (Au
>20ppb).
Notes -Trenching
Trenching results are quoted as lineal
intervals. Given the early stage of the exploration programs,
the nature of the mineralisation is not well understood and as a
consequence, true mineralisation width is not able to be
determined.
The reported composites for trenching were
determined using a cut-off grade of 0.20g/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 intervals 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 and uncertified
reference materials and field duplicates for trenching.
Gold assays for the trenching were undertaken
by the SGS S.A. laboratory in Monrovia,
Liberia. 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.
The trenches were generally designed on a
north-south orientation and were excavated to follow the topography
of the area. The trenches were approximately 2-3m deep and were
wall sampled on uniform 1m intervals, approximately 750mm from the
floor of the trench. Individual samples weighted
approximately 3kg and were collected by hand.
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 Liberia is based on information
compiled or approved by John Mpambije. John Mpambije is an
employee of Sarama Resources Ltd and 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. John Mpambije consents to the
inclusion in this news release of the information, in the form and
context in which it appears.
Appendix A - Trench Results Listing
SOURCE Sarama Resources Limited
