SARAMA RESOURCES HITS MORE GOLD OUTSIDE MINERAL RESOURCE Significant New Oxide-Hosted Mineralisation Intersected in Footwall of MC Prospect
6 OCTOBER, 2022
SARAMA RESOURCES HITS MORE GOLD
OUTSIDE MINERAL RESOURCE
Significant New Oxide-Hosted Mineralisation Intersected in Footwall of MC Prospect
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) Sanutura Project (the “ Project”) has
intersected new mineralisation in the footwall region of the MC Prospect. The mineralisation is located near-surface in
oxide material outside the current Mineral Resource and has potential to enhance open pit stripping ratios in any
eventual mine development. Sarama intends to pursue further growth in these areas in upcoming drill programs.
The reported drilling totals 2,200m and represents the fourth area of new mineralisation discovered in the ongoing
+50,000m program, which has been designed to increase the oxide component of the Project’s 0.6Moz Au (Indicated)
plus 2.3Moz Au (Inferred)(1) Mineral Resource.
Highlights
Sarama’s President, CEO & MD, Andrew Dinning commented:
“These most recent results continue to support our thesis that there is significant potential to discover major new zones
between and adjacent to areas of known mineralisation and they represent the fourth such area to be discovered in the
current drill program. Importantly, the drilling has intersected significant mineralisation in the lightly-tested footwall of
the MC Prospect and present s compelling targets to add to a growing list which we are eager to follow -up in the next
drill season.”
• Shallow, n ew mineralisation discovered in footwall of the MC Prospect , presents multiple new exploration
targets proximal to the current Mineral Resource
• Highlighted downhole intersections in oxide material from new assays include:
o 17m @ 2.00g/t Au from 29m in TAA213 (hole ended in mineralisation);
o 23m @ 1.38g/t Au from 15m in TAA227 (including 7m @ 2.51g/t Au);
o 14m @ 2.16g/t Au from 32m in TAA226 (including 5m @ 5.30g/t Au);
o 17m @ 1.40g/t Au from 43m in TAA290 (including 5m @ 2.47g/t Au & hole ended in mineralisation);
o 15m @ 1.51g/t Au from 36m in TAA210; and
o 19m @ 1.00g/t Au from 35m in TAR061 (hole ended in mineralisation)
• Intersections are in shallow, oxide material with high potential to add to the oxide and transition component of
the Mineral Resource, currently standing at 0.2Moz Au (Indicated) plus 0.8Moz Au (Inferred)(2)
• Identification of new mineralisation in close proximity to existing Mineral Resource has potential to enhance
open pit stripping ratios in any eventual mine development
• Results continue to highlight the scope for significant new discoveries close to known mineralisation
• Further assays pending from Q2/Q3 2022 drill program – to be released as they come to hand and follow-up
drilling, including greenfields exploration drilling, expected to commence in Q4 2022
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Figure 1 –Tankoro Deposit Location Plan – Continued Exploration Success for Oxide Targets
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A Growth-Oriented Drill Program in Oxide Material
Drilling Intersects Significant New Mineralisation in Footwall of MC Prospect
Results are being reported (refer Appendix A) for approximately 2,000m (35 holes) of aircore (“AC”) and 200m (3 holes)
reverse-circulation (“ RC”) drilling undertaken in Q2/Q3 2022 at the MC Prospect (refer Figure s 1 & 2). The drilling
targeted the near-surface oxide horizon to a depth of approximately 50m and h ighlighted downhole intersections
include:
• 17m @ 2.00g/t Au from 29m in TAA213 (hole ended in mineralisation);
• 23m @ 1.38g/t Au from 15m in TAA227 (including 7m @ 2.51g/t Au);
• 14m @ 2.16g/t Au from 32m in TAA226 (including 5m @ 5.30g/t Au);
• 17m @ 1.40g/t Au from 43m in TAA290 (including 5m @ 2.47g/t Au & hole ended in mineralisation);
• 15m @ 1.51g/t Au from 36m in TAA210; and
• 19m @ 1.00g/t Au from 35m in TAR061 (hole ended in mineralisation).
Figure 2 –MC Prospect – Drilling & Mineralisation Plan
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The drilling program targeted certain sections of the MC Prospect over a zone extending for approximately 2.8km along
strike and had multiple objectives; testing for strike and dip extensions to lodes contributing to the current Mineral
Resource and follow-up of isolated and unmodelled intersections encountered in previous exploration drilling.
While the MC Prospect has been the subject of significant historical drilling and currently contributes approximately
20% to the Project’s 0.6Moz Au (Indicated) plus 2.3Moz Au (Inferred)(1) Mineral Resource, considerable exploration
potential remains as demonstrated by the recent drilling.
The recent drilling successfully intersected new gold mineralisation outside the current Mineral Resource in 3 key
areas (refer Figures 2-5). This new mineralisation is generally located in the footwall of the modelled lode package that
forms the MC Prospect and highlights the potential for future growth around the eastern limit of drill coverage of the
mineralised corridor.
Further drilling is planned to delineate the extent and geometry of mineralisation , including areas where several holes
ended in strong mineralisation; 4m @ 4.30g/t Au (from 46m in TAA378), 6m @ 1.74g/t Au (from 60m in TAA213), 17m
@ 1.40g/t Au (from 43m in TAA290) and 19m @ 1.00g/t Au (from 35m in TAR061) which illustrates the potential for
further gold mineralisation to be discovered.
In general, the intersections are near-surface in the highly-weathered horizon and are likely associated with splays and
separate lodes (originally quartz-feldspar and quartz vein in composit ion) within close proximity to existing modelled
gold mineralisation. This has the potential to significantly enhance open pit stripping ratios in the specific regions and
the Company is keen to develop its exploration model further to target this high -value material.
Drilling is currently paused until the end of the wet season in Q4 2022. The Company is currently interpreting results
and incorporating these in its planning for further drilling of its highest priority targets around the Mineral Resource,
including at these encouraging new locations, early in the next field season. A number of regional exploration targets
will also be tested in the upcoming programs.
Figure 3 –Cross Section A-A’ (Looking NNE)
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Figure 4 –Cross Section B-B’ (Looking NNE)
Figure 5 –Cross Section C-C’ (Looking NNE)
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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 1,420km2. The Project occupies a commanding position
along 70km of strike in the prolific Houndé Belt (refer Figure 6); 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 App endix 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, which illustrates the gold
camp scale of endowment in the immediate area.
The Project has significant growth potential and t he primary objective of the current +50,000m drill program is to
increase 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.
The recent drill program has generally focused on shallow additional and extensional targets throughout the well -
mineralised corridor, where mineralisation has been drill -defined for a semi -continuous strike lengt h of 16km and
where potential exists to expand the Mineral Resource at shallow depths in oxide material .
Figure 6 –Sanutura Project Location Plan
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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/2022/10/221006-appendix-a-summary-of-recently-returned-drill-
results.pdf
Appendix B: References to Previous ASX Disclosure
https://saramaresources.com/wp-content/uploads/2022/10/221006-appendix-b-references-to-previous-asx-
disclosure.pdf
Appendix C: JORC Code (2012 Edition) – Table 1 Information
https://saramaresources.com/wp-content/uploads/2022/10/221006-appendix-c-jorc-code-2012-edition-table-1-
information.pdf
For further information, please contact:
Company Activities
Media Enquiries
Andrew Dinning or Paul Schmiede
Angela East
Media & Capital Partners
t: +61 8 9363 7600
t: +61 428 432 025
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