TSX-V Ticker: SWA
VANCOUVER, Canada, Aug. 13, 2012 /CNW/ - Sarama Resources Limited ("Sarama" or the "Company") is pleased to report results of initial exploration programs on its Serakoro 1 exploration property ("Serakoro 1" or the "Property") on the Houndé Belt in south-western Burkina Faso, West Africa. The programs have delineated two extensive gold-in-soil anomalies measuring 25km and 14km in length, and scout drilling has generated a number of encouraging results including 27m @ 3.71 g/t Au and 13m @ 2.12 g/t Au.
- Two extensive gold-in-soil anomalies, measuring 25km and 14km in length, have been delineated by a soil geochemistry program undertaken by Sarama at Serakoro 1.
- A reverse circulation ("RC") scout drilling program, comprising 9 lines, undertaken by Sarama yielded a number of encouraging downhole intersections with highlights including:
|FRC417|| 27m @ 3.71 g/t Au from 35m (including 2m @ 40.40 g/t Au)
|FRC433|| 13m @ 2.12 g/t Au from 65m (including 1m @ 12.20 g/t Au)
|FRC422|| 3m @ 6.49 g/t Au from 76m (including 1m @ 17.10 g/t Au)
|FRC449|| 4m @ 4.37 g/t Au from 71m
|FRC412|| 5m @ 2.61 g/t Au from 22m (including 1m @ 10.60 g/t Au)
|FRC410|| 5m @ 1.74 g/t Au from 10m (including 2m @ 3.58 g/t Au), and
||3m @ 4.75 g/t au from 88m (including 1m @ 12.50 g/t Au)|
- The Serakoro 1 results provide a second major exploration focus within Sarama's 1,600km² South Houndé Project in south-western Burkina Faso.
The 250km² Serakoro 1 property is located on the western margin of the Houndé Belt, approximately 85km south-east of the major regional town of Bobo-Dioulasso and 10km west of Sarama's Tankoro exploration property (refer Figure 1).
The Houndé Belt is a regionally significant assemblage of greenstone rocks, typically of volcanic and sedimentary origin belonging to the Lower Proterozoic Birimian Supergroup, as well as inter-belt granitoids of various compositions. The Birimian greenstone rocks are renowned for their economic gold deposits, hosting large deposits such as the Obuasi and Ahafo mines in Ghana, the Morila and Sadiola mines in Mali and the Mana and Essakane mines in Burkina Faso.
Several multi-million ounce gold deposits have been discovered within the Houndé Belt in recent years; notably Semafo Inc's Mana mine and Avion Gold Corp's Vindaloo deposit, highlighting the potential of the exploration belt.
Sarama holds an option over the gold mineral rights to Serakoro 1, with the right to acquire a 95% interest in the Property through a series of 4 instalment payments aggregating US$575,000. Upon reaching the 95% interest level, Sarama may increase its ownership to 98% by making a final instalment payment of US$3,000,000, following which the vendor will retain a 2% free-carried equity interest. No royalties are payable to the vendor in respect of this property.
The Company has completed an initial permit-wide soil geochemistry survey which resulted in the delineation of two parallel coherent and extensive gold-in-soil anomalies, measuring 25km and 14km in length. The anomalies are approximately 1km in width, extending out to 2km width in several areas (refer Figure 2).
Based on these promising soil geochemistry results, Sarama conducted a 9 line, 74 hole, 7,400m RC scout drilling program over 6 of the most promising anomalies with significant results from this campaign listed in Appendix A.
Sarama will continue fieldwork on the Property in the upcoming exploration season, initially focusing on the areas that returned highlighted drill results and other untested drill targets identified by the soil geochemistry survey.
Sarama's President and CEO, Andrew Dinning commented:
"Our initial exploration programs on Serakoro 1 have provided encouraging results with the delineation of two extensive gold-in-soil anomalies and the initial scout drilling has generated a number of significant intersections that will be followed-up in the next exploration season. We are pleased to have this property forming another exploration focus for us in our major land position in Burkina Faso which allows us to be poised to lead the new generation of explorers in this prolific belt."
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 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 (>2,800 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 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.
Notes - Soil Geochemistry
Soil geochemistry results are reported as processed data for a population of raw assay results. The effects of mechanical and chemical concentration, weathering, and the topographical and vegetative settings have not been presented and therefore results reflect a first-pass exploration phase. No top-cuts were applied to assay grades.
Sarama undertakes geological sampling and assaying in accordance with its QA/QC program which includes the use of uncertified reference materials and field duplicates. Gold assay work was undertaken by the ALS Group ("ALS") laboratory in Ouagadougou, Burkina Faso. Assays are determined by the bulk-leach-extractable-gold ("BLEG") assay method using a nominal 500g sample which is subjected to cyanide leaching and AAS finish with a 1ppb Au lower detection limit.
Soil samples were collected from holes with a nominal diameter of 200mm which were manually excavated to a depth of approximately 400-500mm. Holes were spaced on a regular grid measuring 400m (north-south) x 100m (east west). Sub-samples of 700-1,000g were produced from field samples for each hole, which were then assayed using the BLEG method.
The gold-in-soil anomalies represented were delineated using the 80th percentile of the samples' Au grade population (Au >10ppb).
Notes - Drilling
Drilling results are quoted as downhole intersections. Due to the preliminary stage of the drilling, the nature of the mineralisation is not fully understood and it is therefore not appropriate to provide guidance on the relationship of the downhole intersection length to the true width of mineralisation. The reported composites were determined using a cut-off grade of 0.3g/t Au to select significant and anomalous intersections, with a maximum of 2m internal dilution being incorporated into the composite where appropriate. No top-cuts were applied to assay grades. Isolated mineralised intersections less than 2m in length have not been reported.
Sarama undertakes geological sampling and assaying in accordance with its QA/QC program which includes the use of certified reference materials and duplicates. Gold assay work was undertaken by the SGS S.A. ("SGS") laboratories in Ouagadougou, Burkina Faso and Morila, Mali. Assays are determined by the fire assay method using a 50 gram charge, lead collection and an AAS finish with a 0.01g/t Au lower detection limit.
Drilling was designed using west-east oriented holes, dipping at -55° to the east and approximately 100m in length. Holes were spaced approximately 40-60m apart along the drill lines. RC drill chips were sampled over regular 1m composited intervals.
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 and 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.
Appendix A - Significant RC Drill Results
|Location||BHID||Downhole Intersection|| Depth
|Line 1||FRC387||no significant assays||..||..||-55°||90°||100m|
|(Western Anomaly)||FRC388||2m @ 0.71g/t Au||35m||37m||-55°||90°||100m|
|5m @ 0.46g/t Au||49m||54m||..||..||..|
|2m @ 0.51g/t Au||59m||61m||..||..||..|
|10m @ 0.62g/t Au||67m||77m||..||..||..|
|incl. 2m @ 1.93g/t Au||..||..||..||..||..|
|2m @ 0.49g/t Au||93m||95m||..||..||..|
|FRC389||6m @ 0.64g/t Au||38m||44m||-55°||90°||100m|
|2m @ 1.91g/t Au||94m||96m||..||..||..|
|FRC390||no significant assays||..||..||-55°||90°||100m|
|FRC391||no significant assays||..||..||-55°||90°||100m|
|FRC392||4m @ 0.43g/t Au||20m||24m||-55°||90°||103m|
|FRC393||2m @ 1.23g/t Au||12m||14m||-55°||90°||100m|
|4m @ 0.24g/t Au||77m||81m||..||..||..|
|Line 2||FRC410||5m @ 1.74g/t Au||10m||15m||-55°||90°||103m|
|(Western Anomaly)||incl. 2m @ 3.58g/t Au||..||..||..||..||..|
|7m @ 0.92g/t Au||59m||66m||..||..||..|
|3m @ 4.75g/t Au||88m||91m||..||..||..|
|incl. 1m @ 12.50g/t Au||..||..||..||..||..|
|FRC411||6m @ 0.90g/t Au||5m||11m||-55°||90°||100m|
|incl. 1m @ 3.77g/t Au||..||..||..||..||..|
|11m @ 0.54g/t Au||34m||45m||..||..||..|
|3m @ 0.90g/t Au||53m||56m||..||..||..|
|FRC412||5m @ 2.61g/t Au||22m||27m||-55°||90°||100m|
|incl. 1m @ 10.60g/t Au||..||..||..||..||..|
|4m @ 0.73g/t Au||49m||53m|
|2m @ 0.54g/t Au||90m||92m|
|FRC413||no significant assays||..||..||-55°||90°||100m|
|FRC414||4m @ 1.50g/t Au||48m||52m||-55°||90°||100m|
|incl. 1m @ 4.50g/t Au||..||..||..||..||..|
|3m @ 2.16g/t Au||61m||64m||..||..||..|
|FRC415||3m @ 1.27g/t Au||24m||27m||-55°||90°||100m|
|3m @ 0.39g/t Au||79m||82m||..||..||..|
|FRC416||2m @ 1.00g/t Au||39m||41m||-55°||90°||100m|
|4m @ 0.39g/t Au||44m||48m||..||..||..|
|4m @ 0.45g/t Au||80m||84m||..||..||..|
|FRC417||27m @ 3.71g/t Au||35m||62m||-55°||90°||100m|
|incl. 2m @ 40.40g/t Au||..||..||..||..||..|
|3m @ 1.22g/t Au||67m||70m||..||..||..|
|4m @ 0.37g/t Au||80m||84m||..||..||..|
|FRC418||no significant assays||..||..||-55°||90°||100m|
|FRC419||no significant assays||..||..||-55°||90°||100m|
|FRC420||16m @ 0.49g/t Au||58m||74m||-55°||90°||100m|
|FRC421||4m @ 0.47g/t Au||30m||34m||-55°||90°||100m|
|2m @ 0.56g/t Au||52m||54m||..||..||..|
|FRC422||3m @ 6.49g/t Au||76m||79m||-55°||90°||100m|
|incl. 1m @ 17.10g/t Au||..||..||..||..||..|
|Line 3||FRC394||2m @ 1.04g/t Au||52m||54m||-55°||90°||100m|
|(Eastern Anomaly)||FRC395||5m @ 1.48g/t Au||5m||10m||-55°||90°||100m|
|2m @ 1.39g/t Au||48m||50m||..||..||..|
|4m @ 0.19g/t Au||73m||77m||..||..||..|
|2m @ 0.44g/t Au||91m||93m||..||..||..|
|FRC396||2m @ 0.35g/t Au||27m||29m||-55°||90°||100m|
|FRC397||2m @ 0.52g/t Au||16m||18m||-55°||90°||100m|
|FRC398||2m @ 0.42g/t Au||40m||42m||-55°||90°||100m|
|FRC399||no significant assays||..||..||-55°||90°||103m|
|FRC400||no significant assays||..||..||-55°||90°||100m|
|FRC401||no significant assays||..||..||-55°||90°||100m|
|FRC402||4m @ 0.31g/t Au||48m||52m||-55°||90°||100m|
|Line 4||FRC403||no significant assays||..||..||-55°||90°||100m|
|(Eastern Anomaly)||FRC404||no significant assays||..||..||-55°||90°||99m|
|FRC405||no significant assays||..||..||-55°||90°||103m|
|FRC406||3m @ 2.34g/t Au||93m||96m||-55°||90°||100m|
|FRC407||no significant assays||..||..||55°||90°||97m|
|FRC408||no significant assays||..||..||-55°||90°||100m|
|FRC409||no significant assays||..||..||-55°||90°||103m|
|Line 5||FRC423||no significant assays||..||..||-55°||90°||100m|
|(Eastern Anomaly)||FRC424||no significant assays||..||..||-55°||90°||100m|
|FRC425||no significant assays||..||..||-55°||90°||100m|
|FRC426||no significant assays||..||..||-55°||90°||100m|
|FRC427||2m @ 0.37g/t Au||74m||76m||-55°||90°||100m|
|FRC428||3m @ 0.39g/t Au||90m||93m||-55°||90°||100m|
|FRC429||no significant assays||..||..||-55°||90°||100m|
|FRC430||no significant assays||..||..||-55°||90°||100m|
|FRC431||no significant assays||..||..||-55°||90°||100m|
|FRC432||2m @ 0.33g/t Au||45m||47m||-55°||90°||100m|
|2m @ 1.07g/t Au||76m||78m||..||..||..|
|3m @ 0.30g/t Au||84m||87m||..||..||..|
|FRC433||3m @ 1.57g/t Au||56m||59m||-55°||90°||109m|
|13m @ 2.12g/t Au||65m||78m||..||..||..|
|incl. 1m @12.20g/t Au||..||..||..||..||..|
|18m @ 0.65g/t Au||82m||100m||..||..||..|
|FRC434||4m @ 0.31g/t Au||33m||37m||-55°||90°||100m|
|FRC435||no significant assays||..||..||-55°||90°||100m|
|FRC436||no significant assays||..||..||-55°||90°||100m|
|Line 6||FRC437||3m @ 0.96g/t Au||33m||36m||-55°||90°||109m|
|(Eastern Anomaly)||FRC438||3m @ 0.69g/t Au||33m||36m||-55°||90°||100m|
|2m @ 0.72g/t Au||81m||83m||..||..||..|
|2m @ 2.26g/t Au||92m||94m||..||..||..|
|FRC439||5m @ 0.58g/t Au||20m||25m||-55°||90°||103m|
|FRC440||3m @ 0.59g/t Au||50m||53m||-55°||90°||100m|
|6m @ 0.29g/t Au||85m||91m||..||..||..|
|FRC441||2m @ 1.97g/t Au||28m||30m||-55°||90°||91m|
|3m @ 0.99g/t Au||68m||71m||..||..||..|
|FRC442||no significant assays||..||..||-55°||90°||106m|
|FRC443||no significant assays||..||..||-55°||90°||109m|
|FRC444||no significant assays||..||..||-55°||90°||91m|
|FRC445||no significant assays||..||..||-55°||90°||100m|
|FRC446||2m @ 0.62g/t Au||29m||31m||-55°||90°||100m|
|FRC447||no significant assays||..||..||-55°||90°||103m|
|FRC448||no significant assays||..||..||-55°||90°||91m|
|FRC449||4m @ 4.37g/t Au||71m||75m||-55°||90°||100m|
|FRC450||no significant assays||..||..||-55°||90°||92m|
|Line 7||FRC451||no significant assays||..||..||-55°||90°||109m|
|(Eastern Anomaly)||FRC452||no significant assays||..||..||-55°||90°||103m|
|FRC453||no significant assays||..||..||-55°||90°||95m|
|FRC454||no significant assays||..||..||-55°||90°||100m|
|Line 8||FRC455||no significant assays||..||..||-55°||90°||100m|
|(Eastern Anomaly)||FRC456||no significant assays||..||..||-55°||90°||103m|
|FRC457||no significant assays||..||..||-55°||90°||103m|
|FRC458||3m @ 0.67g/t Au||45m||48m||-55°||90°||100m|
|Line 9||FRC459||2m @ 0.77g/t Au||88m||90m||-55°||90°||100m|
|(Eastern Anomaly)||FRC460||4m @ 0.21g/t Au||36m||40m||-55°||90°||100m|
SOURCE: Sarama Resources Limited