VANCOUVER, Aug. 7, 2015 /CNW/ - Sarama Resources Ltd. ("Sarama" or the "Company") is pleased to advise that Savary Gold Corp. ("Savary"), the operator of the Karankasso Project Joint Venture ("JV") between Sarama and Savary, provided an update on August 6, 2015 of follow-up drilling on the Kueredougou West Trend. Set out below are key highlights from this release.
- Kueredougou West Trend interpreted to extend over a 9km strike length and has potential to host a major gold zone
- 9 reverse circulation holes totaling 1,100m were drilled over a small portion of the trend as part of a greater 14,500m drill program at the Karankasso Project
- Drilling defined three parallel, close spaced lenses of gold mineralization to approximately 90 metres depth along a strike length of 350 metres
- Highlight intercepts for the Kueredougou West Trend include:
- RC hole 15-83 10m @ 2.4 g/t gold from 45m
- RC hole 15-93 17m @ 2.0 g/t gold from 64m
- RC hole 15-99 3m @ 6.9 g/t gold from 114m
- RC hole 15-100 2m @ 19.5 g/t gold from 89m
- RC hole 15-42* 9m @ 5.2 g/t gold from 3m
- RC hole 15-41* 8m @ 2.5 g/t gold from 42m
- * Previously reported intercepts in Savary Gold news release dated June 15, 2015
- Results for the remainder of the 115 hole program across other areas within the Karankasso Project are expected after interpretative work has been completed
The drilling targeted extensions to previously intersected high-grade mineralisation, noted by Savary as being hosted by quartz-veined, sericitic and pyritic fine grained sediments intruded by quartz-feldspar porphyry sills.
Savary also noted that the follow-up drill program defined three parallel close spaced lenses of gold mineralization to approximately 90 metres depth along a 350 metre strike. The gold-bearing lenses are still open to depth and along strike. Savary indicated that they are very encouraged by the drill results and size of the mineralised trend and remain optimistic about future results of the greater 14,500m drill program completed across the Karankasso Project.
Sarama's President and CEO, Andrew Dinning commented:
"We are pleased with the results of this follow-up drill program and the identification of several new gold zones. These results continue to support our belief that the southern Houndé Gold Belt is a great place to be and we look forward to continuing to work collaboratively with Savary."
Savary's August 7, 2015 news release contains further information on Savary's drill campaign on the Karankasso Project.
For further information on the Company's activities, please contact:
Andrew Dinning or Paul Schmiede
e: [email protected] | t: +61 (0) 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 (TSX-V: SWA) is a West African focused gold explorer with substantial landholdings in Burkina Faso, Liberia and Mali.
Sarama's flagship properties are situated within the Company's South Houndé Project area in south-west Burkina Faso. Located within the prolific Houndé greenstone belt, Sarama's exploration programs have built on significant early success to deliver a maiden Inferred Mineral Resource estimate of 1.5 Moz gold1,2. Outside of Burkina Faso, Sarama is focused on consolidating a number of under-explored landholdings in other emerging and established mining jurisdictions.
Incorporated in 2010, the Company's Board and management team have a proven track record in Africa and a strong history in the discovery and development of large-scale gold deposits. Sarama is well positioned to build on its current success with a strong financial position and a sound exploration strategy across its property portfolio.
- 29.13 Mt @ 1.6 g/t Au (at a 0.8 g/t Au cut-off)
- The effective date of the Company's Mineral Resource estimate is September 16, 2013. For further information regarding the Mineral Resource estimate please refer to the technical report titled "NI 43-101 Independent Technical Report, South Houndé Project, Bougouriba and Ioba Provinces, Burkina Faso", dated October 28, 2013. The technical report is available under the Company's profile on SEDAR at www.sedar.com.
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 entering into of the joint venture agreement with Savary, the operation of the joint venture by Savary on property which includes Sérakoro 1 and Houndé South and future follow-up exploration on number of gold bearing intercepts on the land to be covered by the joint venture. 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 completion of the joint venture agreement depends on, among other things, the satisfaction of conditions precedent that are usual in a transaction of this nature, including the receipt of regulatory approvals, that the business of exploration for gold and other precious minerals involves a high degree of risk and is highly speculative in nature; Mineral Resources are not Mineral Reserves, they do not have demonstrated economic viability, and there is no certainty that they can be upgraded to Mineral Reserves through continued exploration; 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 preparation of the Company's mineral resource estimate is based on information compiled or approved by Adrian Shepherd. Adrian Shepherd is an employee of Cube Consulting Pty Ltd and is considered to be independent of Sarama Resources Ltd. Adrian Shepherd 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. Adrian Shepherd consents to the inclusion in this news release of the information, in the form and context in which it appears.
SOURCE Sarama Resources Limited