SARAMA RESOURCES - NEW HIGH-GRADE MINERALISATION DISCOVERED New Near-Surface High-Grade Mineralisation Intersected at MM Prospect
NEWS RELEASE
1 SEPTEMBER, 2022
SARAMA RESOURCES - NEW HIGH-GRADE
MINERALISATION DISCOVERED
New Near-Surface High-Grade Mineralisation Intersected at MM Prospect
PERTH, AUSTRALIA. Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX-V:SWA) is pleased to announce
that assays from a further 2,300m drilling at its 100%-owned(4), multi-million ounce Sanutura Project (the “Project”)
confirm the discovery of new high-grade, near-surface gold mineralisation outside the current Mineral Resource at the
MM Prospect (refer Figure 1); an area which is a key contributor to the Project’s 0.6Moz Au (Indicated) plus 2.3Moz Au
(Inferred)(1) Mineral Resource.
Highlights
Sarama’s President, CEO & MD, Andrew Dinning commented:
“We are extremely pleased that this recent drilling has continued to grow the mineralised area of the MM Prospect,
intersecting new, high-grade gold mineralisation and also confirming the continuity in high-value oxide zones. With its
multiple lodes and abundance of high-grade intersections, the MM Prospect remains the economic focal point of the
deposit and it is encouraging that new, shallow mineralisation continues to be discovered here. This drilling builds upon
the recently reported exploration success at the Obi Prospect where extensive, flat-lying mineralisation with high-grade
zones in oxide material was delineated, suggesting a new geological model for target generation. The MM and Obi
Prospect drill results i llustrate the potential for further additions to the already significant oxide and transition
component of the Project’s Mineral Resource and we remain confident that the ongoing +50,000m drill program will
deliver into this potential. We look forward to providing a series of updates over the coming months as further results
come to hand.”
• Multiple new high-grade intersections returned in oxide material at MM Prospect within the Sanutura Project
• Highlighted downhole intersections in oxide material from new assays include:
o 7m @ 8.25g/t Au from 53m in TAA254;
o 12m @ 4.26g/t Au from 21m in TAA360;
o 11m @ 4.50g/t Au from 30m in TAA252 (including 1m @ 20.20g/t Au);
o 11m @ 4.27g/t Au from 13m in TAA406;
o 5m @ 9.13g/t Au from 65m in TAA254 (intersection ended in mineralisation);
o 7m @ 4.98g/t Au from 23m in TAA234;
o 13m @ 2.68g/t Au from 11m in TAA369; and
o 11m @ 3.01g/t Au from 23m in TAA366.
• Discovery of new high-grade gold mineralisation as well as strike and up-dip extensions in oxide material; with
high potential to add to the current oxide and transition component of the Mineral Resource
• Continuity of several high-grade shoots confirmed with drilling returning strong grades over broad widths
• Follow-up drilling, including greenfields exploration drilling, expected to commence in Q4 2022
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Figure 1 –Tankoro Deposit Location Plan
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A Growth-Oriented Drill Program in Oxide Material
Drilling Delivers Additions and Extensions to Mineralisation at MM Prospect
Results are being reported (refer Appendix A) for approximately 2,000m of aircore (“AC”) drilling (41 holes) and
300m of reverse-circulation (“RC”) drilling (4 holes) which commenced in May/June 2022 in the northern part of
the MM Prospect (refer Figure 2). Highlighted downhole intersections from the new assays include:
• 7m @ 8.25g/t Au from 53m in TAA254;
• 12m @ 4.26g/t Au from 21m in TAA360;
• 11m @ 4.50g/t Au from 30m in TAA252 (including 1m @ 20.20g/t Au);
• 11m @ 4.27g/t Au from 13m in TAA406;
• 5m @ 9.13g/t Au from 65m in TAA254 (intersection ended in mineralisation);
• 7m @ 4.98g/t Au from 23m in TAA234;
• 13m @ 2.68g/t Au from 11m in TAA369;
• 11m @ 3.01g/t Au from 6m in TAA366;
• 13m @ 2.27g/t Au from 23m in TAA409;
• 9m @ 3.10g/t Au from 18m in TAA348;
• 11m @ 2.19 g/t Au from 22m in TAA367;
• 13m @ 1.77 g/t Au from 44m in TAA250; and
• 5m @ 3.47 g/t Au from 29m in TAA254.
Figure 2 – MM Prospect – Drilling & Mineralisation Plan
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The recent drilling targeted the near -surface oxide horizon to a depth of approximately 50m and is part of the ongoing
+50,000m drill program at the Project which is designed to increase the current oxide and transition component of the
Mineral Resource which currently stands at 0.2Moz Au (Indicated) plus 0.8Moz Au (Inferred)(2).
An Economic Focal Point for the Sanutura Project
The MM Prospect features several high-grade shoots that extend from surface to a depth of approximately 600m. The
recent drilling confirms the presence and continuity of shallow, higher-grade shoots and has intersected new, high-grade
gold mineralisation outside of the current Mineral Resource in oxide material. Once modelled, these new zones are
expected to increase the oxide component of the Mineral Resource and are anticipated to provide high -margin feed in
the early stages of any mine development.
This area hosts gold mineralisation in multiple sub-parallel, steeply-dipping lenses, forming a consolidated package with
a footprint up to 3 20m in width. The area of drilling spans approximately 1km along strike , sitting within the litho -
structural corridor which hosts the 16km -long, drill-defined mineralisation that forms the deposit’s Mineral Resource.
Previous drilling (refer Appendix B) in the area intersected laterally extensive gold mineralisation, principally hosted in
quartz-feldspar dykes striking north-north-east and gold-quartz vein-related secondary mineralisation (refer Figure 2).
Within the mineralised lode system, high-grade shoots have been modelled with significant strike and dip continuity. The
lenses commence at surface and the abundance of high-grade shoots combined with the additive effect of the multiple
sub-parallel lodes produces a compelling focal point for early-stage plant feed in any contemplated mine development
scenario. The recently completed drill program sought to confirm the continuity of several higher -grade shoots and to
test for additional oxide -hosted gold mineralisation within the consolidated lode package, but outside the Mineral
Resource.
In addition to confirming the tenor and continuity of the higher-grade shoots, the program successfully intersected new,
unmodelled mineralisation in 3 areas, which are expected to add to the oxide component of the Mineral Resource by way
of new lodes being interpreted or existing lodes being extended up-dip and along strike (refer Figures 2-4).
Figure 3 – MM Prospect - Drilling Cross Section A-A’
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Figure 4 – MM Prospect - Drilling Cross Section B-B’
The new drill intersections occur in an area with complex lode architecture, thought to be the result of several
phases of structural deformation and gold -bearing fluid emplacement. Despite being relatively well drilled with
spacings of 30-50m x 50m the new intersections illustrate the potential for additional mineralisation to be present
in-between drilling and internal to the modelled lode package. This is particularly the case in zones closer to the
principal north-north-east striking lodes which are seen to provide a fertile environment for fluid emplacement
post the deformation event(s).
While the Company’s exploration focus remains firmly on the near -surface oxide horizon, significant potential
exists for similar mineralisation to occur at depth where drilling is more sparse. The Company anticipates following
up on these new encouraging results during Q4 2022 with further shallow drilling.
An Already Large Mineral Resource with Potential to Grow
The Company’s primary focus is its 100% -owned(4) Sanutura Project, which hosts a large Mineral Resource of
0.6Moz Au (Indicated) plus 2.3Moz Au (Inferred)(1) and covers an area of 1,420km 2. The Project occupies a
commanding position along 70km of strike in the prolific Houndé Belt (refer Figure 5); Burkina Faso’s pre-eminent
gold belt.
The Project lies 60km south of Endeavour Mining’s Houndé Mine (5Moz Au); 120km south of Fortuna Silver’s high-
grade Yaramoko Mine (1Moz Au), and 140km south of Endeavour Mining’s Mana Mine (5Moz Au), highlighting the
significant gold endowment of the Houndé Belt (refer Appendix B). Endeavour Mining’s Bantou Project (1.5Moz
Au Inferred Mineral Resource(5)) is located only 6km from the bulk of the Sanutura Project’s main deposit, wh ich
illustrates the gold camp scale of endowment in the immediate area.
The Project has significant growth potential available and the primary objective of the current +50,000m drill
program is to add to the existing 0.2Moz Au (Indicated) plus 0.8Moz Au (Inferred)(2) oxide and transition
component of the Project’s Mineral Resource to enhance the economics of mine development.
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Figure 5 –Sanutura Project Location Plan
The recently commenced drill program has generally focused on shallow additional and exte nsional targets
throughout the well-mineralised corridor, where mineralisation has been drill-defined for a semi-continuous strike
length of 16km and where potential exists to expand the Mineral Resource at shallow depths in oxide material.
Drilling is currently on hold until the end of the wet season . The Company is currently interpreting results and
revising plans for further drilling of its highest priority targets around the Mineral Resource and undertaking its
regional greenfields exploration program, both commencing early in the next field season (Q4 2022).
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Appendices
To access the appendices referred to in this announcement please click on the links below
Appendix A: Summary of Recently Drilled Results
https://saramaresources.com/wp-content/uploads/2022/09/appendix-a-summary-of-recently-returned-drill-
results.pdf
Appendix B: References to Previous ASX Disclosure
https://saramaresources.com/wp-content/uploads/2022/09/appendix-b-references-to-previous-asx-
disclosure.pdf
Appendix C: JORC Code (2012 Edition) – Table 1 Information
https://saramaresources.com/wp-content/uploads/2022/09/appendix-c-jorc-code-2012-edition-table-1-
information.pdf
For further information on the Company’s activities, please contact:
Andrew Dinning or Paul Schmiede
t: +61 8 9363 7600
For media enquiries, please contact:
Angela East
Media & Capital Partners
t: +61 428 432 025
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ABOUT SARAMA RESOURCES LTD
Sarama Resources Ltd (ASX: SRR, TSX-V: SWA) is a West African focused gold explorer/developer with substantial
landholdings in south-west Burkina Faso. Sarama is focused on maximising the value of its strategic assets and
advancing its key projects towards development.
Sarama’s 100%-owned(4) Sanutura Project is principally located within the prolific Houndé Greenstone Belt in
south-west Burkina Faso and is the exploration and development focus of the Company. The project hosts the
Tankoro and Bondi Deposits which have a combined Mineral Resource of 0.6Moz gold (Indicated) plus 2.3Moz
gold (Inferred)(1).
Together, the deposits present a potential mine development opportunity featuring an initial, long-life CIL project
which may be established and paid for by the significant oxide Mineral Resource base.
Sarama has built further optionality into its portfolio including an approximate 470km² 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 25km along strike.
Sarama also holds an approximate 18% participating interest in the Karankasso Project Joint Venture (“JV”) which
is situated adjacent to the Company’s Sanutura Project in Burkina Faso and is a JV between Sarama and Endeavour
Mining Corp (“Endeavour”) in which Endeavour is the operator of the JV. In February 2020, an updated Mineral
Resource estimate of 709koz gold(3) was declared for the Karankasso Project JV.
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 strategy to surface and maximise the value of its property portfolio.