Sarama Resources Intersects
29 NOVEMBER, 2022
SARAMA RESOURCES INTERSECTS
21m @ 7.57g/t GOLD AT MM PROSPECT
Extensional Targets Deliver Shallow, High-Grade Intersections
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 high-grade mineralisation and identified extensions to selected lodes at the MM Prospect within the
Tankoro Deposit. The new 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
these types of targets in upcoming drill programs.
The reported drilling totals 2,200m and represents the fifth discovery of new mineralisation in the ongoing +50,000m
program, which was 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:
“We are very pleased with the quality of results from the Q2/Q3 2022 exploration program . As per previous releases,
these most recent results continue to illustrate the potential for new discoveries within the Tankoro Deposit’s very large
and prospective mineralised corridor. We look forward to completing the current drill program and following-up the
multitude of exciting discoveries made so far.”
• New, high-grade mineralisation intersected from surface and outside the modelled Mineral Resource at the MM
Prospect
• Highlighted downhole intersections from new assays include:
o 21m @ 7.57g/t Au from surface in TAA359;
o 15m @ 2.48g/t Au from 15m in TAR041;
o 13m @ 1.41g/t Au from 21m in TAR042;
o 13m @ 1.36g/t Au from 29m in TAR040; and
o 30m @ 0.84g/t Au from 8m in TAA411
• 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 proximal to the existing Mineral Resource will enhance project economics
• Results continue to support the thesis that potential remains for significant new discoveries close to known
mineralisation
• Results from the final suite of assays in the Q2/Q3 2022 program will be announced later this quarter
• Follow-up drilling, including greenfields exploration drilling, expected to commence in 2023
2
Figure 1 - Tankoro Deposit Location Plan – Continued Exploration Success for Oxide Targets
3
A Growth-Oriented Drill Program in Oxide Material
Drilling Intersects High-Grade Mineralisation in Oxide Material and Identifies Strike Extensions
Results are being reported (refer Appendix A) for approximately 2,000m (39 holes) of aircore (“AC”) and 200m (4 holes)
reverse-circulation (“RC”) drilling undertaken in Q2/Q3 2022 at the M M Prospect within the Tankoro Deposit (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:
• 21m @ 7.57g/t Au from surface in TAA359;
• 15m @ 2.48g/t Au from 15m in TAR041;
• 13m @ 1.41g/t Au from 21m in TAR042;
• 13m @ 1.36g/t Au from 29m in TAR040;
• 30m @ 0.84g/t Au from 8m in TAA411;
• 7m @ 1.60g/t Au from 4m in TAA190; and
• 3m @ 2.79g/t Au from 65m in TAA344 (including 1m @ 6.43g/t Au).
Figure 2 - MM Prospect – Plan of Mineralisation & Intersections Around Recent Drilling
4
The drilling program investigated 5 target areas in a section of the MM Prospect extending for approximately 1.4km
along strike within the western Tankoro Mineralised Corridor . Previous drilling delineated subordinate mineralised
lodes located in the hangingwall and footwall of the main gold-bearing lode(s) and potential exists for extensions along
strike and the discovery of additional high-grade mineralisation in near surface oxide material. The targeted lodes strike
obliquely to the main mineralisation, which is a characteristic seen in the better drilled areas of the Tankoro Deposit.
Drilling in one footwall area of the MM Prospect targeted the confluence of obliquely striking mineralisation with the
main lode and returned a significant downhole intersection of 21m @ 7.57g/t Au from surface, within oxide material
(refer circled T1 in Figure 2 & 3). The prospectivity of this area is likely enhanced by structural movements/features and
historical drilling has produced high-grade downhole intersections including 15m @ 7.43g/t Au, 14m @ 7.93g/t Au and
10.2m @ 14.85g/t Au. The new intersection supports the extension of an oblique-striking lode 50m to the south as
well as up-dip to surface and a meaningful expansion of modelled lode thickness in the near surface zone area.
Figure 3 – High-Grade Oxide Mineralisation Intersected at T1 (Cross Section A-A’ - Looking NNE)
Drilling of discrete modelled lodes in relatively sparsely drilled footwall and hangingwall areas (refer circled T2 & T3 in
Figure 2) returned downhole intersections including 7m @ 1.60g/t Au and 2m @ 2.93g/t Au, supporting extensions to
the lodes in the order of 50m along strike to the north and south. The drilling in these second and third target areas
significantly increases the strike continuity of the mineralisation, adding to the core higher-grade zone delineated by
historical downhole intersections of 10m @ 2.36g/t Au , 2m @ 5.28g/t Au, 10m @ 1.31g/t Au, 7m @ 1.42g/t Au and
5m @ 1.69g/t Au . The lodes remain open along strike and down dip and further drilling is plan ned to test for more
strike extensions, which will also improve the understanding of the lode architecture in these sparsely drilled areas.
5
The fourth target area is located in the hangingwall of the main lode (refer circled T4 in Figure 2) and features numerous
historical intersections in sparsely drilled areas outside of the Mineral Resource. The reconnaissance drilling generally
returned narrow downhole intersections including 3m @ 2.79g/t Au and 2m @ 1.25g/t Au that indicate the presence
of additional mineralised lodes in the area and further drilling is planned to improve knowledge of lode geometry and
support a working interpretation.
Select holes were also drilled into the main lode of the Mineral Resource to confirm its tenor and geometry and to
investigate the potential for footwall splays to develop in areas where a localised thickening of mineralisation had
occurred (refer circled T5 in Figure 2). Broad downhole intersections including 15m @ 2.48g/t Au, 13m @ 1.36g/t Au
and 30m @ 0.84g/t Au were returned and the drilling generally supported the current Mineral Resource interpretation.
Further drilling is required to properly investigate the potential for secondary splay-type mineralisation to be present.
In summary the drilling has successfull y identified strike and dip extensions to currently modelled lodes in near -
surface oxide material which are anticipated to add to the Mineral Resource and have the potential to enhance open
pit stripping ratios in the specific regions tested. Potential ex ists for future drilling in the hangingwall and footwall
regions to delineate additional mineralised lodes.
Drilling is currently paused until 2023 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. A number of regional exploration targets will also be tested in the upcoming programs.
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 4), 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 in the immediate area.
The Project has significant growth potential and the primary objective of the current +50,000m drill program i s 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 length of 16km and
where potential exists to expand the Mineral Resource at shallow depths in oxide material.
6
Figure 4 –Sanutura Project Location Plan
7
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/2022/11/221129-appendix-a-summary-of-recently-returned-drill-
results.pdf
Appendix B: References to Previous ASX Disclosure
https://saramaresources.com/wp-content/uploads/2022/11/221129-appendix-b-references-to-previous-asx-
disclosure.pdf
Appendix C: JORC Code (2012 Edition) – Table 1 Information
https://saramaresources.com/wp-content/uploads/2022/11/221129-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
8
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 f ocused 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.