Sarama Defines 11km-Long Gold-in-Soil Anomaly at its Gbarpolu Property in Liberia & Increases its Interest in Pedsam Properties to 65%
TSX-V Ticker: SWA
VANCOUVER, Jan. 31, 2013 /PRNewswire/ – Sarama Resources Ltd. (“Sarama” or the “Company“) is pleased to report that a 11km-long gold-in-soil anomaly has been
defined by geochemical surveys at the Company’s Gbarpolu exploration
property in western Liberia. Sarama has also increased its interest in
the Pedsam Mining Limited (“PedSam“) properties in Liberia to 65% after achieving the required earn-in
-- An 11km-long gold-in-soil anomaly has been defined by a geochemical survey on the southern portion of the Company's Gbarpolu exploration property. -- The anomalous zone is coincident with a major geological feature identified by a detailed airborne geophysical survey in an area that hosts artisanal gold mining activity. -- A second parallel trend, extending approximately 3.5km along strike, has also been identified. -- Sarama increases its interest in the Cape Mount, Gbarpolu and Grand Bassa exploration properties to 65% after achieving earn-in milestones.
Sarama has received assay results for a soil geochemical survey it
undertook on its 400km² Gbarpolu exploration property in 2012. A
principal sample grid spacing of 400m (east-west) x 50m (north-south)
was used for the surveys with several areas being sampled at a higher
density (200m x 50m spacing) after being identified as high priority
targets from earlier work conducted by Sarama.
The survey identified an 11km-long gold-in-soil anomaly in the southern
portion of the property, adjacent to active artisanal gold mining sites
and co-incident with several geologically prospective features
identified by an airborne geophysical survey conducted by the Company
in 2012 (refer Figure 1). Of note is a parallel, co-incident
geochemical and geophysical trend, extending approximately 3.5km along
strike, within the main zone.
The anomalous zones are broadly defined by the 95(th) percentile of returned assays (Au>20ppb). Within the main zone,
several areas up to approximately 1.5km in length are defined by
gold-in-soil values of Au>37ppb. A peak value of 1,100ppb Au (1.10 g/t
Au) was recorded by the survey.
Sarama has commenced trenching over selected areas within the identified
trends with a view to defining drill targets.
Acquisition of 65% Interest in PedSam Mining Limited (Liberia)
Pursuant to an earn-in agreement (the “Agreement“) between Sarama and Pedra Mining AS (Norway) (“Pedra“), Sarama is pleased to report that it has increased its interest by a
further 15%, for an aggregate 65% interest, in PedSam.
PedSam is a Liberian entity that is managed by Sarama which has title to
the three exploration licences that are subject to the Agreement. The
licences are located in Grand Cape Mount, Gbarpolu and Grand Bassa
Counties and total approximately 1,200km² in area (refer Figure 2).
The 65% earn-in milestone was achieved by Sarama having incurred an
aggregate of US$2,000,000 in eligible expenditures across the three
exploration licences. Pedra currently holds the remaining 35% interest
in PedSam, and under the Agreement, Sarama has the right to earn a 90%
interest in PedSam, with the ability to acquire 100% of PedSam subject
to certain conditions being met.
Sarama expects to increase its interest in PedSam to 80% during 2013,
subject to achieving prescribed earn-in milestones.
Sarama’s President and CEO, Andrew Dinning, commented:
“We are encouraged by the results of the geochemical survey at Gbarpolu,
particularly when viewed in combination with the trends identified by
the airborne geophysical surveys conducted. The 11km-long anomalous
zone presents a significant target for exploration work and further
illustrates the prospectivity of our Liberian property portfolio.”
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, including when results may be available and when
the Company expects to increase its interest in the PedSam properties.
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 – 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
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 regular grid measuring 400m (east-west) x 50m
north-south), or 200m (east-west) x 50m (north-south) where higher
priority targets were identified. 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 anomaly represented for the Gbarpolu property were
delineated using the 95(th) percentile of the samples’ Au grade population (Au >20ppb).
Qualified Person’s Statement
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.
SOURCE Sarama Resources Limited