VANCOUVER, CANADA. / TheNewswire / Sarama Resources Ltd. ("Sarama" or the "Company") (TSX-V:SWA) is pleased to announce that a series of high-grade gold-quartz veins, extending over a strike length of +3km, have been identified on the Bamako Property ("Bamako" or the "Property") which is situated 25km east of the Company's Bondi Deposit in south-west Burkina Faso.
In addition to historical high-grade drilling and soil sampling results, recent rock-chip sampling has returned grades up to 18.9g/t Au from the newly exposed quartz-veins. The Company has also outlined a large artisanal mining area within a 3km x 2km area associated with the gold-quartz veins, reinforcing the Property's prospectivity for high-grade gold deposits.
The Bamako Property is part of the Company's 100%-owned, 660km2 ThreeBee Project(4) in the highly prospective southern Hounde Belt.
Highlights
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Discovery of a series of high-grade quartz-veins, extending over a strike length of +3km, which are being exploited by artisanal mining activities.
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Rock-chip sampling has returned values up to 18.9g/t Au, indicating the presence of high-grade gold mineralisation associated with quartz veins cutting mafic host rocks.
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Previous soil sampling by Sarama identified a broad, km-scale corridor of gold anomalism associated with a band of mafic volcanic and gabbroic rocks with soil values ranging up to 13.6g/t Au.
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A previously disclosed(5) 3,700m reverse circulation ("RC") reconnaissance drill program tested a north-trending, 800m-long band of anomalous gold-in-soil values close to the new quartz vein discovery. Several significant results were returned and include:
- 6m @ 1.78g/t Au from surface, and15m @ 6.17g/t Au from 9m (including 2m @ 38.45g/t Au 20m) from in FRC384;
- 2m @ 2.65g/t Au from 58m, and
- 3m @ 3.81g/t Au from 63m in FRC489;
- 4m @ 1.94g/t Au from 48m in FRC385; and
- 15m @ 0.54g/t Au from 86m in FRC386.
- Follow-up work has commenced and includes detailed mapping and drill programs to test the widths and lengths of the various high-grade veins and also other significant soil anomalies.
- The discovery of high-grade mineralisation further supports Sarama's regional development plan which encompasses the ThreeBee Project, including the Bondi Deposit at the nearby Djarkadougou Property.
Sarama's President and CEO, Andrew Dinning, commented:
"The acquisition of the Bondi Deposit has dramatically opened up Sarama's options and led us to reassess our suite of properties within reasonable trucking distance of this deposit. The high-grade nature of the Bamako mineralisation provides Sarama with various exploitation options upon development, including as satellite feed for a project at Bondi. Sarama's aim, is to grow the mineral resource base at the Bondi Deposit and the greater Djarkadougou Property, and any additional ounces added from Bamako are expected to be highly accretive in value."
Bamako Property Exploration
The 90km2 Bamako Property is part of the Company's 100%-owned, 660km? ThreeBee Project (refer Figures 1 and 2), which is positioned on the eastern flank of the well-endowed Hounde Greenstone Belt in south-west Burkina Faso. The Property is well located with respect to known gold occurrences, being within trucking distance to Sarama's Bondi Deposit and South Hounde Project as well as Teranga Gold Corp's Golden Hill Project.
Sarama first carried out initial-stage exploration over the Property in 2011-2012 and successfully identified several clusters of anomalous gold-in-soil values. Peak values of 13.6g/t Au were encountered (mean of 36ppb Au and a 98th percentile of 179ppb Au), prompting a reconnaissance drill program of 3,700m RC. The drill program intersected high-grade mineralisation in several holes with previously reported highlights of:
- 6m @ 1.78g/t Au from surface, and
- 15m @ 6.17g/t Au from 9m (including 2m @ 38.45g/t au from 20m) in FRC384;
- 2m @ 2.65g/t Au from 58m, and
- 3m @ 3.81g/t Au from 63m in FRC489;
- 4m @ 1.94g/t Au from 48m in FRC385; and
- 15m @ 0.54g/t Au from 86m in FRC386.
Further work on the Project was limited while Sarama's focused on its South Hounde Project where the Company had made a significant gold discovery.
With the recent addition of the Djarkadougou and Botoro Properties to the previously-held Bamako and Bouni Properties, creating the ThreeBee Project, Sarama has renewed exploration interest of the Bamako Property.
Recent field mapping and reconnaissance work at Bamako revealed the establishment of a large artisanal mining camp, which has now opened a block of current workings measuring approximately 3km-long x 2km-wide. The workings have exposed numerous, subparallel gold-bearing quartz veins, extending for over 3km in strike length, trending to the north and north-west (refer Figure 2). These quartz vein trends are co-incident with previously identified anomalous gold-in-soil zones and remain untested by drilling.
The quartz-veins are located within a wedge of Birimian-aged greenstone rocks which underlie part of the eastern side of the Property and are mostly represented by weakly-foliated and massive mafic volcanic and gabbroic rocks. The quartz veins appear to broadly follow the contacts of the gabbroic intrusion.
Recent rock-chip sampling of fresh and altered rocks over several campaigns have also been encouraging with assay results including: 18.9g/t Au, 12.5g/t Au, 8.8g/t Au, and 4.5g/t Au from sample sites both within the gabbroic intrusion and in the bounding mafic volcanic unit.
Gold-in-soil anomalism is noted to extend for a further 3km to the north of the new, high-grade vein exposures, giving a total potential strike length of more than 6km for the system. The area will be the subject of mapping and drilling programs in the near future in support of the advancement of the ThreeBee Project.
For further information on the Company's activities, please contact:
Andrew Dinning or Paul Schmiede
e: info@saramaresources.com
t: +61 (0) 8 9363 7600
Figure 1 - Simplified Geology Plan of the ThreeBee Project Area
Figure 2 - Geology of the Bamako Property Showing Location of Quartz Vein System
ABOUT SARAMA RESOURCES LTD
Sarama Resources Ltd (TSX-V: 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 Hounde Project area in south-west Burkina Faso. Located within the prolific Hounde Greenstone Belt, Sarama's exploration programs have built on significant early success to deliver an inferred mineral resource estimate of 2.1Moz gold(2). Acacia Mining plc is earning up to a 70% interest in the South Hounde 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. Acacia has satisfied certain milestones and currently holds a 50% interest in the South Hounde Project and is continuing to sole fund exploration activities.
Sarama holds a 31% participating interest in the Karankasso Project Joint Venture ("JV") which is situated adjacent to the Company's South Hounde 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 gold(3) at the Karankasso Project JV.
Sarama has also acquired a 100% interest in the Bondi Deposit from Orezone Gold Corporation (refer news release May 24, 2016). Bondi has a historical estimate of mineral resources of 0.3Moz Au (measured and indicated) and 0.1Moz Au (inferred)(1).
Together, the South Hounde 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 Hounde Belt region of Burkina Faso.
Sarama had recently established a new 600km? exploration position in the highly prospective Banfora Belt in south-western Burkina Faso. The Koumandara Project hosts several regional-scale structural features and trends of gold-in-soil anomalism extending for over 40km along strike.
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.
