/NOT FOR DISTRIBUTION TO A UNITED STATES NEWSWIRE OR FOR DISSEMINATION IN THE UNITED STATES/
VANCOUVER, May 27, 2014 /CNW/ - Sarama Resources Ltd. ("Sarama" or the "Company") is pleased to announce that a maiden diamond drill program has commenced at its Cape Mount Gold Project in western Liberia.
The Cape Mount Gold Project features a 15km-long gold trend delineated using gold-in-soil geochemical surveys and reinforced as drill targets by trenching. The initial drill targets are situated approximately 10km north of Aureus Mining Inc.'s New Liberty Gold Project which is currently under construction.
- Sarama Resources commences maiden diamond drill program at the Company's Cape Mount Gold Project
- Drilling designed to test targets generated from airborne geophysics, gold-in-soil surveys, trenching and field mapping
- Drill targets are located within a 15km-long anomalous gold-in-soil trend comprising the Cape Mount Project and situated 10 km north of Aureus Mining Inc's New Liberty Gold Project
- Significant small scale mining activities are situated in the immediate area of drilling
- Previously reported trenching1 across a 9km-long anomalous gold-in-soil zone on the Cape Mount Project returned numerous wide, low-grade intervals with narrower higher-grade internal sections including:
- 16m @ 1.74g/t Au, including 10m @ 2.55 g/t Au in CMTR037
- 42m @ 0.63g/t Au, including 10m @ 1.44g/t Au in CMTR025
- 47m @ 0.54g/t Au, including 4m @ 1.14 g/t Au in CMTR024
- 6m @ 2.30g/t Au in CMPT003 (trench ended in mineralisation)
- The results of the diamond drill program will be used to plan the next phase of exploration activity
|1. Refer press release dated January 13, 2014 and titled "Sarama Resources extends strike length of anomalous gold-in-soil trend to 15km and intersects in-situ gold mineralisation in trenching programs in Liberia"|
The Cape Mount Gold Project
The Cape Mount Gold Project comprises the Cape Mount (Sarama 80% interest), Cape Mount East and Cape Mount West (Sarama 100% interest) exploration properties, which encompass 281km2.
The exploration properties are underlain by an assemblage of Archean gneisses containing relatively thin (10s to 100s of meters, rarely >5km wide), but laterally continuous (up to 30km-long), steeply-dipping beds of metamorphosed greenstone. The greenstone layers consist of mafic-to-ultramafic volcanic and volcaniclastic rocks with interbeds of siliceous magnetic iron formation, quartzite and clastic sedimentary rocks.
The abundant artisanal workings and bedrock gold deposits in western Liberia are associated with the relatively lower-grade greenstone rocks. These gold deposits are aligned, with local clustering, along the major structural alignments, as is typical of greenstone-type gold deposits world-wide.
Initial exploration targeting was commenced with a permit-wide airborne magnetic survey over the main Cape Mount property. An interpreted, regional-scale fold structure, outlined by a strong magnetic anomaly along trend from the Bea Mountain iron formation, became the object of detailed follow-up soil survey grids. The soil surveys produced a significant 15km-long gold-in-soil anomaly that is spatially associated with, and parallel to, the northern limb of the folded iron formation unit (refer Figure 1). Subsequent trenching led to in-situ interval highlights such as:
|16m @ 1.74g/t Au, including 10m @ 2.55g/t Au in CMTR037;|
|42m @ 0.63g/t Au, including 10m @ 1.44g/t Au in CMTR025;|
|47m @ 0.54g/t Au, including 4m @ 1.14g/t Au in CMTR024; and|
|6m @ 2.30g/t Au in CMPT003 (trench ended in mineralisation).|
The Cape Mount Gold Project Drill Program
The Cape Mount Gold Project drill program comprises approximately 1700m of diamond core drilling in 17 inclined holes of varying depths, drilled at -55° to the north. The holes will be drilled to test 3 distinct target areas, marked by strong gold-in-soil anomalism and anomalous trench results, with each target area being approximately 2km-long. The program will test sections within an 8km strike length of the larger 15km-long gold anomaly and will be focused within the Cape Mount exploration property.
The primary objective of the drill program is to gauge the strength and width of the mineralised zones beneath the oxidised horizon that may have been the subject of leaching or chemical dispersion in the tropically weathered environment. Diamond core drilling will allow characterisation of the lithological units and geologic environment of gold deposition in this unexplored geological province.
Sarama is taking advantage of the current competitive pricing environment with respect to drilling and support services in Liberia and continues to manage exploration funds prudently.
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.
|1.||29.13 Mt @ 1.6 g/t Au (at a 0.8 g/t Au cut-off)|
|2.||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 objectives and scope of the Cape Mount Gold Project drill program. 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; 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.
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