VANCOUVER,
Jan. 13, 2014 /PRNewswire/ - Sarama
Resources Ltd. ("Sarama" or the "Company") is pleased
to announce that reconnaissance soil geochemistry surveys at its
Cape Mount East exploration property in Liberia have successfully extended the
anomalous gold-in-soil zone previously encountered at the Cape
Mount exploration property to a total 15km along trend.
Follow-up trenching programs on the Cape Mount property,
approximately 10km north of Aureus Mining Inc's New Liberty Gold
Project, have returned several intervals of significant
mineralisation, confirming the presence of in-situ gold
mineralisation and reinforcing previously reported soil
geochemistry results.
Highlights
- Wide-spaced soil geochemistry survey on Sarama's Cape Mount
East exploration property has extended the existing 9km-long
anomalous gold-in-soil zone delineated on the Cape Mount
exploration property (Sarama 80% interest, earning to 90%) by
another 6km, bringing the total length of the trend to
approximately 15km.
- Trenching across the 9km-long anomalous gold-in-soil zone on
the Cape Mount exploration property returned numerous wide,
low-grade intervals with narrower higher-grade internal sections
including:
-
- 16m @ 1.74g/t Au, including 10m @ 2.55 g/t Au in CMTR037
- 42m @ 0.63g/t Au, including 10m @ 1.44g/t Au in CMTR025
- 47m @ 0.54g/t Au, including 4m @ 1.14 g/t Au in CMTR024
- 17m @ 0.63g/t Au, including 6m @ 1.13 g/t Au in CMTR026
- 6m @ 2.30g/t Au in CMPT003 (trench ended in
mineralisation)
- Trenching program confirms the presence of gold within oxidised
in-situ bedrock along the full 9km-long anomalous gold-in-soil zone
on the Cape Mount exploration property, highlighting the
exploration potential.
- Reconnaissance drill program planned for several target areas
on Cape Mount exploration property.
- Anomalous gold-in-soil trend is situated approximately 10km
north of Aureus Mining Inc's New Liberty Gold Project which is
currently being constructed.
- Trenching at Sarama's Gbarpolu exploration property returned
high grade intersections including:
-
- 7m @ 13.11g/t Au, including 1m @ 58.7g/t Au and 1m @ 30.4g/t Au
in BPTR003
- 4m @ 4.63g/t Au in BPPT2 (trench ended in mineralisation)
Cape Mount Project Exploration
Sarama's exploration efforts in Liberia have largely focused on the western
part of the country at the Cape Mount Project (the
"Project"), comprised of the Cape Mount (Sarama 80%
interest, earning to 90%), Cape Mount East and Cape Mount West
(both Sarama 100% interest) exploration properties (refer Figures 1
and 2).
The Project is immediately adjacent to Aureus
Mining Inc's ("Aureus") New Liberty Gold Project, which is
currently under mine development on a mineral resource base of 1.1
Moz measured and indicated and 1.2 Moz inferred (refer Aureus news
releases, July 4 & November 11, 2013).
Figure 1 - Sarama's Exploration Properties in
Liberia
Trenching Identifies In-situ Gold Mineralisation at Cape
Mount Exploration Property
The Company had previously identified a
9km-long, anomalous gold-in-soil zone in the southern portion of
the Cape Mount exploration property, co-incident with active
artisanal gold mining sites and several geologically prospective
features identified by an airborne geophysical survey conducted by
the Company in 2012.
To further investigate the potential for in-situ
gold mineralisation, the Company undertook a program consisting of
37 trenches excavated to a depth of 2-3m in north-south
orientations along the length of the anomalous zone. The
walls of the trenches were sampled at uniform 1m intervals over
their length. Results indicate the presence of wide,
low-grade zones of gold mineralisation, often with narrower
high-grade intervals internally, along the full length of the
9km-long soil anomaly.
The western area of Liberia is characterized by deeply weathered
and oxidized Archean-age rocks with variable topographic
relief. Rainfall is considerable and has led to the
disaggregation of the upper part of the regolith profile and in
this environment, it is probable that near-surface geochemical and
physical dispersion of in-situ gold has occurred at the level of
trench sampling (2-3m depth). The Company believes that this
has led to the development of wide and relatively low-grade zones
of gold mineralization that has typically been encountered in the
trenching program. The presence of high-grade sections within
the lower grade halos is greatly encouraging.
The trenching program's confirmation of gold
within in-situ oxidized bedrock over the full 9km strike length of
the anomalous gold-in-soil zone augers well for future exploration
activities that will include drill testing of selected targets.
The eastern part of the trenching program (refer
Figure 2) returned the best results with highlights of:
16m @ 1.74g/t Au, including 10m @ 2.55g/t
Au in CMTR037; and
11m @ 0.74g/t Au, including 5m @ 1.06g/t Au in CMTR035.
The central part of the program (refer Figure 3)
returned very broad intervals of mineralisation including:
72m @ 0.23g/t Au, including 11m @ 0.46g/t Au
in CMTR031;
24m @ 0.41g/t Au, including 6m @ 0.89g/t Au in CMTR004;
47m @ 0.54g/t Au, including 4m @ 1.14g/t Au in CMTR024;
17m @ 0.63g/t Au, including 6m @ 1.13g/t Au in CMTR026;
and
31m @ 0.45g/t Au, including 18m @ 0.51g/t Au in CMTR011.
In addition, sampling across a wall within a
small-scale mining excavation at approximately 4m into the regolith
returned 6m @ 2.30g/t Au in CMPT003 (trench ended in
mineralisation).
The western part of the program returned:
15m @ 0.38g/t Au, including 6m @ 0.52g/t Au in
CMTR029;
7m @ 0.69g/t Au in CMTR006;
71m @ 0.40g/t Au in CMTR007; and
42m @ 0.63g/t Au, including 10m @ 1.44g/t Au in CMTR025.
Figure 2 - Cape Mount Trenching - Eastern
Area
Figure 3 - Cape Mount Trenching - Central
Area
Extension of Anomalous Gold-in-Soil Trend to
15km
The Cape Mount East exploration property
contains the northern and southern limbs of an interpreted
regional-scale fold defined by the trace of the east-west trending
Bea Mountain iron formation.
Results of a wide-spaced soil geochemistry survey completed on the
northern limb have confirmed the eastward extension of the 9km-long
gold-in-soil anomaly present on the Cape Mount property for another
6km, bringing the strike length of the trend hosting the anomalous
zones over the two properties to 15km (refer Figure 4).
The Company plans to conduct infill soil
geochemistry surveys in this area as well as expanding the coverage
of the reconnaissance geochemistry program to include the southern
interpreted limb structure of the formation.
Figure 4 - 15km Anomalous Gold-in-Soil Trend at
Cape Mount Project Area
Gbarpolu Project Exploration
The Company had previously identified parallel
11km-long and 3.5km long anomalous gold-in-soil zones in the
southern portion of the Gbarpolu exploration property, co-incident
with active artisanal gold mining sites and several geologically
prospective features identified by an airborne geophysical survey
conducted by the Company in 2012.
A trenching program consisting of 14 excavations
in north-south orientations along the length of the anomalous zone
was commenced in Q2/Q3 2013. The walls of the trenches were sampled
at uniform 1m intervals over their length at a depth of
approximately 2-3m below surface.
Results indicate the presence of high-grade
zones of gold mineralization situated on the 3.5km-long southern
anomalous zone as well as a broad low-grade zone in the northern
11km-long anomalous zone.
The weathering environment is similar to that at
the Cape Mount Project, with high rainfall influencing the upper
part of the regolith profile, leading to varying levels of in-situ
gold dispersion. It is encouraging to note the presence of
the very high grade intersection in BPTR003 of 7m @ 13.11g/t
Au which is supported by the nearby intersection of 4m @
4.63g/t Au in BPPT2.
Figure 5 - Gbarpolu Trenching
Sarama's President and CEO, Andrew
Dinning, commented:
"The extension of the anomalous gold-in-soil
trend to 15km in length is highly encouraging, especially
considering the confirmation of the presence of in-situ gold
mineralisation by the trenching program on the central Cape Mount
property and the proximity to Aureus' high quality New Liberty Gold
Project. We look forward to conducting further exploration on
this promising project, including testing of drill targets
generated from our work to date.
We are also encouraged by the intersection of
very high grades in the Gbarpolu property's trenching program which
we will investigate further with additional trenching."
For further information on the Company's
activities, please contact:
Andrew Dinning or Paul Schmiede
e: info@saramaresources.com
t: +61 (0) 8 9363 7600
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.
About Sarama Resources Ltd
Sarama Resources Ltd (TSX-V: SWA) is a West
African focused gold explorer with substantial landholdings in
Burkina Faso, Liberia and Mali.
Sarama's flagship properties are situated within
the Company's South Houndé Project area in south-west Burkina Faso. Located within the prolific
Houndé greenstone belt, exploration programs have built on
significant early success to deliver a maiden Inferred Mineral
Resource estimate of 1.5 Moz gold1. Outside of
Burkina Faso, Sarama is focused on
consolidating a number of under-explored landholdings in other
emerging and established mining jurisdictions.
Incorporated in 2010, 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 strong financial
position and a sound exploration strategy across its property
portfolio.
- 29.13 Mt @ 1.6 g/t Au (at a 0.8 g/t Au cut-off)
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 future exploration exploration
at its Cape Mount, Cape Mount East and Gbarpolu properties and the
maiden Mineral Resource estimate for its flagship South Houndé
Project. 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; Mineral
Resources are not Mineral Reserves, they do not have demonstrated
economic viability, and there is no certainty that they can be
upgraded to Mineral Reserves through continued exploration; 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.
Notes - Soil Geochemistry
Soil geochemistry results are reported as
processed data for a population of raw assay results. The
effects of mechanical and chemical concentration, weathering, and
the topographical and vegetative settings have not been presented
and therefore results reflect a first-pass exploration phase.
No top-cuts were applied to assay grades.
Sarama undertakes geological sampling and
assaying in accordance with its QA/QC program which includes the
use of certified standard reference materials, uncertified blank
reference materials and field duplicates. Gold assay work was
undertaken by the SGS S.A. laboratories in Monrovia, Liberia and Tarkwa, Ghana. Assays are determined by aqua
regia digest of a 50g charge, followed by solvent extraction and an
AAS finish with a 2ppb Au lower detection limit.
Soil samples were collected from holes with a
nominal diameter of 200mm which were manually excavated to a depth
of approximately 400-500mm. Holes were spaced on a regular grid
measuring 1.6km (east-west) x 50m north-south). Field samples
of 2-3kg were collected from each hole, after which a sub-sample
was produced by sieving for assaying.
The gold-in-soil anomaly represented for the
Cape Mount property was delineated using the 95th
percentile of the samples' Au grade population (Au
>37ppb).
Notes -Trenching
Trenching results are quoted as lineal
intervals. Given the early stage of the exploration programs,
the nature of the mineralisation is not well understood and as a
consequence, true mineralisation width is not able to be
determined.
The reported composites for trenching were
determined using a cut-off grade of 0.20g/t Au to select
significant and anomalous intersections, with a maximum of 4m
internal dilution being incorporated into the composite where
appropriate. No top-cuts were applied to assay grades.
Isolated mineralised intervals less than 2m in length have not been
reported.
Sarama undertakes geological sampling and
assays in accordance with its quality assurance/quality control
program which includes the use of certified and uncertified
reference materials and field duplicates for trenching.
Gold assays for the trenching were undertaken
by the SGS S.A. laboratory in Monrovia,
Liberia. Assays are determined by fire assay methods
using a 50 gram charge, lead collection and an AAS finish with a
0.01g/t Au lower detection limit.
The trenches were generally designed on a
north-south orientation and were excavated to follow the topography
of the area. The trenches were approximately 2-3m deep and were
wall sampled on uniform 1m intervals, approximately 750mm from the
floor of the trench. Individual samples weighted
approximately 3kg and were collected by hand.
Qualified Person's Statement
Scientific or technical information in this
news release that relates to the preparation of the Company's
Mineral Resource estimate is based on information compiled or
approved by Adrian Shepherd.
Adrian Shepherd is an employee of
Cube Consulting Pty Ltd and is considered to be independent of
Sarama Resources Ltd. Adrian
Shepherd is a chartered professional member in good standing
of the Australasian Institute of Mining and Metallurgy 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. Adrian
Shepherd consents to the inclusion in this news release of
the information, in the form and context in which it
appears.
Scientific or technical information in this
news release that relates to the Company's exploration activities
in Liberia is based on information
compiled or approved by John Mpambije. John Mpambije is an
employee of Sarama Resources Ltd and is a Chartered Professional
member in good standing of the Australasian Institute of Mining and
Metallurgy 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. John Mpambije consents to the
inclusion in this news release of the information, in the form and
context in which it appears.
Appendix A - Trench Results Listing
SOURCE Sarama Resources Limited