Sarama Resources Extends MM Prospect Strike Length by 25% to 1.9km
VANCOUVER, Jan. 14, 2013
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 Houndé 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 from 291.3m DDH including 2.3m @
g/t Au 10.68 g/t Au
DDH045* 15.5m @ 6.61 from 176.5m DDH
DDH005RE1 6.5m @ 2.93 from 225.5m DDH including 2.5m @
g/t Au 5.57 g/t Au
DDH050 19.1m @ 4.06 from 263.5m DDH including 2.5m @
g/t Au 17.42 g/t Au
FRC612 11.0m @ 2.70 from 128.0m RC including 6.0m @
g/t Au 4.65 g/t Au
FRC613 18.0m @ 2.09 from 196.5m DDH
FRC614 15.5m @ 2.79 from 101.0m DDH
FRC616 14.0m @ 5.71 from 180.0m DDH including 6.1m @
g/t 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
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 Houndé 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 respectively.
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 approximately 250m.
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
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 Houndé 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 Houndé 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 portfolio.
Figure 1: Recent Drilling on MM Prospect Showing Strike Length Extension
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
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
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
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
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
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
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. Michel Mercier consents to the inclusion in this report of the
information, in the form and context in which it appears.
Appendix A - Significant Diamond Drill Results
Appendix B - Significant RC Drill Results
SOURCE Sarama Resources Limited
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