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Sarama Resources Ltd
Symbol SWA
Shares Issued 87,152,260
Close 2015-04-24 C$ 0.075
Market Cap C$ 6,536,420
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Sarama drills nine m of 4.18 g/t Au at South Hounde

2015-04-28 07:53 ET - News Release

Mr. Andrew Dinning reports

SARAMA RESOURCES DELINEATES ADDITIONAL OXIDE MINERALISATION OVER STRIKE LENGTH OF 1.3KM AT THE SOUTH HOUNDE PROJECT IN BURKINA FASO

Sarama Resources Ltd.'s regional drilling at the Phantom West prospect has delineated additional oxide mineralization over a strike length of 1.3 kilometres, bringing the total semi-continuous strike length of drill-defined mineralization at the South Hounde project to 9.8 kilometres. The results represent the initial portion of a $3.5-million (U.S.), multifaceted exploration program (approximately 50 per cent complete) at the South Hounde project, which is subject to an earn-in agreement between Sarama and Acacia Mining PLC.

Highlights:

  • Delineation of additional oxide mineralization over a 1.3-kilometre strike length at the Phantom West prospect, bringing the total strike length of drill defined mineralization to a semi-continuous distance of 9.8 kilometres;
  • Deeper drilling at the Phantom West prospect indicates potential for mineralization to continue at depth, possibly with the presence of higher-grade shoots;
  • Scout drilling at the Phantom prospect indicates potential for the main lodes at the MM prospect to continue north;
  • Highlighted drill intersections from the Phantom West Prospect include:
    • AC1834: nine metres at 4.18 grams per tonne gold from 36.0 metres;
    • AC1828: nine metres at 2.52 grams per tonne gold from 39.0 metres;
    • AC1832: 12.0 metres at 1.87 grams per tonne gold from 37.0 metres;
    • AC1990: 10.0 metres at 2.09 grams per tonne gold from six metres;
    • AC1837: 12.0 metres at 1.44 grams per tonne gold from 11.0 metres;
    • AC1840: 12.0 metres at 1.39 grams per tonne gold from 42.0 metres;
    • FRC890: 13.0 metres at 1.83 grams per tonne gold from 95.0 metres;
    • FRC887: seven metres at 1.24 grams per tonne gold from 141.0 metres;
    • FRC892: five metres at 1.58 grams per tonne gold from 83.0 metres;
  • Highlighted drill intersections from the Phantom prospect include:
    • AC1973: six metres at 3.33 grams per tonne gold from 30.0 metres;
    • AC1985: six metres at 3.85 grams per tonne gold from 12.0 metres;
  • $3.5-million (U.S.) ($4.4-million) exploration program is budgeted for 2015 including geochemical and geophysical surveys and drill programs.

Phantom West and Phantom prospects drill programs

The project's mineral resource currently stands at 1.5 million ounces of contained gold, a majority of which is delineated within the MM and MC prospects. The Phantom West and Phantom prospects are situated directly north of the MM prospect and lie within a regional-scale structural-magmatic zone known as the Tankoro structural corridor. The Phantom West and Phantom prospects have only been lightly explored and remain attractive exploration targets.

The reverse circulation and air core drill programs commenced in December, 2014, and were designed to test shallow targets generated by soil geochemistry and ground-based geophysical surveys and also targeted structural extensions to mineralized zones previously identified by shallow drilling.

Phantom West prospect

The Phantom West prospect lies along a mineralized horizon situated approximately 100 metres into the hangingwall of the main mineralized lodes of the MM prospect. The drill program targeted anomalous zones identified ground-based geophysical surveys which followed encouraging soil geochemistry survey to the south.

A total of 1,100 metres RC and 3,300 metres AC drilling along a coincident resistivity-chargeability anomaly encountered significant gold mineralization over a strike distance of approximately 1.3 kilometres. Highlighted AC drill intersections include nine metres at 4.18 grams per tonne gold from 36.0 metres in AC1834, nine metres at 2.52 grams per tonne gold from 39.0 metres in AC1828, 12 metres at 1.87 grams per tonne gold from 37.0 metres in AC1832, 10.0 metres at 2.09 grams per tonne gold from six metres in AC1990, 12.0 metres at 1.44 grams per tonne gold from 11.0 metres in AC1837 and 12.0 metres at 1.39 grams per tonne gold from 42.0 metres in AC 1840.

RC drill holes were drilled to the west of anomalous AC drill results on selected fences to test continuity at slightly deeper levels. The more significant results include 13.0 metres at 1.83 grams per tonne gold from 95.0 metres in FRC890, seven metres at 1.24 grams per tonne from 141.0 metres in FRC887 and five metres at 1.58 grams per tonne gold from 83.0 metres in FRC892.

The results of the shallow drilling indicate the continuation of lenses hosting oxide mineralization in the hangingwall of the main MM prospect, extend over a strike length of 1.3 kilometres as it trends north into the Phantom prospect. This effectively increases the strike extent of drill defined mineralization along the Tankoro structural corridor to a semi-continuous distance of 9.8 kilometres.

The deeper RC drilling intersected porphyry dikes and sericite alteration which is consistent with mineralization at the MM prospect. Highlighted RC intersections show potential for the mineralization to continue to depth, with possible shoot controls present, which is also consistent with observations at the MM prospect.

Phantom prospect

Four AC fences, for a total of 900 metres of drilling, were placed along the central area of the Phantom prospect over a strike length of approximately 900 metres. These fences were initiated to test a subtle chargeability anomaly trend that appears to represent the possible extension of the main lodes of the MM prospect as it passes into the Phantom prospect.

The shallow drilling encountered two significant intersections of six metres at 3.33 grams per tonne gold from 30.0 metres in AC1973 and six metres at 3.85 grams per tonne gold from 12.0 metres in AC1985.

These results indicate that there is some potential for the main lodes of the MM prospect to continue north. Follow-up drilling and interpretative work are required to investigate this geological model.

Sarama's president and chief executive officer, Andrew Dinning, commented: "The delineation of a further 1.3 kilometres of oxide mineralization at the Phantom West prospect brings us to almost 10 kilometres of drill-defined mineralization and further demonstrates the size of the mineralizing system and potential to further grow the size of the oxide resource and ultimately the fresh mineral resource as well.

"The success of this and our ongoing exploration programs at the South Hounde project once again demonstrates the benefits of working with our partner, Acacia Mining, allowing us to add value and move the project forward without suffering unacceptable levels of shareholder dilution."

Notes -- drilling

Drilling results are quoted as downhole intersections. True mineralization width is expected to be approximately 70 per cent to 80 per cent of intersection length for holes drilled on east-west sections, dipping at minus 50 degrees to minus 75 degrees and intersecting the north-northeast-striking lenses, however the nature of some mineralized units is not well understood.

The reported composites for RC and AC drilling were determined using a cut-off grade of 0.30 gram per tonne gold to select significant and anomalous intersections, with a maximum of two metres internal dilution being incorporated into the composite where appropriate. No top cuts were applied to assay grades. Isolated mineralized intersections less than two metres in length have not been reported.

Sarama undertakes geological sampling and assays in accordance with its quality assurance/quality control program which includes the use of certified reference materials and duplicates for RC and AC drilling.

Gold assays for the RC and AC drilling were undertaken by the SGS S.A. laboratory in Ouagadougou, Burkina Faso. Assays are determined by fire assay methods using a 50-gram charge, lead collection and an AAS finish with a 0.01-gram-per-tonne-gold lower detection limit.

RC drilling was generally designed using west-east-oriented holes, dipping at minus 50 degrees to minus 55 degrees to the east, of variable length. Holes were spaced at varying intervals depending on specific targets and program objectives. RC drill cuttings were sampled over regular one-metre intervals.

AC drilling was generally designed using west-east-oriented holes, dipping at minus 55 degrees to the east, of variable length. Holes were spaced at 25-metre intervals along drill lines. AC drill cuttings were sampled over regular one-metre or two-metre intervals, depending on the purpose of the hole.

For further information regarding the company's quality assurance/quality control protocols please refer to the technical report titled "NI 43-101 Independent Technical Report, South Hounde Project, Bougouriba and Ioba Provinces, Burkina Faso," dated Oct. 28, 2013. The technical report is available under the company's profile on SEDAR.

Qualified person's statement

Scientific or technical information in this news release that relates to the preparation of the company's mineral resource estimate is based on information compiled or approved by Adrian Shepherd. Mr. Shepherd is an employee of Cube Consulting Pty. Ltd. and is considered to be independent of Sarama Resources. Mr. Shepherd is a chartered professional member in good standing of the Australasian Institute of Mining and Metallurgy, and has sufficient experience which is relevant to the commodity, style of mineralization under consideration and activity which he is undertaking to qualify as a qualified person under National Instrument 43-101. Mr. Shepherd consents to the inclusion in this news release of the information, in the form and context in which it appears.

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 Guy Scherrer. Mr. Scherrer is an employee of Sarama Resources and is a member in good standing of the Ordre des Geologues du Quebec, and has sufficient experience which is relevant to the commodity, style of mineralization under consideration and activity which he is undertaking to qualify as a qualified person under National Instrument 43-101. Mr. Scherrer consents to the inclusion in this report of the information, in the form and context in which it appears.

                     SIGNIFICANT DRILL RESULTS

Location           Hole Interval    Grade    From                 Hole 
(prospect)           No.      (m) (g/t Au)     (m)    To (m) length (m)

Phantom West     FRC886        4     0.33     125       129        150
Phantom West     FRC886        3     0.43     132       135        150
Phantom West     FRC886        3     0.53     138       141        150
Phantom West     FRC887        7     1.24     141       148        162
Phantom West     FRC888        7     0.56     148       155        168
Phantom West     FRC889        2     0.39     128       130        156
Phantom West     FRC889        8     0.58     134       142        156
Phantom West     FRC890       13     1.83      95       108        120
Phantom West     FRC891       12     0.72      88       100        156
Phantom West     FRC892        5     1.58      83        88        162
Phantom West     AC1824       NSI               0        42         42
Phantom West     AC1825        3     0.80      14        17         60
Phantom West     AC1826       NSI               0        59         59
Phantom West     AC1827       NSI               0        44         44
Phantom West     AC1828        9     2.52      39        48         70
Phantom West     AC1829       NSI               0        48         48
Phantom West     AC1830       NSI               0        51         51
Phantom West     AC1831       NSI               0        60         60
Phantom West     AC1832       12     1.87      37        49         70
Phantom West     AC1833       NSI               0        64         64
Phantom West     AC1834        9     4.18      36        45         60
Phantom West     AC1835       NSI               0        70         70
Phantom West     AC1836       NSI               0        55         55
Phantom West     AC1837       12     1.44      11        23         57
Phantom West     AC1838       NSI               0        56         56
Phantom West     AC1839       NSI               0        51         51
Phantom West     AC1840       12     1.39      42        54         58
Phantom West     AC1841        5     0.53       5        10         63
Phantom West     AC1842       NSI               0        60         60
Phantom West     AC1843       NSI               0        28         28
Phantom West     AC1844       NSI               0        70         70
Phantom West     AC1845        8     0.81      28        36         68
Phantom West     AC1846       NSI               0        60         60
Phantom West     AC1847       NSI               0        49         49
Phantom West     AC1848       NSI               0        56         56
Phantom West     AC1849        3     0.80      67        70         70
Phantom West     AC1850       NSI               0        66         66
Phantom West     AC1851       NSI               0        61         61
Phantom West     AC1852       NSI               0        55         55
Phantom West     AC1942       NSI               0        66         66
Phantom West     AC1943       NSI               0        66         66
Phantom West     AC1944       NSI               0        63         63
Phantom West     AC1945       NSI               0        70         70
Phantom West     AC1946       NSI               0        70         70
Phantom West     AC1947       NSI               0        56         56
Phantom West     AC1948*       2     0.41      50        52         70
Phantom West     AC1949*      NSI               0        65         65
Phantom West     AC1950*      NSI               0        70         70
Phantom West     AC1951*      NSI               0        70         70
Phantom West     AC1952*      NSI               0        66         66
Phantom West     AC1953*      NSI               0        62         62
Phantom West     AC1954*      NSI               0        60         60
Phantom West     AC1955*      NSI               0        63         63
Phantom West     AC1956*      NSI               0        60         60
Phantom West     AC1957*      NSI               0        63         63
Phantom West     AC1958*      NSI               0        69         69
Phantom West     AC1987       12     0.49      12        24         56
Phantom West     AC1988       NSI               0        60         60
Phantom West     AC1989       NSI               0        57         57
Phantom West     AC1990       10     2.09       6        16         69
Phantom West     AC1991       NSI               0        42         42
Phantom West     AC1992       NSI               0        42         42
Phantom West     AC1993        4     1.25      32        36         46
Phantom West     AC1994       NSI               0        67         67
Phantom West     AC1995       NSI               0        51         51
Phantom West     AC1996       NSI               0        51         51
Phantom West     AC1997       NSI               0        48         48
Phantom West     AC1998       NSI               0        54         54
Phantom          AC1959*      NSI               0        47         47
Phantom          AC1960*      NSI               0        48         48
Phantom          AC1961*       2     1.88      24        26         48
Phantom          AC1962*      NSI               0        26         26
Phantom          AC1963*      NSI               0        12         12
Phantom          AC1964*      NSI               0        11         11
Phantom          AC1965*      NSI               0        12         12
Phantom          AC1966*       2     0.33      26        28         28
Phantom          AC1967*      NSI               0        11         11
Phantom          AC1968*       2     2.56      36        38         45
Phantom          AC1969*      NSI               0        45         45
Phantom          AC1970*      NSI               0        11         11
Phantom          AC1971*      NSI               0        37         37
Phantom          AC1972*      NSI               0        40         40
Phantom          AC1973*       2     1.73      20        22         50
Phantom          AC1973*       6     3.33      30        36         50
Phantom          AC1974*      NSI               0        48         48
Phantom          AC1975*      NSI               0        45         45
Phantom          AC1976*      NSI               0        29         29
Phantom          AC1977*      NSI               0        42         42
Phantom          AC1978*      NSI               0         7          7
Phantom          AC1979*      NSI               0        28         28
Phantom          AC1980*      NSI               0        34         34
Phantom          AC1981*      NSI               0        28         28
Phantom          AC1982*      NSI               0        37         37
Phantom          AC1983*      NSI               0        29         29
Phantom          AC1984*      NSI               0        35         35
Phantom          AC1985*       6     3.85      12        18         35
Phantom          AC1986*       2     0.37      32        34         40 

Notes: 
1. NSI: no significant intersections.
2. * denotes sampling over two-metre interval, all other AC holes were 
sampled over regular one-metre intervals.

We seek Safe Harbor.

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