Sarama Resources Intersects
27 FEBRUARY, 2023
SARAMA RESOURCES INTERSECTS
23m @ 4.26g/t GOLD AT SANUTURA PROJECT
Drilling Confirms Near-Surface, High-Grade Zones Within 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 confirmed the presence of high- grade mineralisation within the central area of the Tankoro
Deposit, with new downhole intersections from recent drilling including 23m @ 4.26g/t Au, 18m @ 3.63g/t Au and
11m @ 4.33g/t Au being returned.
Notably, the new results confirm the presence of a high-grade mineralised zone extending for 700m along strike
and high-grade oblique mineralisation within the central area of the Tankoro Deposit. This area accounts for
approximately 80% of the Mineral Resource for the deposit and is currently the economic focal point of the Project.
The reported drilling totals approximately 5,400m and reflects the balance of unreported assays of a multi-purpose
drill program completed in H2 2022 which was primarily focussed on testing for new, near-surface mineralisation
within the Tankoro Deposit. The successful program has delivered numerous high-grade discoveries which are
anticipated 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
• Extensive zones of high-grade mineralisation continue to be intersected within the Tankoro Deposit
• Highlighted downhole intersections from new assays include:
o 23m @ 4.26g/t Au from 30m in TAR044;
o 18m @ 3.63g/t Au from 24m in TAR043;
o 11m @ 4.33g/t Au from 30m in TAA320;
o 26m @ 2.09g/t Au from 2m in TAA318;
o 15m @ 2.37g/t Au from 7m in TAA321;
o 18m @ 2.02g/t Au from 21m in TAA362; and
o 22m @ 1.74g/t Au from 25m in TAA413.
• Significant zone of high-grade mineralisation delineated over a strike length of 700m
• Oblique lodes continue to demonstrate enriched grade, highlighting value potential
• Drill results support strike extensions for several mineralised lodes
• Intersections are in near-surface oxide material with potential to provide early feed in any mine development
• Intersections enhance confidence level of the near-surface oxide and transition component of the Mineral
Resource, currently standing at a substantial 0.2Moz Au (Indicated) plus 0.8Moz Au (Inferred)(2)
• 2023 exploration to focus on the Bondi Deposit, located in the north of the Sanutura Project
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Sarama’s President, CEO & MD, Andrew Dinning commented:
“We are excited that we continue to make new, near-surface discoveries and extend areas outside of the modelled
mineralization. The central area of the Tankoro Deposit hosts almost 80% of its contained metal and remains the
economic focus of the Project and t he drill results received from the 20,000m of drilling completed in the current
campaign support management’s view that abundant exploration potential remains. We have made multiple new
high-grade discoveries proximal to but outside of the Mineral Resource and also developed a new exploration target
model reminiscent o f Endeavour Mining’s flat, high- grade Kari Pump D eposit which lies 80km away. The recent
discoveries are 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 shallow, cost-effective aircore drilling.”
Figure 1 - Tankoro Deposit Location Plan – Continual Success in CY2022 Drilling Program
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Drilling Delineates High-Grade Zones in Material within the Central Area of Tankoro Deposit
Results are reported (refer Appendix A) for approximately 1,200m (20 holes) of aircore (“AC”) and reverse-circulation
(“RC”) drilling undertaken in Q2/Q3 2022 within the central area of the Tankoro Deposit at the MC and M M
Prospects which targeted high-grade zones of mineralisation close to surface. These prospects are the economic
focal points of the deposit and the targeted areas would provide early feed for a potential oxide open pit mine
development.
Drilling at the MC Prospect ( refer Figure 2) targeted a geometrically complex area of mineralisation that makes a
significant contribution to the Mineral Resource. The mineralisation is interpreted to be a package of north-north-
east striking quartz -feldspar-porphyry dykes which is i nterleaved with several later -stage north -east trending
mineralised lodes, hypothesised to be associated with structural deformation/displacement events. The resulting
mineralisation presents as a dense package of discrete lodes, which are typically high grade and of significant width.
The recent drilling sought to better -define certain areas of the interpretation in order to reduce estimation risk in
this high contained metal area of the Mineral Resource. Highlighted downhole intersections from this recent series
of drilling include:
• 23m @ 4.26g/t Au from 30m in TAR044;
• 18m @ 3.63g/t Au from 24m in TAR043;
• 18m @ 2.02g/t Au from 21m in TAA362;
• 13m @ 1.25g/t Au from 49m in TAR043;
• 6m @ 1.74g/t Au from 18m in TAA374;
• 7m @ 2.20g/t Au from 47m in TAR067; and
• 5m @ 2.10g/t Au from 31m in TAR028.
These results add to previously reported shallow, high -grade drilling in the area featuring downhole intersections
of:
• 36m @ 6.48g/t Au from 14m in DDH059;
• 26m @ 6.90g/t Au from 22m in FRC845;
• 32m @ 4.82g/t Au from 14m in AC988;
• 45m @ 3.88g/t Au from 6m in AC1891;
• 35m @ 3.29g/t Au from 6m in TAA130; and
• 34m @ 2.62g/t Au from 32m in FRC873.
Figure 2 – High-Grade Zone at MC Prospect Associated with Oblique Lode Geometry (Intersections >3g/t Au)
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As with the higher-grade areas of the MM Prospect, the recent drilling confirmed the interpretation of mineralisation
and the Company anticipates it will assist in the upgrading certain local areas of the Mineral Resource to Indicated
and potentially Measured, classification.
Drilling at the MM Prospect (refer Figure 3) successfully intersected high-grade mineralisation along a strike distance
of approximately 700m and included new downhole intersections of:
• 11m @ 4.33g/t Au from 30m in TAA320;
• 26m @ 2.09g/t Au from 2m in TAA318;
• 15m @ 2.37g/t Au from 7m in TAA321;
• 22m @ 1.74g/t Au from 25m in TAA413;
• 5m @ 3.47g/t Au from 39m in TAA414; and
• 12m @ 1.50g/t Au from 12m in TAA412.
Figure 3 – Central Tankoro Deposit Area with 700m Long High-Grade Zone Delineated at MM Prospect
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These results are consistent with previously reported drilling in the area which included downhole intersections of:
• 14m @ 4.99g/t Au from 34m in FRC631;
• 21m @ 2.50g/t Au from 93m in FRC630;
• 22m @ 1.89g/t Au from 39m in FRC668;
• 17m @ 1.98g/t Au from 16m in FRC665; and
• 26m @ 1.84g/t Au from 28m in FRC662.
The Tankoro Deposit features numerous zones of elevated gold grades and it is encouraging that the zone targeted
by the drilling demonstrates grade continuity over this significant distance. The broad widths of mineralisation
intersected and the presence of multiple parallel mineralised lodes enhance the economics of potential open pit
mining and the Company is pleased with the results which reduce the technical risk of the local Mineral Resource
estimate.
Testing for Strike Extensions to Minor Lodes – MM, MC, Obi & Kenobi Prospects
Approximately 1,900m (34 holes) of AC and RC drilling targeted modest strike extensions to various minor lodes
throughout the MM, MC (refer Figure 4), Obi and Kenobi Prospects. The targets were typically singular lodes for
which interpretations had terminated on drill fences of economic significance.
Figure 4 – 300m Information Gap with Potential for Additions to Mineral Resource at MC Prospect
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The results of the step -out/close-out holes generally provided terminations for the mineralised lodes and have
improved knowledge of the lode architecture, particularly in one area at the MC Prospect. This area is outside the
Mineral Resource and features an information gap extending for approximately 300m along strike in between two
segments of the Mineral Resource (apart from a single fence of reconnaissance rotary -air-blast drilling wh ich is
considered to be of low accuracy).
The drilling suggests that a northern extension to the southern segment of the Mineral Resource is likely and further
drilling in the information gap is warranted. F ull results for this series of drilling are list ed in Appendix A and
highlighted downhole intersections include:
• 5m @ 1.72g/t Au from 34m in TAA377;
• 4m @ 1.82g/t Au from 19m in TAA199;
• 5m @ 1.13g/t Au from 20m in TAR027;
• 4m @ 1.23g/t Au from 19m in TAA205;
• 3m @ 1.04g/t Au from 26m in TAA205; and
• 6m @ 0.95g/t Au from 49m in TAA205.
Testing for Cross-Linking Mineralisation Potential – MM Prospect
Approximately 800m (16 holes) of reconnaissance AC drilling was conducted at the MM Prospect to investigate
potential for cross-linking mineralisation in the near-resource field. Sarama’s historical exploration activities have
demonstrated that this orien tation of mineralisation is an important feature of the Tankoro Deposit and often is
associated with local increases in grade and lode volume. Previous drilling in the target area returned near-surface
downhole intersections of 8m @ 0.97g/t Au, 10m @ 0.41 g/t Au and 2m @ 2.74g/t Au which are considered
promising for an early-stage target. Of interest was a previously reported downhole intersection of 4.7m @ 1.36g/t
Au at a vertical depth of approximately 200m which can be extrapolated to near -surface drill intersections. New
near-surface downhole intersections of 7m @ 1.00g/t Au and 2m @ 2.45g/t Au, in TAR030 and TAR037 respectively,
will assist the Company in understanding the lode geometry and determining the potential for attractive exploration
targets. Full results for this series of drilling are listed in Appendix A.
Improved Definition of Grade Distribution in Mineral Resource – Obi & Kenobi Prospects
Approximately 800m (15 holes) of AC and RC drilling was conducted at the Obi and Kenobi Prospect to improve the
definition of grade distribution and investigate the potential for elevated gold grades in certain segments of the
Mineral Resource. In general, the drilling confirmed the interpretation of the lodes comprising the Mineral
Resource, with the m ajority of holes returning broad downhole intersections in the order of 15 -20m length. The
intersected grades were generally low to moderate and consistent with the grades estimated for the Mineral
Resource in the area. Some instances of elevated grades are present, illustrated by new downhole intersections of
12m @ 1.26g/t Au (TAA160), 15m @ 1.06g/t Au (TAA419) and 16m @ 0.87 g/t Au (TAA309), all of which were
returned within oxide material approximately 25m from surface. Of note were a number of holes ending in
mineralisation, which provides some scope for expansion of the Mineral Resource interpretations.
It is pleasing that the a dditional drilling information has confirmed the interpretation and estimate of gold grades,
providing additional confidence in the Mineral Resource estimate. Further work in the target areas will likely be
limited to infill drilling for classification upgrades to the Mineral Resource as the Project advances. Some potential
exists for structural/deformation features to be present in -between existing drill fences which may be associated
with grade enrichment in localised zones. Full results for this series of drilling are listed in Appendix A.
Early-Stage Targets with Working Interpretations – MC & Obi Prospects
Approximately 800m (17 holes) of AC drilling targeted selected areas of the MC and Obi Prospects where broad
spaced drilling had supported prelimi nary working interpretations of mineralisation to be compiled. These areas
are outside of the Mineral Resource and generally have low data density and multiple permissive interpretations.
The recent drilling generally returned downhole intersections of m odest grade and width , which is broadly
consistent with exiting results in these areas. Full results for this series of drilling are listed in Appendix A. The
recent results will be incorporated into the mineralisation interpretations which will further the Company’s
understanding of lode geometry and geologic model in the near-surface area.
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Exploration Set to Continue in 2023 at Bondi Deposit
The Company is pleased by the numerous discoveries made throughout the 2022 drill program which it anticipates
will add to the oxide and transition component of the already large, multi-million Mineral Resource of 0.6Moz Au
(Indicated) plus 2.3Moz Au (Inferred)(1). The program illustrates good potential remains for growth within the fertile
Tankoro Mineralised Corridor and planning is underway for follow-up exploration.
In the near term, the Company will turn its exploration focus to the Bondi Deposit, located in the north of the
Sanutura Project. The deposit is an important part of the project, with potential to provide early open pit oxide feed
in any mine development. There are numerous high priority exploration targets proximal to the Mineral Resource,
a majority of which lie within 80m of surface.
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/2023/02/230227-appendix-a-summary-of-recently-returned-
drill-results.pdf
Appendix B: References to Previous ASX Disclosure
https://saramaresources.com/wp-content/uploads/2023/02/230227-appendix-b-references-to-previous-asx-
disclosure.pdf
Appendix C: JORC Code (2012 Edition) – Table 1 Information
https://saramaresources.com/wp-content/uploads/2023/02/230227-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 opp ortunity 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 Fe bruary 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.
Sanutura Project - 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 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 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, which
illustrates the gold camp scale of endowment of 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) pit shell constrained oxide and transition
component of the Project’s Mineral Resource to further underwrite and enhance the economics of mine
development.
The recent drill program has generally focused on shallow additional and extensional targets throughout the well -
mineralised western corridor of the Tankoro Deposit, where mineralisation has been drill- defined for a semi -
continuous strike length of 16km and potential exists to expand the Mineral Resource at shallow depths in oxide
material.