TSX-V Ticker: SWA
SWA.WT
VANCOUVER, May 15, 2013 /PRNewswire/ - Sarama Resources
Limited ("Sarama" or the "Company") is pleased to
report that it has been granted three new exploration permits in
Burkina Faso, including one
adjacent to the Company's flagship South Houndé Project, which
brings the Company's exploration landholding in this prospective
region to 1,014km².
Highlights
- Three new exploration permits totalling 240km² granted,
expanding Sarama's total exploration land package in Burkina Faso to 3,339km².
- The grant of a 127km² exploration permit adjacent to
Sarama's Tankoro exploration property, provides Sarama a commanding
presence in the geologically prospective Houndé Belt, with a total
landholding of 1,014km².
- The grant of the Youngou Est and Nianie exploration
permits complements Sarama's existing Youngou exploration property,
which borders the Youga mine of Endeavour Mining Corp in the
central south of Burkina Faso,
bringing the Company's total landholding in the project area to
363km².
- Reconnaissance exploration programs to commence in second
half of 2013.
Grant of Bini Exploration
Permit
Sarama has been granted new exploration permits
for the Bini, Youngou Est and Nianie properties by the Ministry of
Mines and Energy, bringing the Company's total exploration property
interests in Burkina Faso to
3,339km² (refer Figure 1).
The 127km² Bini exploration property
("Bini") further consolidates Sarama's position in the
highly prospective Houndé Belt, which hosts the 7.8Moz, 170koz per
annum Mana gold mine of Semafo Inc and the 2.2Moz Houndé gold
project of Endeavour Mining Corp. Bini is located centrally
within the belt and is adjacent to Sarama's Tankoro exploration
property where the Company has intersected significant gold
mineralisation over a 1.9km strike length at the MM Prospect (refer
Figure 2).
The property is underlain by a sequence of
meta-sedimentary and volcanic rocks and is interpreted to contain
north-north-east trending structures, which are thought to be one
of the controls on the mineralisation encountered at the Company's
MM Prospect. Sarama anticipates commencing first-pass
reconnaissance exploration activities on the property in the second
half of 2013.
The exploration permit gives Sarama the
exclusive right to explore for gold and associated minerals during
an initial term of 3 years. Subject to certain statutory
obligations being met, the permit is renewable for a further two
3-year terms, after which time, the permit will be eligible for
conversion to an exploitation permit.
Figure 1: Sarama's Exploration
Properties in Burkina Faso
Figure 2: Sarama's Exploration
Properties in South-West Burkina Faso
Grant of Youngou Est and Nianie
Exploration Permits
The Youngou Est and Nianie exploration
properties, covering areas of 95km² and 18km² respectively, lie in
the extreme south of central Burkina
Faso (Figure 3). Being proximal to Sarama's existing
Youngou exploration property, the permit grants bring Sarama's
landholding in the project area to 363km².
The properties are underlain by
volcano-sedimentary and gneissic rocks with the prospective
sequence arranged along a north-east striking trend bounded by
granite. The 90,000oz per annum Youga gold mine of
Endeavour Mining Corp is located immediately adjacent to Sarama's
property group and within the same lithological sequence,
illustrating the prospectivity of the region.
Sarama anticipates commencing reconnaissance
exploration activities on the recently granted properties in the
second half of 2013.
The exploration permits give Sarama the
exclusive right to explore for gold and associated minerals during
an initial term of 3 years. Subject to certain statutory
obligations being met, the permit is renewable for a further two
3-year terms, after which time, the permit will be eligible for
conversion to an exploitation permit.
Figure 3: Sarama's Exploration
Properties in Central South Burkina Faso
Sarama's President and CEO, Andrew Dinning commented:
"We are pleased to have been granted these
new permits in two of our existing project areas. Our
position at the South Houndé Project continues to strengthen with
the addition of the Bini property and we look forward to commencing
our reconnaissance exploration programs in the upcoming exploration
season.
Sarama is well funded with a cash balance of
approximately US$11M at the end of
March 2013 and is currently
finalising regional exploration programs in the south of the MM
Prospect which are expected to contribute to the maiden resource
estimate planned for Q3 2013."
For further information on the Company's activities, please
contact:
Andrew Dinning or Paul Schmiede
email: info@saramaresources.com
telephone: +61 8 9363 7600
About Sarama Resources Ltd
Sarama Resources Ltd is a Canadian company with a focus on the
exploration and development of gold deposits in West Africa. The board of directors and
management team, a majority of whom are founders of the Company,
are seasoned resource industry professionals with extensive
experience in the exploration and development of world-class gold
projects in Africa.
The South Houndé Project in south-west
Burkina Faso is the Company's
flagship property and is currently the focus of an aggressive
exploration program to increase the size of its maiden discovery
and to test gold-in-soil anomalies located in a 30km-long
structural corridor. Recent drilling programs at the South
Houndé Project have intersected significant mineralisation in
several prospect areas which the Company is actively following
up. The Company has built substantial early-stage exploration
landholdings in prospective and underexplored areas of Burkina Faso (>3,300 km²), Liberia (>880 km²) and Mali (>560 km²) and is aggressively
exploring across the property portfolio.
Caution Regarding Forward Looking
Statements
Information in this news release that is not a statement of
historical fact constitutes forward-looking information. Such
forward-looking information includes statements regarding the
Company's planned exploration programs. Actual results,
performance or achievements of the Company may vary from the
results suggested by such forward-looking statements due to known
and unknown risks, uncertainties and other factors. Such factors
include, among others, that the business of exploration for gold
and other precious minerals involves a high degree of risk and is
highly speculative in nature; few properties that are explored are
ultimately developed into producing mines; geological factors; the
actual results of current and future exploration; changes in
project parameters as plans continue to be evaluated, as well as
those factors disclosed in the Company's publicly filed
documents.
There can be no assurance that any
mineralisation that is discovered will be proven to be economic, or
that future required regulatory licensing or approvals will be
obtained. However, the Company believes that the assumptions and
expectations reflected in the forward-looking information are
reasonable. Assumptions have been made regarding, among other
things, the Company's ability to carry on its exploration
activities, the sufficiency of funding, the timely receipt of
required approvals, the price of gold and other precious metals,
that the Company will not be affected by adverse political events,
the ability of the Company to operate in a safe, efficient and
effective manner and the ability of the Company to obtain further
financing as and when required and on reasonable terms. Readers
should not place undue reliance on forward-looking
information.
Sarama does not undertake to update any
forward-looking information, except as required by applicable
laws.
Qualified Person's Statement
Scientific or technical information in this
news release that relates to the Company's exploration activities
in Burkina Faso is based on
information compiled or approved by Michel
Mercier. Michel Mercier
is an employee of Sarama Resources Ltd and is a member in good
standing of the Ordre des Géologues du Québec and has sufficient
experience which is relevant to the commodity, style of
mineralisation under consideration and activity which he is
undertaking to qualify as a Qualified Person under National
Instrument 43-101. Michel
Mercier consents to the inclusion in this report of the
information, in the form and context in which it appears.
Neither TSX Venture Exchange nor its Regulation
Services Provider (as that term is defined in policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE Sarama Resources Limited