Sarama Resources (SWA-V) July 19, '16 is pleased to advise that Savary Gold (SCA-V), the operator of the Karankasso Project Joint Venture1 between Sarama and Savary, provided an update on July 19, 2016 of the final drill results from the Q2, 2016 drilling campaign. The drilling was undertaken across multiple target zones within the 47km-long mineralised corridor situated within the Karankasso Project area. Highlights from Savary's release are presented below.
Highlights
43 holes totalling 6,579 metres were completed during the second quarter of 2016. The drilling was comprised of diamond core ("DH") and reverse-circulation ("RC") and a summary of select results are presented below.
A number of drill holes returned significant results including*:
| | | | | | | | | | | DH-16-04 | | 11.6m @ 1.34 g/t Au | | from 59.8m | | S-Nosa Zone | | | DH-16-07 | | 13.0m @ 3.82 g/t Au | | from 270.1m | | Karangosso Zone | | | DH-16-09 | | 28.0m @ 1.73 g/t Au | | from 140.0m | | Karangosso Zone | | | RC-16-07 | | 7.0m @ 3.98 g/t Au | | from 108.0m | | Karangosso Zone | | | RC-16-22 | | 7.0m @ 1.46 g/t Au | | from 136.0m | | Karangosso Zone | | | RC-16-12 | | 6.0m @ 2.77 g/t Au | | from 89.0m | | NWQV Zone | | | RC-16-23 | | 4.0m @ 12.24 g/t Au | | from 68.0m | | Splay 2 Zone | | | | | 7.0m @ 9.75 g/t Au
| | from 85.0m | | | | | | | | | | | |
| * True widths are estimated at 70% to 90% of drilled length | | | |
Savary stated that the drill program had successfully extended gold mineralization along strike at Kueredougou West Trend, Diosso South and Kueredougou West Zones and the Karangosso Zone, which was also extended to depth. Further details of these drill results, including sampling and QA/QC procedures, are contained in Savary's news release dated July 19, 2016.
Sarama's President and CEO, Andrew Dinning commented:
"We are pleased with the results of Savary Gold's second quarter 2016 drill campaign which has identified and extended a number of areas of mineralisation and continues to support our belief that the southern Houndé Gold Belt is a great place to be.
Sarama is leading the discovery, development and consolidation of Burkina Faso's South Houndé Gold Belt where we continue to work with our partners to progress our interests in the area. The pending addition of Orezone's Bondi deposit will further strengthen our position with our three adjoining projects, which collectively host in excess of 3 million ounces of gold between them."
Savary's July 19, 2016 news release contains a complete list of results and further information on Savary's drill campaign on the Karankasso JV Project.
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 gold2,3. 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 33.7% participating interest in the Karankasso Project Joint Venture 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 gold4,5 at the Karankasso Project.
Sarama has also agreed to acquire a 100% interest in the Bondi gold 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)6,7.
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 Sarama has 33.7% and Savary Gold has 66.3% relative ownership interests as of December 31, 2015
2 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)
3 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.
4 9.2 Mt @ 2.3 g/t Au (at a 0.5 g/t Au cut-off)
5 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.
6 4.1Mt @ 2.1g/t Au for 282,000 oz Au (measured and indicated) and 2.5Mt @ 1.8g/t Au for 149,700 oz Au (inferred), reported at a 0.5 g/t Au cut-off
7 The effective date of the historical estimate of the Bondi deposit mineral resource estimate is February 20, 2009. For further information regarding the mineral resource estimate please refer to the technical report titled "Technical Report on the Mineral Resource of the Bondigui Gold Project", dated February 20, 2009. The technical report is available under Orezone Gold Corporation's profile on SEDAR at www.sedar.com.
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 |
