TSX-V Ticker: SWA
VANCOUVER, Oct. 22, 2012 /CNW/ - Sarama Resources Limited ("Sarama" or the "Company") reports that it has commenced exploration activities at the South
Houndé and Banfora Projects in south-western Burkina Faso for the new
exploration season following the finish of seasonal rains.
Approximately 46,000m of drilling is planned for the first part of the
season (to April 2013), including 6,000m of diamond and reverse
circulation ("RC") drilling at the MM Prospect.
46,000m drilling planned across Sarama's properties at the South Houndé
and Banfora Projects. Air-core ("AC") and rotary-air-blast ("RAB")
drilling accounts for 55% of the total planned drill metres.
6,000m of infill and extensional drilling to commence at the MM Prospect
in preparation for a maiden resource estimate planned for the first
half of 2013.
Scout drilling planned to test regional-scale gold-in-soil anomalies
defined at the South Houndé Project.
Ground-based geophysical surveys planned at the Tankoro property to aid
drill targeting in areas proximal to the MM Prospect.
Permit-wide soil sampling and 2,500m RC drill program to commence at the
recently acquired Banfora properties.
MM Prospect Infill & Extensional Drilling and Ground Geophysical Survey
Following the success of recent RC and diamond drilling at the MM
Prospect on the Tankoro property, Sarama has planned infill and
extensional drilling campaigns to better define the controls of grade
distribution and to extend the interpreted mineralisation along strike,
as well as, up and down dip. The mineralised porphyry-dyke related
system demonstrates a high degree of continuity, with a strike extent
of over 1km and significant gold mineralisation continuing to be
intersected to approximately 300m down-dip. The stacked-lens style of
the system (refer Figure 1) presents an opportunity to test for
extensions to the mineralisation relatively quickly and in a cost
Approximately 6,000m of RC and diamond drilling is planned, which will
support the estimation of a maiden resource, planned for the first half
of 2013. The drilling will generally focus on mineralisation down to a
vertical depth of 200m, however previous high-grade intersections
located at a vertical depth of 250-270m (including 13.9m @ 14.47g/t Au
- refer News Release 28 August 2012) will also be followed-up.
Sarama will also undertake an induced-polarisation ("IP") geophysical survey in order to better identify drill targets along
strike from the MM Prospect.
Tankoro Property - Scout Drilling Follow-up
Sarama has planned approximately 21,000m of RC, AC and RAB drilling at
other prospects within the Tankoro property to follow-up on encouraging
scout drilling results returned earlier this year. The majority of the
drilling will focus on targets within a 5km radius of the MM Prospect
and at the MM-East and Phantom Prospects. Drilling at the Phantom
Prospect will investigate 2.7km of the Tankoro Structural Corridor
immediately along strike to the north of the MM mineralised zone which
is already 1.4km in length (refer Figure 2).
South Houndé Project - Scout Drilling
Soil geochemistry surveys conducted in 2011 and 2012 defined several
extensive gold-in-soil anomalies on properties adjacent to the Tankoro
property within Sarama's South Houndé Project. These anomalies are
co-incident with interpreted favourable structural and lithological
features. The Tankoro Structural Corridor, which hosts the MM
Prospect, extends for approximately 35km over the Tankoro, Gbingué and
Danymi properties which form part of Sarama's contiguous landholding.
In addition, several other kilometre-scale geochemical trends are
present which are yet to be drill tested (refer Figure 3).
The 25km-long and 14km-long soil anomalies on the Serakoro 1 property
will also be tested further with AC and RC drilling.
Regional scout drilling comprising 16,000m of AC, RAB and RC drilling is
planned within the property group in addition to the work at the
Banfora Project - Verification and Extensional Drilling
Approximately 2,500m of RC drilling has been planned for Sarama's
recently acquired Nyarafo and Noumoudara properties within the Banfora
Belt. The drilling aims to verify significant historical RC drill
results which featured 13m @ 2.87 g/t Au (including 10m @ 3.59 g/t Au)
from 10m depth and 7m @ 6.86 g/t Au (including 3m @ 15.26 g/t Au) from
53m depth (refer News Release 27 August 2012). The program will also
test for extensions to known mineralisation.
Sarama's President and CEO, Andrew Dinning commented:
"We are very pleased with the rate of progress and the outstanding
exploration results achieved in the previous exploration season.
Sarama has continued to consolidate its position in Burkina Faso with
particular focus on the southern Houndé Belt, and more recently in the
Banfora Belt. The Company has assembled a suite of exploration
properties containing targets ranging from the advanced MM Prospect to
large prospective gold-in-soil trends that are yet to be tested. With
the strong support of our shareholders and the success of our recent
financing, we will be pursuing our exploration programs aggressively
and look forward to future exploration success."
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.
Figure 1: Cross-Section of MM Mineralisation - Central Region
(1177300mN) - Looking North
Figure 2: Highlighted Regional Scout Drilling Results in the Tankoro
Figure 3: South Houndé Project - Areas of Planned Regional Drilling
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 test gold-in-soil anomalies located in a
20km-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.
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.
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.
SOURCE: Sarama Resources Limited