Sarama Resources Extends MM Prospect Strike Length by 25% to 1.9km
TSX-V Ticker: SWA
VANCOUVER, Jan. 14, 2013 /PRNewswire/ – Sarama Resources Limited (“Sarama” or the “Company“) is pleased to report that recent reverse-circulation (“RC“) and diamond drilling at the MM Prospect at its South HoundÃ© Project
in south-western Burkina Faso has extended the strike length of
mineralisation by 25% to a total of 1.9km and confirmed previous
high-grade intersections in the south of the mineralised zone.
-- Strike length of the MM mineralisation system has been increased to 1.9km. -- Infill RC and diamond drilling confirms continuity of major mineralised lenses within the MM system as well as the presence of a broad high-grade zone in the south. -- Downhole intersection highlights include:
DDH019 5.3m @ 5.18 g/t Au from 291.3m DDH including 2.3m @ 10.68 g/t Au DDH045* 15.5m @ 6.61 g/t from 176.5m DDH Au DDH005RE1 6.5m @ 2.93 g/t Au from 225.5m DDH including 2.5m @ 5.57 g/t Au DDH050 19.1m @ 4.06 g/t from 263.5m DDH including 2.5m @ Au 17.42 g/t Au FRC612 11.0m @ 2.70 g/t from 128.0m RC including 6.0m @ Au 4.65 g/t Au FRC613 18.0m @ 2.09 g/t from 196.5m DDH Au FRC614 15.5m @ 2.79 g/t from 101.0m DDH Au FRC616 14.0m @ 5.71 g/t from 180.0m DDH including 6.1m @ Au 12.02 g/t Au * Note: Hole was reported previously as ending in mineralisation - the listing is a composite of the new extended intersection and previously reported intersection.
-- Potential remains for further extensions along strike and across the stacked-lode system.
Sarama has received assay results from recent RC and diamond drilling
programs at the MM Prospect which is situated on the Tankoro
exploration property within the Company’s South HoundÃ© Project. The
infill and extensional programs commenced in October 2012 and results
for an initial 4,500m RC (35 holes, including 11 pre-collars) and
2,800m (23 holes) diamond drilling are listed in Appendices A and B
The extensional program was designed to test for strike and down-dip
extensions around the southern extent of the mineralised system and
also strike and down-dip extensions of other minor lodes within the
central part of the system that contained significant intersections
returned from drilling earlier in 2012. This program successfully
intersected the targeted mineralised units, leading to a 25% increase
in strike length of the MM system to 1.9km (refer Figure 1).
Holes in the southern extension area were drilled to a vertical depth of
100-120m along 100-200m spaced drill lines, with intersections
including 7m @ 2.14 g/t Au, 15m @ 1.36 g/t Au and 8m @ 1.38 g/t Au being returned. Several broad, low-grade intersections >20m in
thickness were also returned, potentially indicating the presence of
shoot controls on mineralisation. A down-dip extension of
mineralisation to 200-230m vertical depth was achieved by the program
in the south of the system with intersections including 19.1m @ 4.06 g/t Au, 18.0m @ 2.09 g/t Au and 13.5m @ 1.42 g/t Au being returned.
Extensional drilling of minor lodes in the central area returned
intersections including 5.3m @ 5.18 g/t Au, 6.5m @ 2.93 g/t Au and 11.0m @ 2.70 g/t Au.
The infill drill program targeted an area of high-grade mineralisation
located in the south of the mineralised system. The southern area has
consistently returned high-grade intersections over several drill
campaigns conducted since May 2011 and the recent infill drilling was
designed to provide additional information on the spatial extent and
directional controls on the high-grade mineralisation. Intersections
returned include 14.0m @ 5.71 g/t Au, 15.5m @ 2.79 g/t Au, 15.5m @ 6.61 g/t Au* and 16.0m
@ 1.63 g/t Au. These results are aligned with previous drilling in the area and
notably define the high-grade (+5g/t Au) zone along a strike length of
Sarama is continuing the drill programs at the MM Prospect focussing on
areas where the mineralised zones are most likely to extend along
strike and/or dip and expects to announce a maiden resource estimate
later in 2013. Regional exploration on the Tankoro property is
ongoing, with particular emphasis on following-up targets proximal to
the MM Prospect.
* Note: This hole (DDH045) was reported previously as ending in
mineralisation – the listing above is a composite of the new extended
intersection and previously reported intersection.
Sarama’s President and CEO, Andrew Dinning commented:
“We are very pleased with these results which continue to demonstrate a
significant mineralised system at the MM Prospect. The confirmation of
the high-grade zone in the south is particularly encouraging and, when
viewed in combination with the Company’s regional exploration results,
highlights the potential for the Tankoro Structural Corridor to host
multiple economic zones.”
For further information on the Company’s activities, please contact:
Andrew Dinning or Paul Schmiede
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 HoundÃ© Project in south-west Burkina Faso is the Company’s
flagship property and is currently the focus of an aggressive
exploration program to increase the size of its maiden discovery and to
test gold-in-soil anomalies located in a 30km-long structural
corridor. Recent drilling programs at the South HoundÃ© 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 (>560 km²) and is aggressively exploring across the property
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.
Notes – Drilling
Drilling results are quoted as downhole intersections. True
mineralisation width is approximately 70% to 80% of intersection length
for holes drilled on east-west sections, dipping at -50° to -55° and
intersecting the NNE striking 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 assays for the RC and diamond drilling were undertaken by the SGS
S.A. (“SGS“) laboratory in Morila, Mali and by the ALS Group 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, approximately 130m in length.
Holes were spaced approximately 40-60m apart along the drill lines. RC
drill cuttings were sampled over regular 1m intervals.
Diamond drilling was generally designed using west-east oriented holes,
dipping at -50° to -55° to the east, of variable 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 GÃ©ologues du QuÃ©bec 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