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 effective manner.
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 Tankoro property.
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
email: [email protected]
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 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