SARAMA RESOURCES DISCOVERS NEW MINERALISED TREND AT SANUTURA PROJECT Drilling Identifies Oblique Mineralised Trend in North of Tankoro Deposit
16 JANUARY, 2023
SARAMA RESOURCES DISCOVERS NEW
MINERALISED TREND AT SANUTURA PROJECT
Drilling Identifies Oblique Mineralised Trend in North of Tankoro Deposit
PERTH, AUSTRALIA / VANCOUVER, CANADA. Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX-
V:SWA) is pleased to announce that exploration drilling at its 100%-owned(4), multi-million-ounce Sanutura Project
(the “Project”) has discovered a new mineralised trend extending for 700m in the north of the Tankoro Mineralised
Corridor.
The reported drilling totals approximately 2,000m and was primarily focussed on testing for new mineralisation
within the Phantom, Phantom East and Phantom West Prospects, which are located in the north of the Tankoro
Deposit (refer Figure 1). The results represent the seventh discovery of additional and extensional mineralisation
since the commencement of the Company’s ongoing +50,000m drill program and continue to demonstrate the
strong potential to grow the oxide component of the Project’s 0.6Moz Au (Indicated) plus 2.3Moz Au (Inferred)(1)
mining shape constrained Mineral Resource.
Highlights
Sarama’s President, CEO & MD, Andrew Dinning commented:
“We are excited that new, near -surface discoveries continue to be made throughout the Tankoro Mineralised
Corridor with the most recent results representing the seventh successive area where new mineralisation has been
intersected outside the Mineral Resource. This bodes well for the many other targets that have been identified and
are yet to be d rilled and continues to support our view that significant exploration potential remains . The
identification of new cross-linking mineralisation is expected to add to the current Mineral Resource which we plan
to update after the completion and follow up of the current +50,000m program, a majority of which is cost effective
aircore drilling.”
• New, near-surface mineralisation intersected in the north of the Tankoro Mineralised Corridor
• Highlighted downhole intersections from new assays include:
o 20m @ 1.68g/t Au from 16m in TAA405 (ended in mineralisation);
o 13m @ 1.79g/t Au from 7m in TAA403 (incl. 2m @ 8.88g/t Au);
o 9m @ 2.14g/t Au from 7m in TAA404;
o 6m @ 2.91g/t Au from 31m in TAA422 (incl. 1m @ 12.10g/t Au);
o 7m @ 2.18g/t Au from 22m in TAA389;
o 5m @ 3.01g/t Au from 43m in TAA429 (incl. 2m @ 6.70g/t Au); and
o 10m @ 1.13g/t Au from 7m in TAA420.
• New mineralised trend has strike length of 700m and remains open in all directions
• Mineralisation is oblique with potential to link Phantom and Phantom West Trends over a 1,200m strike length
• Intersections of new mineralisation are in shallow, oxide material with high potential to add to the oxide a nd
tr
ansition component of t he Mineral Resource, currently standing at 0.2Moz Au (Indicated) plus 0.8Moz Au
(Inferred)(2)
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Figure 1 - Tankoro Deposit Location Plan – Drilling in Northern Group of Phantom Prospects
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A Growth-Oriented Drill Program in Oxide Material
Drilling Identifies New Oblique Mineralised Trend over 700m Strike Length and Remains Open
Results are being reported (refer Appendix A) for appr oximately 2,000m (43 holes) of aircore (“ AC”) drilling
undertaken in Q2/Q3 2022 at the Phantom, Phantom West and Phanto m East Prospects in the northern extent of
the Tankoro Mineralised Corridor (refer Figures 1 & 2). The drilling targeted the near-surface oxide horizon to a
vertical depth of approximately 50m and highlighted downhole intersections from these holes include:
• 20m @ 1.68g/t Au from 16m in TAA405 (ended in mineralisation);
• 13m @ 1.79g/t Au from 7m in TAA403 (incl. 2m @ 8.88g/t Au);
• 9m @ 2.14g/t Au from 7m in TAA404;
• 6m @ 2.91g/t Au from 31m in TAA422 (incl. 1m @ 12.10g/t Au);
• 7m @ 2.18g/t Au from 22m in TAA389;
• 5m @ 3.01g/t Au from 43m in TAA429 (incl. 2m @ 6.70g/t Au); and
• 10m @ 1.13g/t Au from 7m in TAA420.
Figure 2 - Plan of Drilling in Northern Extremity of Tankoro Mineralised Corridor
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Phantom and Phantom West Prospects
The new drilling in the Phantom and Phantom West Prospects primarily targeted areas with potential for discovery
of additional mineralisation and/or extensions to existing mineralised lodes. These prospects are located to the
north of the Tankoro Deposit and historical drilling has been relatively constrained, focussing on the delineation and
extension of the dominant north-north-east (“NNE”) oriented trends of steeply dipping lode packages which extend
over a strike length up to 2.5km (refer Figure 2). A lateral distance of approximately 360m separates the two trends
and historical soil geochemical surveys have returned elevated gold- in-soil values in between, suggesting potential
for obliquely oriented mineralisation to link the two main mineralised trends. Thi s cross- linking type of
mineralisation has been delineated extensively in the better drilled parts of the Tankoro Deposit and adds
significantly to the economic potential for the Project.
Previous reconnaissance drilling along the targeted trend in the Phantom Prospect returned encouraging results and
included downhole intersections of 6m @ 3.33g/t Au, 6m @ 3.85g/t Au and 6m @ 1.40g/t Au. The recent drilling
reported in this news release followed up on these isolated intersections and stepped out along the projected trend
of the elevated gold-in-soil values and returned results including 6m @ 2.91g/t Au (incl. 1m @ 12.10g/t Au), 6m @
1.40g/t Au and 2m @ 6.70g/t Au (incl. 1m @ 11.75g/t Au) which support the interpretation of a new mineralised
trend extending for approximately 700m along strike (refer Figure 3).
Figure 3 – New Oblique Mineralised Trend Discovered with Upside Potential – Phantom Prospect
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The mineralisation remains open in all directions and importantly, potential exists for it to be extended further to
the south-west where it may intersect the main mineralised trend in the Phantom West Prospect. This hypothe sis
is supported by the elevated gold- in-soil values and would bring the total length of this oblique mineralisation to
approximately 1.2km. The intersection areas of lodes of different orientations within the Tankoro Deposit is known
to produce enrichment of mineralisation, in terms of volume and grade . In this respect, r ecent drilling in the
projected intersection zone in the Phantom West Prospect has confirmed the presence of higher grades and
localised thickening of the mineralisation with downhole intersections of 10m @ 5.25g/t Au (previously reported),
9m @ 2.14g/t Au and 13m @ 1.79g/t Au (incl. 2m @ 8.88g/t Au) being returned.
Further higher-grade zones are present along strike in the current Mineral Resource of the Phantom West Prospect
which may be associated with additional instances of cross -linking mineralisation. A recent ly returned downhole
intersection of 20m @ 1.68g/t Au (ending in mineralisation) returned thicker than expected mineralisation and also
ended in mineralisation (Figures 3 and 4). This enhances the current interpretation but also offers a near-field target
for follow-up in the zone, which also contains historical intersections of 10m @ 3.39g/t Au, 12m @ 2.25g/t Au and
6m @ 2.75g/t Au.
Figure 4 – Drilling in High-Grade Zone Exceeds Thickness Expectations – Phantom West Prospect (Section A-A’)
Phantom East Prospect
The drill program included two 50m-long holes at the Phantom East Prospect to follow-up previously reported, near-
surface intersections of 4m @ 2.63g/t Au and 3m @ 2.60g/t Au (refer Figure 5). These downhole intersections are
very close to the current Mineral Resource but were not incorporated due to lack of supporting data. T he new
drilling stepped-out to the south, targeting intersections to support the inte rpretation of mineralisation over a 50-
60m strike length . Recently returned downhole intersections of 4m @ 1.61g/t Au , 2m @ 1.09g/t Au and 2m @
0.93g/t Au within the same hole potentially suggest the presence of a package of three parallel mineralised lodes
striking NNE, linking up with the unmodelled intersections approximately 50m to the north.
Mineralisation at the Phantom East Prospect is generally high -grade and consists of several relatively short -scale
lodes of differing strike orientations and dips . Several targets with potential to extend the strike of the current
Mineral Resource remain, which are planned to be pursued in upcoming drill programs.
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Figure 5 – Plan View of Phantom East Prospect (South) – Recent Drilling Identifies New Mineralisation
Exploration in Tankoro Mineralised Corridor Set to Continue in 2023
The reported results within group of Phantom Prospects are highly encouraging and highlight the potential for
growth with further exploration drilling within the Tankoro Mineralised Corridor. The program has also successfully
identified potential strike extensions to currently modelled lodes in near -surface oxide material which have the
potential to add to the Mineral Resource.
Drilling is currently paused and with all assays from the Q2/Q3 2022 program now returned, the Company is
currently compiling results and incorporating these in its planning for further drilling of its highest priority targets
around the Mineral Resource at both the Tankoro and Bondi Deposits which comprise the Sanutura Project. A
number of regional exploration targets will also be tested in the upcoming programs.
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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/2023/01/230117-appendix-a-summary-of-recently-returned-
drill-results.pdf
Appendix B: References to Previous ASX Disclosure
https://saramaresources.com/wp-content/uploads/2023/01/230117-appendix-b-references-to-previous-asx-
disclosure.pdf
Appendix C: JORC Code (2012 Edition) – Table 1 Information
https://saramaresources.com/wp-content/uploads/2023/01/230117-appendix-c-jorc-code-2012-edition-table-1-
information.pdf
For further information, please contact:
Company Activities
Media Enquiries
Andrew Dinning or Paul Schmiede
Sarama Resources Ltd
Angela East
Media & Capital Partners
t: +61 8 9363 7600
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 Proje ct 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 Co mpany’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.