SARAMA RESOURCES – DRILLING HIGHLIGHTS GROWTH POTENTIAL AT SANUTURA PROJECT Early-Stage Targets at Kenobi and Djimbake Prospects Deliver Promising Results
14 DECEMBER, 2022
SARAMA RESOURCES – DRILLING HIGHLIGHTS
GROWTH POTENTIAL AT SANUTURA PROJECT
Early-Stage Targets at Kenobi and Djimbake Prospects Deliver Promising Results
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 returned several encouraging near-surface intersections of new mineralisation in the south of the
Tankoro Mineralised Corridor.
The reported drilling totals 2,900m and was primarily focussed on testing for new mineralisation in lightly-drilled areas
of the Kenobi, Djimbake and Obi Prospects . The results represent the sixth discovery of additional/extensional
mineralisation since the commencement of the 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:
“These most recent drill results continue to support our view that significant potential remains to make new discoveries
outside the existing Mineral Resource in the Tankoro Mineralised Corridor, which stretches over 16km in length and is
up to 1.7k m in wid th. Previously released results align with this theme, as do the strong grades and widths of
mineralisation in near-surface oxide material, which together clearly show the potential for growth in the footprint and
size of the Mineral Resource. We now have a number of exciting new areas to follow up and incorporate into the Mineral
Resource which we plan to update after the completion and follow up of the current +50,000m drill program.”
• New, near-surface mineralisation intersected in the south of the Tankoro Mineralised Corridor
• Highlighted downhole intersections from new assays include:
o 5m @ 7.05g/t Au (incl 1m @ 25.60g/t Au) from 9m in TAA173;
o 22m @ 1.52g/t Au from 22m in TAA278;
o 10m @ 1.33g/t Au from 23m in TAR059;
o 14m @ 1.20g/t Au from 10m in TAA178;
o 6m @ 1.90g/t Au from 15m in TAA171; and
o 6m @ 1.49g/t Au from 7m in TAA141.
• Intersections of new mineralisation 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)
• New mineralisation is outside the existing Mineral Resource and show clear potential to expand its footprint
• Further results to be released in due course
• Follow-up drilling, including greenfields exploration drilling, expected to commence in 2023
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Figure 1 - Tankoro Deposit Location Plan – Exploration Success in Southern Areas
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A Growth-Oriented Drill Program in Oxide Material
Drilling Highlights Potential for Expansion of Mineral Resource Footprint
Results are being reported (refer Appendix A) for approximately 1,500m (30 holes) of aircore (“AC”) and 1,400m (17
holes) reverse-circulation (“RC”) drilling undertaken in Q2/Q3 2022 at the Kenobi, Djimbake and Obi Prospects in the
southern 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:
• 5m @ 7.05g/t Au (incl. 1m @25.60g/t Au) from 9m in TAA173;
• 22m @ 1.52g/t Au from 22m in TAA278;
• 10m @ 1.33g/t Au from 23m in TAR059;
• 14m @ 1.20g/t Au from 10m in TAA178;
• 6m @ 1.90g/t Au from 15m in TAA171; and
• 6m @ 1.49g/t Au from 7m in TAA141.
Figure 2 - Plan of Drilling in Southern Extremity of Tankoro Mineralised Corridor
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The drilling investigated various areas within the Tankoro Mineralised Corridor where previous reconnaissance drilling,
which targeted gold -in-soil anomalism, had intersected numerous discrete zones of mineralisation within a broad
1.7km-wide gold-bearing trend. Fence spacing in the area typically remains widely spaced, particularly in the eastern
side of the trend where it is frequently 200 -300m and up to 500m. This reflects the early -stage of the area which is
generally outside the footprint of the Proj ect’s current Mineral Resource. The quality of the recent results highlights
the likelihood that the Mineral Resource will be expanded into the region with further drilling.
Kenobi Prospect
A portion of the recent drilling targeted the eastern side of the Tankoro Mineralised Corridor where potential exists to
extend modelled lodes and to pursue targets generated by previous early -stage reconnaissance drilling within the
Kenobi Prospect (refer Figures 1 & 2).
Figure 3 illustrates an isolated drill fence , located approximately 300m south of the furthest drilling that informs the
current Mineral Resource (also refer T1 in Figure 2). The recent drilling on this fence returned encouraging near-surface
downhole intersections of 5m @ 7.05g/t Au (incl. 1m @ 25.60g/t Au) and 6m @ 1.90g/t Au which add to significant
historical intersections including 10m @ 1.73g/t Au , 6m @ 1.11g/t Au and 4m @ 1.46g/t Au . Together, the results
support the interpretation of 5 steeply -dipping mineralised lodes hosted within oxide material and extending to a
vertical depth of approximately 60m where the mineralisation remains open. The closely-spaced nature of the lodes is
expected to result in a locally attractive strip ratio which ha s the potential to enhance economics in any mi ne
development scenario. Further drilling is planned to the immediate north and south of this fence to build out the
interpretation for incorporation into an updated Mineral Resource estimate.
Figure 3 - Encouraging Results at Kenobi Prospect Set to Expand Mineral Resource (Section A-A’)
Recent drilling also broadly targeted the southern extent of current Mineral Resource footprint where potential exists
to extend selected modelled lodes to the south into a drill gap that extends approximately 480m along strike and 140m
across (refer area T2 in Figure 2 and Figure 4). Mineralisation in the area is interpreted primarily as a package of steeply
dipping lodes with kilometre -scale strike continuity to the north -north-east. A flat -lying, easterly dipping lode is
interposed between the sub-vertical lodes, reminiscent of the lode geometries in the higher-grade sections of the Obi
Prospect which delivered significant extensional exploration success in recent times (refer news release 9 August 2022).
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Encouraging downhole intersections of 14m @ 1.20g/t Au, 10m @ 1.33g/t Au and 6m @ 1.30g/t Au were returned in
recent assay results, supporting strike extensions to several mineralised lodes into the drill gap. Historical downhole
intersections of 13m @ 1.53g/t Au , 9m @ 2.27g/t Au and 14m @ 1.34g/t Au located within modelled lodes on the
margin of the target area reinforce the potential for expansion of the Mineral Resource footprint into this area with
further drilling.
Figure 4 – 3D View to North of Drill Gap at Kenobi Prospect with Clear Potential for Mineral Resource Expansion
Djimbake Prospect
Recent drilling has also enhanced the potential of the Djimbake Prospect with encouraging downhole intersections of
22m @ 1.52g/t Au and 8m @ 1.00g/t Au (ending in mineralisation) being returned from the southern margin of the
Mineral Resource (refer area T3 in Figure 2 and Figure 5).
These intersections add to historical downhole intersections in the immediate area of 29m @ 1.05g/t Au, 8m @ 1.86g/t
Au, 6m @ 1.40g/t Au, pointing towards a local strengthening of grade and confirmation of an associated thickening of
the mineralised lodes which together illustrate strong potential for the expansion of the current Mineral Resource
footprint to the south and down-dip. The intersections in the drilled area suggest a north-westerly control to this grade-
thickness accumulation which may provide guidance for future extensional exploration to the north.
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Figure 5 - Grade-Thickness Accumulation at Margin Mineral Resource in Djimbake Prospect (Section B-B’)
Exploration in Tankoro Mineralised Corridor Set to Continue in 2023
The reported results at early-stage targets within the Djimbake and southern Kenbobi Prospects that are well outside
the footprint of the current Mineral Resource area are highly encouraging and highlight the potential for growth with
further exploration drilling. The prog ram 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 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.
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/2022/12/221214-appendix-a-summary-of-recently-returned-drill-
results.pdf
Appendix B: References to Previous ASX Disclosure
https://saramaresources.com/wp-content/uploads/2022/12/221214-appendix-b-references-to-previous-asx-
disclosure.pdf
Appendix C: JORC Code (2012 Edition) – Table 1 Information
https://saramaresources.com/wp-content/uploads/2022/12/221214-appendix-c-jorc-code-2012-edition-table-1-
information.pdf
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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
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 expl oration 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.
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 1,420km2. 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 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.
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The Project has significant growth potential and the 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 corridor, where mineralisation has been drill -defined for a s emi-continuous strike length of 16km and
where potential exists to expand the Mineral Resource at shallow depths in oxide material.
Figure 6 - Sanutura Project Location Plan