VANCOUVER, BC--(Marketwired - April 10, 2017) - Sarama Resources Ltd. (the "Company" or "Sarama") advises that Savary Gold Corp. ("Savary"), the operator of the Karankasso Project Joint Venture5 between Sarama and Savary, provided an update on April 10, 2017 of ongoing drilling campaigns. The drilling was undertaken across multiple target zones within the Karankasso Project area.
Highlights
- 41 holes totalling approximately 4,500 metres of reverse-circulation ("RC") drilling were completed.
- Selected downhole intersections highlighted by Savary include:
| Serakoro 1 Main |
|||
| HE-RC-17-030 | 5m @ 2.04 g/t Au from 19m | including 1m @ 6.01 g/t Au from 23m | |
| Karangosso Zone | |||
| HE-RC-17-044 | 3m @ 3.62 g/t Au from 84m | ||
| HE-RC-17-046 | 9m @ 1.66 g/t Au from 81m | including 2m @ 5.44 g/t Au from 88m | |
| Diosso South Zone | |||
| HE-RC-17-051 | 5m @ 3.12 g/t Au from 81m | including 2m @ 6.72 g/t Au from 82m | |
| HE-RC-17-053 | 5m @ 3.38 g/t Au from 100m | including 1m @ 14.25 g/t Au from 101m | |
| HE-RC-17-057 | 2m @ 19.91 g/t Au from 74m | ||
| HE-RC-17-060 | 18m @ 1.92 g/t Au from 10m | including 9m @ 3.14 g/t Au from 12m, and 3m @ 6.86 g/t Au from 18m | |
| HE-RC-17-062 | 6m @ 2.33 g/t Au from 122m | ||
| HE-RC-17-064 | 17m @ 1.72 g/t Au from 85m | including 1m @ 11.10 g/t Au from 86m, and 1m @ 6.37g/t Au from 92m | |
| Kueredougou West Trend Zone | |||
| HE-RC-17-066 | 4m @ 3.25 g/t Au from 80m | including 2m @ 6.28 g/t Au from 80m | |
| HE-RC-17-067 | 13m @ 1.26 g/t Au from 115m | including 4m @ 2.54 g/t Au from 121m | |
| HE-RC-17-070 | 4m @ 2.74 g/t Au from 99m | ||
| HE-RC-17-071 | 8m @ 1.54 g/t Au from 119m | including 2m @ 3.58 g/t Au from 124m | |
- Follow-up drilling on selected targets is planned for Q2 2017.
Note: mineralisation true widths are estimated at 65-80% of listed downhole intersection lengths
Further details of these drill results, including sampling and QA/QC procedures, are contained in Savary's news release dated April 10, 2017.
Sarama's President and CEO, Andrew Dinning, commented:
"We are pleased with the steady progress and work being undertaken on the Karankasso Project and are looking forward to the recommencement of activity in May."
ABOUT SARAMA RESOURCES LTD
Sarama Resources Ltd (TSX VENTURE: SWA) is a West African focused gold explorer with substantial landholdings in Burkina Faso. Sarama is focused on consolidating under-explored landholdings in Burkina Faso and other established mining jurisdictions.
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 an inferred mineral resource estimate of 2.1 Moz gold1,2. Acacia Mining plc is earning up to a 70% interest in the South Houndé Project by satisfying certain conditions, including funding earn-in expenditures of up to US$14 million, over a 4-year earn-in period and may acquire an additional 5% interest, for an aggregate 75% interest in the Project, upon declaration of a minimum mineral reserve of 1.6 million ounces of gold.
Sarama holds a 31% participating interest in the Karankasso Project Joint Venture ("JV") which is situated adjacent to the Company's South Houndé Project in Burkina Faso and is a JV between Sarama and Savary Gold Corp. ("Savary"). Savary is the operator of the JV and in October 2015, declared a maiden inferred mineral resource estimate of 671,000 ounces of contained gold3,4 at the Karankasso Project JV.
Sarama has also agreed to acquire a 100% interest in the Bondi Deposit from Orezone Gold Corporation (refer news release May 24, 2016).
Together, the South Houndé Project, Bondi Deposit and the Karankasso Project form a cluster of advanced gold deposits, within trucking distance of one another, which potentially offers a development option for a multi-source fed central processing facility in the southern Houndé Belt region of Burkina Faso.
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 sound exploration strategy across its property portfolio.
1. 43.0 Mt @ 1.5 g/t Au (reported above cut-off grades ranging 0.3-2.2 g/t Au, reflecting the mining methods and processing flowsheets assumed to assess the likelihood of the inferred mineral resources having reasonable prospects for eventual economic extraction)
2. The effective date of the Company's inferred mineral resource estimate is February 4, 2016. For further information regarding the mineral resource estimate please refer to the technical report titled "NI 43-101 Independent Technical Report South Houndé Project Update, Bougouriba and Ioba Provinces, Burkina Faso", dated March 31, 2016. The technical report is available under Sarama Resources Ltd.'s profile on SEDAR at www.sedar.com.
3. 9.2 Mt @ 2.3 g/t Au (at a 0.5 g/t Au cut-off)
4. The effective date of the Karankasso Project JV mineral resource estimate is October 7, 2015. For further information regarding the mineral resource estimate please refer to the technical report titled "Technical Report and Resource Estimate on the Karankasso Project, Burkina Faso", dated October 7, 2015. The technical report is available under Savary Gold Corp's profile on SEDAR at www.sedar.com. Sarama has not independently verified Savary's mineral resource estimate and takes no responsibility for its accuracy.
