TSX-V Ticker: SWA
PERTH, Western Australia, July 4, 2012 /CNW/ - Sarama Resources Limited
("Sarama" or the "Company") is pleased to report that it has concluded its planned, and
significantly expanded, drill programs in Burkina Faso, West Africa.
The bulk of the drilling was undertaken in the first half of 2012 and
was focussed on the Company's South Houndé Project in the south-west of
Burkina Faso where it holds exploration rights to approximately
1,600km² of prospective ground on the Houndé and Boromo greenstone
Sarama commenced an 11,000m reverse-circulation ("RC") drill program on the Tankoro permit in January 2012, which was
expanded to 24,000m following excellent results returned early in the
program. The additional drilling focused on infill and extensional
targets at the MM Prospect, as well as scout drilling in other areas
within the Tankoro Structural Corridor. A further 11,000m of RC scout
drilling was undertaken on other permits within the South Houndé
Project that contain kilometre-scale gold-in-soil anomalies.
Following the success of the RC drill program, a diamond drill rig was
mobilised in February 2012 for an initial 2,800m program at the MM
Prospect. The scope of this program was increased to 11,000m following
the return of excellent initial results.
In addition, a 14,000m rotary-air-blast ("RAB") drill program was completed across numerous gold-in-soil anomalies
within a 5km radius of the MM Prospect.
Sarama's President and CEO, Andrew Dinning commented:
"We are very pleased to have accomplished such a large volume of work
this season with our Burkina Faso team. In addition to the drilling
activity, we have completed extensive soil geochemistry surveys across
our portfolio of exploration properties in Burkina Faso and have
numerous anomalies that require further investigation as a result. We
look forward to receiving the remaining drill assays in the coming
months in order to plan our next round of exploration activities at the
South Houndé Project."
Although the Company is using four independently operated assay
laboratories in West Africa to process the samples, there is a backlog
of approximately 3,000 diamond drill core samples, 6,000 RC samples and
5,000 RAB samples are yet to be assayed, which is an industry-wide
Sarama has been able to manage its operations around this persistent
backlog, and will continue to carefully monitor the throughput of these
laboratories. The backlog is expected to reduce steadily over the
coming months and the Company will provide updates as and when results
come to hand.
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 a drilling program to
further test gold-in-soil anomalies located in a 20km structural
corridor. The Company has built substantial early stage exploration
landholdings in prospective and underexplored areas of Burkina Faso
(>2,700 km²), Liberia (>2,400 km²) and Mali (>1,200 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, including when results may be available. 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
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's operations will not be affected by any 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.
SOURCE Sarama Resources Limited