Sarama Defines 11km-Long Gold-in-Soil Anomaly at its Gbarpolu Property in
Liberia & Increases its Interest in Pedsam Properties to 65%
VANCOUVER, Jan. 31, 2013
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 milestones.
*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
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 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
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 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: Geochemical Anomalies Superimposed on Magnetic Image - Gbarpolu
Figure 2: Sarama's Exploration Properties in Liberia
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
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
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
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