Sarama Resources Extends High-Grade Mineralisation at MM Prospect in Burkina Faso
TSX-V Ticker: SWA
VANCOUVER, April 23, 2013 /PRNewswire/ – Sarama Resources Limited (“Sarama” or the “Company“) is pleased to report that recent reverse-circulation (“RC“) and diamond drilling at its South HoundÃ© Project in south-western
Burkina Faso has extended high-grade mineralisation in the southern
area of the MM Prospect to a vertical depth of 260m. Associated infill
drilling has also confirmed the geological continuity and grade
distribution of the interpreted mineralisation system.
-- Southern high-grade mineralisation extended to 260m vertical depth. -- Infill RC and diamond drilling confirms continuity of major mineralised lenses within the MM system. -- Downhole intersection highlights include:
FRC677 31.0m @ from 24.0m including (RC) 7.07 g/t 13.0m @ Au 20.42 g/t Au DDH054 30.8m @ from including (DDH) 5.54 g/t 288.0m 2.0m @ Au 35.77 g/t Au FRC655 17.0m @ from 11.0m including (RC) 5.45 g/t 13.0m @ Au 7.03 g/t Au FRC647 19.0m @ from 83.0m including (RC) 2.23 g/t 5.0m @ Au (EOH) 5.48 g/t Au FRC501RE1 15.2m @ from 81.5m (DDH) 2.40 g/t Au FRC624 9.0m @ from 4.0m and (RC) 2.99 g/t Au 7.0m @ from 36.0m 4.41 g/t Au FRC654RE1 11.8m @ from (DDH) 2.50 g/t 192.3m Au
-- Potential remains for further extensions along strike and across the stacked-lode system. -- Maiden mineral resource estimate planned for Q3 2013.
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 the last
assay results for 2,500m diamond drilling (16 holes) and 1,700m RC
drilling (13 holes, including 2 pre-collars) are listed in Appendices A
and B respectively.
The drilling program was designed to test for strike and down-dip
extensions around the southern and northern extents of the mineralised
system and other minor lodes within the central part of the system that
had returned significant intersections from drilling in 2012. The
recent program successfully intersected the targeted mineralisation,
delivering depth extensions in the north and south, as well as better
defining the grade characteristics of the 1.9km-long mineralisation
system (refer Figure 1).
Drilling in the southern area continued to demonstrate continuity of
mineralisation in both down-dip and southerly directions with new
intersections including 31.0m @ 7.07 g/t Au and 30.8m @ 5.54 g/t Au supporting the interpretation of high-grade shoot-controlled
mineralisation. The strength of the mineralisation, which now extends
to a vertical depth of 260m in the southern area, provides an
attractive target for deeper exploration.
Infill and extensional drilling in the central area of the MM Prospect
targeted the eastern-most lodes of the system. The drilling returned
encouraging near-surface (<50m vertical depth) intersections including 17.0m @ 5.45 /t Au, 10.0m @ 2.17 g/t Au and 13.5m @ 1.59 g/t Au which are expected to contribute positively to the estimated grade of
the mineralisation in this area. Deeper drilling (50-100m vertical
depth) returned intersections of 19.0m @ 2.23 g/t Au (EOH) and 6.3m @ 2.16 g/t Au which demonstrate continuity and an increase in the local grades.
The drilling in the northern area, which was designed to target the
deeper parts of the stacked lode system (approximately 140-250m
vertical depth), demonstrated the continuity of the system at depth
with broad, lower-grade intersections returned in the western-most lode
and narrower (<5m) intersections featuring in the secondary lodes in
the centre and east of the system. Highlighted intersections of 4.5m @ 3.90 g/t Au, 2.8m @ 6.41 g/t Au and 11.8m @ 2.50 g/t Au again suggest the influence of higher-grade shoot controls to the
mineralisation. The results of the infill drilling in the upper parts
of the system (<100m vertical depth) were in line with expectations,
with highlighted intersections of 15.2m @ 2.40 g/t Au, 9m @ 2.99 g/t Au and 7.0m @ 4.41 g/t Au.
With the completion of the programs in the currently interpreted area of
MM, Sarama is now focussing on the extension and further definition of
lode systems to the south, north and east which the Company anticipates
will contribute to the estimation of a maiden resource in Q3 2013. The
Company’s regional exploration at the South HoundÃ© Project is ongoing.
Sarama’s President and CEO, Andrew Dinning commented:
“We are pleased with the results of these drilling programs which
continue to demonstrate a significant mineralised system at the MM
Prospect. The depth extension of the high-grade zone in the south is
encouraging given the strength of the intersections and now presents a
legitimate target for deeper exploration in the area. Sarama is well
funded with a cash balance of approximately US$11M (unaudited as at 31
March 2013) and will now focus on regional exploration programs in the
south of the MM Prospect which are expected to contribute to the maiden
resource estimate planned for Q3 2013.”
For further information on the Company’s activities, please contact:
Andrew Dinning or Paul Schmiede
telephone: +61 8 9363 7600
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 and maiden resource estimate. 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.
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.
Sarama undertakes geological sampling and assays in accordance with its
QA/QC program which includes the use of certified reference materials
for both RC and diamond drilling and duplicates in the case of RC
Gold assays for the RC and diamond drilling were undertaken by the SGS
S.A. laboratory in Morila, Mali. 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.
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.
SOURCE Sarama Resources Limited