First Drill Program After ASX Listing Extends High-Grade Gold Mineralisation in Oxide Material
Sarama Resources Ltd. ("Sarama" or the "Company") (ASX:SRR, TSX-V:SWA) is pleased to announce that assays returned from an initial 1,700m drilling of the ongoing +50,000m program at its 100%-owned(4), multi-million ounce Sanutura Project (the "Project") have extended gold mineralisation in several directions at the Obi Prospect (refer Figure 1) and discovered a new trend for exploration
The drilling has delineated an extensive zone of flat-lying mineralisation in shallow, oxide material which extends approximately 950m along strike and up to 300m down-dip with mineralisation remaining open down-dip. These results deliver one of the Company's near-term objectives of growing the oxide component of the Project's already large Mineral Resource of 0.6Moz Au (Indicated) plus2.3Moz Au (Inferred)(1).
Exploration potential in the area has also been enhanced with the emergence of a new target area immediately along strike to the north-east, which is untested for approximately 1.8km. The Company anticipates drilling its highest priority targets and commencing regional greenfields exploration early in the next field season commencing Q4 2022.
Highlights
Sarama's President, CEO & MD, Andrew Dinning commented:
"We are very excited by these first drill results at the Obi Prospect which have defined extensive and shallow, oxide-hosted gold mineralisation in single and multiple higher-grade zones.
This drilling has extended a previously minor zone to approximately 950m in length with a further 1.8km of strike potential yet to be tested. The tenor and flat-lying nature of this mineralisation suggests a different mineralising event to the sub-vertical, lower-tenor gold lodes seen in this local area and it has led us to a new target model reminiscent of Endeavour Mining's flat-lying Kari Pump and Boungou Deposits in Burkina Faso.
With further drill results to come, we look forward to providing a series of updates over the coming months.
Sarama's approximate market capitalization of A$20M(6) presents a deeply discounted valuation for the Project's Mineral Resource base of 0.6Moz Au (Indicated) plus2.3Moz Au (Inferred)(1), even more so considering that the current drill program is anticipated to yield a significant increase."
Webinar:
For more context, please join CEO Andrew Dinning in a live event on August 10th at 9am EST / 9 pm AWST. Q&A will follow the brief presentation. Click here to register:https://my.6ix.com/INN0fY27
Growth-Oriented Drill Program in Oxide Material
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), covers an area of 1,420km2 and occupies a commanding position along 70km of strike in the prolific Houndé Belt (refer Figure 1).
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 available and the primary objective of the current +50,000m drill program is to add to 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 recently commenced drill program has initially focused on the Obi Prospect, located in the southern part of the Project where drilling is sparse and potential exists to expand the Mineral Resource at shallow depths in oxide material.
Figure 1 -Sanutura Project Location Plan
Drilling Delivers Extensions to Mineral Resource at Obi Prospect
Results are being reported (refer Appendix A) for approximately 700m of aircore ("AC") drilling (15 holes) and 1,000m of reverse-circulation ("RC") drilling (13 holes) which commenced in May 2022 in the south-western part of the Obi Prospect. This area hosts gold mineralisation in multiple flat-dipping lenses which now extend for a strike length of approximately 950m (refer Figure 2). The lenses occur near-surface and the area is considered a prime target for exploration to add to the existing 0.2Moz (Indicated) plus 0.8Moz Au (Inferred)(2)oxide and transition component of the Project's Mineral Resource.
Figure 2 - Obi Prospect - Drilling & Mineralisation Plan
Mineralisation in the area presents as gold-quartz veins, which is significantly different to the more densely drilled areas of the deposit, illustrating diversity in both the geometry and composition of the gold-bearing lodes. The recent drilling follows-up on previously reported (refer Appendix B), high-tenor downhole intersections occurring in oxide material which include:
Recently returned assay results support the interpreted geometry of the flat, easterly-dipping mineralised lodes and have delivered down-dip and up-dip extensions to mineralisation of up to 100m and 40m respectively (refer Figures 2 and 3). Several new strong downhole intersections in the lower extremity, all occurring in oxide material, include:
Figure 3 -Southern Obi Prospect - Drilling Cross Section A-A' (View to North-East)
Given the shallow position of the mineralisation, these intersections present a compelling target for further down-dip extensions to be tested in future drilling. This is of particular interest as the flat-dipping mineralisation can be projected to intersect a series of steeply dipping lodes to the east; the confluence of which potentially hosts a localised enrichment zone caused by multiple overprinting phases of gold emplacement.
Of note is the significant increase in the vertical depth of the highly weathered oxide zone intersected by drilling to approximately 80m, which is anomalous to that observed in the broader deposit (50m). This increased depth is expected to enhance economics for any contemplated mine development.
Adding to the attraction of the area for further exploration is the presence of multiple separate intersections within individual holes and significantly broader intersections than expected in certain areas (refer Figures 2 and 3). These intersections suggest potential for additional mineralised lodes to occur in close proximity to the main, flat-dipping mineralisation.
A New Exploration Horizon in the North-East
The recently returned results have validated and given substance to the Company's interpretation of the mineralised system in the south-west of the Obi Prospect, which has been developed over an extended period. In addition to yielding meaningful extensions to the existing mineralisation in the dip direction, the drilling has extended the mineralised lodes a further 100m along strike in a north-easterly direction, giving a total strike length of 950m.
Of note is the abundance of high-tenor intersections in the north-eastern extremity of this strike length, which are commonly associated with a thickening of the lode(s) and the suggested presence of additional mineralised lodes from multiple intersections in single drillholes. Together, these features suggest a strengthening of the mineralised system in the north, which bodes well for future exploration given the absence of drilling for approximately 1.8km along strike (refer Figure 4).
This new target area broadly sits within the main mineralised corridor of the Project proximal to the well-defined, north-north-east striking lodes of the Mineral Resource. The area has been covered by a conventional soil geochemical survey grid and several zones of elevated gold-in-soil values have been returned within a generally mottled signature resulting from a variable and disrupted regolith. This environment can produce ambiguous surface geochemistry results, giving potential for blind and semi-blind mineralisation to be present.
The Company plans to conduct detailed surface prospecting and other target generation work in the area to better define targets which are anticipated to be tested by reconnaissance drilling in Q4 2022.
Figure 4 - Untested Trend Extents for 1.8km to North-East (Oblique View)
Appendices
To access the appendices referred to in this announcement please click on the links below
Appendix A: Summary of Recently Drilled Results
Appendix B: References to Previous ASX Disclosure
Appendix C: JORC Code (2012 Edition) - Table 1 Information
For further information on the Company's activities, please contact:
Andrew Dinning or Paul Schmiede
e: info@saramaresources.com
t: +61 8 9363 7600
For media enquiries, please contact:
Angela East
Media & Capital Partners
e: Angela.east@mcpartners.com.au
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 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) plus2.3Moz 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.
FOOTNOTES
CAUTION REGARDING FORWARD LOOKING INFORMATION
Information in this news release that is not a statement of historical fact constitutes forward-looking information. Such forward-looking information includes, but is not limited to, statements regarding the Company's future exploration and development plans, the potential for the Sanutura and Karankasso Projects to host economic mineralisation, the potential to expand the existing estimated Mineral Resources at the Sanutura Project (including the present oxide and transition component), the potential to extend and add to existing mineralisation at the Obi Prospect, the potential for the receipt of regulatory approvals and the timing and prospects for the issuance of the arrêtés for the Tankoro 2 and Djarkadougou 2 Exploration Permits by the Government of Burkina Faso. 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.
QUALIFIED PERSONS' STATEMENT
Scientific or technical information in this disclosure that relates to the preparation of the Mineral Resource estimate for the Sanutura Project is based on information compiled or approved by Paul Schmiede. Paul Schmiede is an employee of Sarama Resources Ltd and is a Fellow in good standing of the Australasian Institute of Mining and Metallurgy. Paul Schmiede 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. Paul Schmiede 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 disclosure that relates to exploration activities at the Sanutura Project is based on information compiled or approved by Guy Scherrer. Guy Scherrer 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. Guy Scherrer consents to the inclusion in this disclosure of the information, in the form and context in which it appears.
Scientific or technical information in this disclosure that relates to the quotation of the Karankasso Project's Mineral Resource estimate and exploration activities is based on information compiled by Paul Schmiede. Paul Schmiede is an employee of Sarama Resources Ltd and is a Fellow in good standing of the Australasian Institute of Mining and Metallurgy. Paul Schmiede 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. Paul Schmiede consents to the inclusion in this disclosure of the information, in the form and context in which it appears. Paul Schmiede and Sarama have not independently verified Semafo's (now Endeavour's) Mineral Resource estimate and take no responsibility for its accuracy.
COMPETENT PERSONS' STATEMENT
The Mineral Resource estimates referred to in this disclosure were first disclosed in accordance with ASX Listing Rule 5.8 in the Company's ASX Prospectus dated 11 March 2022. The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX Prospectus and that all material assumptions and technical parameters underpinning the estimates in the ASX Prospectus continue to apply and have not materially changed.
The new Exploration Results reported in this disclosure are based on, and fairly represent, information and supporting documentation prepared by Guy Scherrer. Guy Scherrer is an employee of Sarama Resources and a member of the Ordre des Géologues du Québec. Guy Scherrer has provided their prior written consent as to the form and context in which the new Exploration Results and the supporting information are presented in this disclosure.
The previously reported Exploration Results referred to in this disclosure were first disclosed in accordance with ASX Listing Rule 5.7 in the Company's ASX disclosure listed in Appendix B. The Company confirms that it is not aware of any new information or data that materially affects the information included in those previous items of disclosure.
This announcement has been authorised by the Board of Sarama Resources. 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 Ltd.
News Provided by ACCESSWIRE via QuoteMedia
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Tempus Resources Ltd ("Tempus" or "the Company") (ASX:TMR)(TSXV:TMRR)(OTCQB:TMRFF) is pleased to announce assay results for the first three drill-holes completed at the Elizabeth Gold Project during the 2022 season
HIGHLIGHTS
Tempus Resources, President and CEO, Jason Bahnsen, commented "We have a phenomenal start, with drill-hole EZ-22-03 reporting the highest grade intersections we've ever seen at Elizabeth! The spectacular grades are a cause for celebration given the Blue Vein was only discovered late last year but what's potentially more important is that every hole had multiple gold intersections spaced relatively close together. This indicates potential for stacked high-grade vein mineralisation within a wider Blue Vein structure."
Drilling to date shows that the Blue Vein is not a single structure. Each of the drill-holes being reported today (EZ-22-01, EZ-22-02 and EZ-22-03) successfully hit Blue Vein gold mineralisation in multiple sub parallel closely spaced intersections demonstrating the potential for multiple stacked high-grade gold vein mineralisation within a wider Blue Vein structure.
The Blue Vein was discovered in late-2021 (EZ-21-12 including 1.0m at 33.7g/t gold), with assay results now received for 10 holes intersecting the vein to date (including four holes with ‘bonanza' grade intersections, i.e., greater than 1oz per tonne), high-grade gold mineralisation has now been defined over a strike length of over 100 metres. The 2022 drilling is testing the Blue Vein structure over a total strike length of approximately 400 metres.
Table 1 - Assay results being reported today (drill-holes EZ-22-01 to EZ 22-03)
Hole ID | From (m) | To (m) | Interval (m) | True Thickness (m)* | Gold Grade (g/t Au) |
EZ-22-01 | 123.90 | 124.70 | 0.80 | 0.68 | 2.1 |
and | 125.90 | 126.00 | 0.10 | 0.08 | 3.8 |
and | 161.42 | 161.82 | 0.40 | 0.34 | 2.3 |
EZ-22-02 | 147.65 | 147.83 | 0.18 | 0.15 | 6.9 |
and | 185.25 | 185.85 | 0.60 | 0.51 | 1.9 |
EZ-22-03 | 96.91 | 97.33 | 0.42 | 0.36 | 523.0 |
and | 124.02 | 124.47 | 0.45 | 0.38 | 32.7 |
incl | 124.02 | 124.13 | 0.11 | 0.09 | 133.0 |
and | 164.41 | 166.14 | 1.73 | 1.47 | 7.4 |
incl | 165.41 | 166.14 | 0.73 | 0.62 | 17.4 |
*true thickness is estimated using a multiplier of 0.85.
**The Company considers anything over 0.2 g/t gold as significant.
Image 1: Blue Vein drill-hole EZ-22-03 core with assay results overlain
See Figures 1 and 2 for drill-hole locations in plan view and long section. See Appendix 1 and Appendix 2 for detailed information on drill holes and sampling techniques.
Figure 1 - Elizabeth plan view showing 2022 drill-hole locations
Figure 2 - Elizabeth Blue Vein long section (looking northwest)
This announcement has been authorised by the Board of Directors of Tempus Resources Limited.
Competent Persons Statement
Information in this report relating to Exploration Results is based on information reviewed by Mr. Sonny Bernales, who is a Member of the Engineers and Geoscientists British Columbia (EGBC), which is a recognised Professional Organisation (RPO), and an employee of Tempus Resources. Mr. Bernales has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined by the 2012 Edition of the Australasian Code for reporting of Exploration Results, Mineral Resources and Ore Reserves, and as a Qualified Person for the purposes of NI43-101. Mr. Bernales consents to the inclusion of the data in the form and context in which it appears.
For further information:
Tempus Resources LTD
Melanie Ross - Director/Company Secretary Phone: +61 8 6188 8181
About Tempus Resources Ltd
Tempus Resources Ltd ("Tempus") is a growth orientated gold exploration company listed on ASX ("TMR") and TSX.V ("TMRR") and OTCQB ("TMRFF") stock exchanges. Tempus is actively exploring projects located in Canada and Ecuador. The flagship project for Tempus is the Blackdome-Elizabeth Project, a high grade gold past producing project located in Southern British Columbia. Tempus is currently midway through a drill program at Blackdome-Elizabeth that will form the basis of an updated NI43-101/JORC resource estimate. The second key group of projects for Tempus are the Rio Zarza and Valle del Tigre projects located in south east Ecuador. The Rio Zarza project is located adjacent to Lundin Gold's Fruta del Norte project. The Valle del Tigre project is currently subject to a sampling program to develop anomalies identified through geophysical work.
Forward-Looking Information and Statements
This press release contains certain "forward-looking information" within the meaning of applicable Canadian securities legislation. Such forward-looking information and forward-looking statements are not representative of historical facts or information or current condition, but instead represent only the Company's beliefs regarding future events, plans or objectives, many of which, by their nature, are inherently uncertain and outside of Tempus's control. Generally, such forward-looking information or forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or may contain statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "will continue", "will occur" or "will be achieved". The forward-looking information and forward-looking statements contained herein may include, but are not limited to, the ability of Tempus to successfully achieve business objectives, and expectations for other economic, business, and/or competitive factors. Forward-looking statements and information are subject to various known and unknown risks and uncertainties, many of which are beyond the ability of Tempus to control or predict, that may cause Tempus' actual results, performance or achievements to be materially different from those expressed or implied thereby, and are developed based on assumptions about such risks, uncertainties and other factors set out herein and the other risks and uncertainties disclosed under the heading "Risk and Uncertainties" in the Company's Management's Discussion & Analysis for the quarter and nine months ended March 31, 2022 dated May 16, 2022 filed on SEDAR. Should one or more of these risks, uncertainties or other factors materialize, or should assumptions underlying the forward-looking information or statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. Although Tempus believes that the assumptions and factors used in preparing, and the expectations contained in, the forward-looking information and statements are reasonable, undue reliance should not be placed on such information and statements, and no assurance or guarantee can be given that such forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information and statements.
The forward-looking information and forward-looking statements contained in this press release are made as of the date of this press release, and Tempus does not undertake to update any forward-looking information and/or forward-looking statements that are contained or referenced herein, except in accordance with applicable securities laws. All subsequent written and oral forward-looking information and statements attributable to Tempus or persons acting on its behalf are expressly qualified in its entirety by this notice.
Neither the ASX Exchange, the TSX Venture Exchange nor its Regulation Service Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Appendix 1
Table 1:Drill Hole Collar Table
UTM | UTM | ||||||
| Hole ID | Target | Easting (NAD83 | Northing (NAD83 | Elevation (m) | Length (m) | Azimuth | Dip |
Z10) | Z10) | ||||||
| EZ-21-01 | SW Vein | 531203 | 5653771 | 2400 | 105 | 121 | -52 |
| EZ-21-02 | SW Vein | 531203 | 5653771 | 2400 | 132 | 146 | -55 |
| EZ-21-03 | SW Vein | 531203 | 5653771 | 2400 | 111 | 158 | -47 |
| EZ-21-04 | SW Vein | 531203 | 5653771 | 2400 | 135 | 168 | -58 |
| EZ-21-05 | SW Vein | 531078 | 5653776 | 2400 | 561 | 123 | -48 |
| EZ-21-06 | SW Vein | 531078 | 5653776 | 2400 | 255 | 110 | -55 |
| EZ-21-07 | SW Vein | 531203 | 5653771 | 2400 | 126 | 115 | -75 |
| EZ-21-07b | SW Vein | 531203 | 5653771 | 2400 | 186 | 115 | -75 |
| EZ-21-08 | SW Vein | 531195 | 5653839 | 2427 | 231 | 115 | -68 |
| EZ-21-09 | SW Vein | 531200 | 5654020 | 2330 | 360 | 120 | -48 |
| EZ-21-10 | SW Vein | 530953 | 5653772 | 2390 | 354 | 127 | -50 |
| EZ-21-11 | SW Vein | 530953 | 5653772 | 2390 | 381 | 136 | -50 |
| EZ-21-12 | SW Vein | 530953 | 5653772 | 2390 | 375 | 125 | -45 |
| EZ-21-13 | SW Vein | 530919 | 5653596 | 2300 | 261 | 94 | -45 |
| EZ-21-14 | SW Vein | 530919 | 5653596 | 2300 | 261 | 108 | -55 |
| EZ-21-15 | SW Vein | 530919 | 5653596 | 2300 | 330 | 100 | -55 |
| EZ-21-16 | SW Vein | 530919 | 5653596 | 2300 | 330 | 83 | -48.5 |
| EZ-21-17 | SW Vein | 530919 | 5653596 | 2300 | 414 | 98 | -63 |
| EZ-21-18 | SW Vein | 530919 | 5653596 | 2300 | 351 | 128.5 | -63 |
| EZ-21-19 | SW Vein | 530953 | 5653772 | 2390 | 417 | 129 | -58 |
| EZ-21-20 | SW Vein | 530849 | 5653432 | 2260 | 300 | 129 | -45 |
| EZ-21-21 | East Veins | 531695 | 5653463 | 2120 | 357 | 90 | -45 |
| EZ-21-22 | SW Vein | 531195 | 5653839 | 2427 | 188 | 75 | -45 |
| EZ-21-23 | SW Vein | 531695 | 5653463 | 2120 | 165 | 91 | -45 |
| EZ-21-24 | Blue Vein | 530953 | 5653772 | 2390 | 219 | 84 | -54 |
| EZ-21-25 | Blue Vein | 530953 | 5653772 | 2390 | 201 | 105 | -58 |
| EZ-21-26 | Blue Vein | 530953 | 5653772 | 2390 | 198 | 95 | -45 |
| EZ-21-27 | Blue Vein | 530953 | 5653772 | 2390 | 195 | 150 | -60 |
| EZ-21-28 | No.9 Vein | 530953 | 5653772 | 2390 | 321 | 300 | -55 |
UTM | UTM | ||||||
| Hole ID | Target | Easting (NAD83 | Northing (NAD83 | Elevation (m) | Length (m) | Azimuth | Dip |
Z10) | Z10) | ||||||
| EZ-22-01 | Blue Vein | 530953 | 5653772 | 2400 | 222 | 130 | -65 |
| EZ-22-02 | Blue Vein | 531203 | 5653772 | 2400 | 225 | 108 | -65 |
| EZ-22-03 | Blue Vein | 531203 | 5653772 | 2400 | 198 | 95 | -50 |
| EZ-22-04 | Blue Vein | 531200 | 5653774 | 2400 | 375 | 290 | -55 |
| EZ-22-05 | Blue Vein | 531130 | 5653775 | 2393 | 156 | 280 | -45 |
| EZ-22-06 | Blue Vein | 531130 | 5653775 | 2399 | 237 | 290 | -55 |
| EZ-22-07 | Blue Vein | 531130 | 5653775 | 2399 | 216 | 298 | -45 |
| EZ-22-08 | Blue Vein | 531039 | 5653887 | 2399 | 120 | 135 | -50 |
EZ-22-09 | Blue & SW Vein | 530953.1 | 5653772 | 2422 | 468 | 100 | -53 |
EZ-22-10 | Blue Vein | 530953.1 | 5653772 | 2392 | 210 | 95 | -65 |
EZ-22-11 | Blue Vein | 531039 | 5653887 | 2422 | 207 | 110 | -60 |
EZ-22-12 | Blue Vein | 531039 | 5653887 | 2422 | 216 | 85 | -50 |
EZ-22-13 | Blue Vein | 531039 | 5653887 | 2422 | 251 | 123 | -65 |
EZ-22-14 | Blue Vein | 531004 | 5653896 | 2428 | 249 | 140 | -65 |
EZ-22-15 | Blue Vein | 531004 | 5653896 | 2428 | 240 | 130 | -65 |
EZ-22-16 | Blue Vein | 531004 | 5653896 | 2428 | 242 | 120 | -65 |
EZ-22-17 | Blue Vein | 531004 | 5653896 | 2428 | 251 | 160 | -65 |
EZ-22-18 | Blue Vein | 531004 | 5653896 | 2428 | 258 | 150 | -65 |
Table 2: Significant Interval Table
Hole ID | From (m) | To (m) | Interval (m) | True Thickness (m) | Gold Grade | MET Screen Grade | Vein |
EZ-21-01 | 94.00 | 96.60 | 2.60 | 2.21 | 4.60 | 5.12 | SW Vein |
and | 83.50 | 84.00 | 0.50 | 0.43 | 20.50 | pending | SW Vein |
EZ-21-02 | 102.40 | 109.00 | 6.60 | 5.61 | 8.40 | pending | SW Vein |
including | 105.40 | 106.50 | 1.10 | 0.93 | 46.30 | pending | SW Vein |
EZ-21-03 | 88.60 | 95.00 | 6.40 | 5.44 | 7.22 | pending | SW Vein |
including | 89.30 | 91.90 | 2.60 | 2.21 | 11.80 | pending | SW Vein |
and | 90.00 | 91.30 | 1.30 | 1.11 | 19.80 | pending | SW Vein |
and | 34.70 | 35.20 | 0.50 | 0.43 | 3.15 | pending | SW Vein |
EZ-21-04 | 122.00 | 126.00 | 4.00 | 3.40 | 31.20 | 34.40 | SW Vein |
including | 123.00 | 124.50 | 1.50 | 1.28 | 52.10 | 68.30 | SW Vein |
including | 124.00 | 124.50 | 0.50 | 0.43 | 72.00 | 87.30 | SW Vein |
EZ-21-05 | 134.00 | 135.00 | 1.00 | 0.85 | 1.38 | Not Preformed | 7 Vein |
217.55 | 218.25 | 0.70 | 0.59 | 1.74 | 1.67 | SW Vein | |
and | 256.00 | 256.50 | 0.50 | 0.43 | 1.03 | 0.89 | SW Vein |
and | 554.85 | 555.35 | 0.50 | 0.43 | 0.24 | Not Preformed | West Vein |
EZ-21-06 | 134.50 | 136.00 | 1.50 | 1.28 | 1.10 | 1.71 | 7 Vein |
and | 245.00 | 246.00 | 1.00 | 0.85 | 2.05 | 2.45 | SW Vein |
EZ-21-07 | Hole lost | ||||||
EZ-21-07B | 40.10 | 41.10 | 1.00 | 0.85 | 4.88 | Not Preformed | 7 Vein |
and | 51.50 | 52.20 | 0.70 | 0.60 | 9.06 | Not Preformed | 7 Vein |
and | 160.00 | 165.75 | 5.75 | 4.89 | 0.53 | 0.70 | SW Vein |
EZ-21-08 | 196.25 | 202.40 | 6.15 | 5.23 | 0.65 | 0.66 | SW Vein |
and | 226.60 | 227.10 | 0.50 | 0.43 | 1.54 | 1.85 | SW Vein |
EZ-21-09 | 58.60 | 59.10 | 0.50 | 0.43 | 0.31 | Not Preformed | Blue Vein |
and | 270.90 | 272.90 | 2.00 | 1.70 | 2.56 | Not Preformed | SW Vein |
and | 355.88 | 357.00 | 1.12 | 0.95 | 0.85 | Not Preformed | SW Vein |
EZ-21-10 | 223.00 | 223.50 | 0.50 | 0.43 | 4.04 | Not Preformed | 7 Vein |
and | 347.70 | 349.20 | 1.50 | 1.28 | 0.22 | 0.21 | SW Vein |
EZ-21-11 | 326.90 | 327.40 | 0.50 | 0.43 | 0.55 | 0.44 | SW Vein |
EZ-21-12 | 117.80 | 118.80 | 1.00 | 0.85 | 47.6 | 33.7 | Blue Vein |
and | 130.70 | 131.20 | 0.50 | 0.43 | 26.4 | Not Preformed | Blue Vein |
and | 163.90 | 164.40 | 0.50 | 0.43 | 5.50 | 8.41 | Blue Vein |
and | 344.90 | 347.00 | 2.10 | 1.79 | 0.78 | 1.22 | SW Vein |
EZ-21-13 | 230.70 | 232.60 | 1.90 | 1.62 | 0.76 | 0.71 | SW Vein |
Hole ID | From (m) | To (m) | Interval (m) | True Thickness (m) | Gold Grade | MET Screen Grade | Vein |
EZ-21-14 | 224.00 | 224.90 | 0.90 | 0.77 | 1.63 | 1.15 | SW Vein |
EZ-21-15 | 318.40 | 320.80 | 2.40 | 2.04 | 0.31 | Not Preformed | SW Vein |
including | 320.30 | 320.80 | 0.50 | 0.43 | 1.14 | Not Preformed | SW Vein |
EZ-21-16 | 305.00 | 306.90 | 1.90 | 1.61 | 0.55 | Not Preformed | SW Vein |
EZ-21-17 | 171.00 | 171.50 | 0.50 | 0.43 | 0.14 | 0.57 | Vein |
and | 204.00 | 204.60 | 0.60 | 0.51 | 0.53 | Not Preformed | vein |
and | 254.60 | 256.85 | 2.25 | 1.91 | 1.40 | 1.58 | 7 Vein |
and | 350.13 | 350.75 | 0.62 | 0.53 | 1.01 | Not Preformed | SW Vein |
and | 379.47 | 382.00 | 2.53 | 2.15 | 0.63 | 0.64 | SW Vein |
EZ-21-18 | 299.50 | 299.90 | 0.40 | 0.34 | 1.53 | Not Preformed | SW Vein |
EZ-21-19 | 127.50 | 128.00 | 0.50 | 0.43 | 4.52 | Not Preformed | Blue Vein |
and | 129.00 | 130.50 | 1.50 | 1.28 | 4.25 | Not Preformed | Blue Vein |
and | 167.80 | 168.70 | 0.90 | 0.76 | 4.50 | 6.14 | Blue Vein |
and | 351.80 | 354.90 | 3.10 | 2.63 | 0.34 | Not Preformed | SW Vein |
EZ-21-20 | NSI** | ||||||
EZ-21-21 | 184.00 | 186.00 | 2.00 | 1.70 | 1.03 | Not Preformed | unknown |
and | 263.45 | 264.30 | 0.85 | 0.72 | 1.34 | Not Preformed | unknown |
EZ-21-22 | 175.55 | 176.70 | 1.15 | 0.98 | 1.60 | 2.50 | SW Vein |
EZ-21-23 | 145.00 | 149.10 | 4.10 | 3.48 | 1.11 | 1.83 | SW Vein |
including | 147.50 | 148.20 | 0.70 | 0.59 | 1.08 | 4.98 | SW Vein |
EZ-21-24 | 139.80 | 141.00 | 1.20 | 1.02 | 0.58 | 0.58 | Blue Vein |
and | 181.70 | 182.65 | 0.95 | 0.81 | 0.85 | 0.84 | Blue Vein |
EZ-21-25 | 111.00 | 113.70 | 2.70 | 2.30 | 13.4 | Not Preformed | Blue Vein |
including | 111.50 | 112.00 | 0.50 | 0.43 | 71.3 | Not Preformed | Blue Vein |
EZ-21-26 | 121.45 | 122.70 | 1.25 | 1.06 | 9.13 | Not Preformed | Blue Vein |
including | 121.45 | 121.70 | 0.25 | 0.21 | 45.1 | Not Preformed | Blue Vein |
and | 159.06 | 160.25 | 1.19 | 1.01 | 1.35 | 1.45 | Blue Vein |
EZ-21-27 | 152.20 | 153.60 | 1.40 | 1.19 | 12.1 | 14.31 | Blue Vein |
including | 152.20 | 153.20 | 1.00 | 0.85 | 16.3 | 19.19 | Blue Vein |
and | 157.00 | 157.40 | 0.40 | 0.34 | 1.27 | 1.28 | Blue Vein |
EZ-21-28 | 245.60 | 246.85 | 1.25 | 1.06 | 0.67 | Not Preformed | No.9 Vein |
EZ-22-01 | 123.90 | 124.70 | 0.80 | 0.68 | 2.07 | 2.07 | Blue Vein |
and | 125.90 | 126.00 | 0.10 | 0.08 | 3.82 | 3.82 | Blue Vein |
and | 161.42 | 161.82 | 0.40 | 0.34 | 2.25 | 2.25 | Blue Vein |
Hole ID | From (m) | To (m) | Interval (m) | True Thickness (m) | Gold Grade | MET Screen Grade | Vein |
EZ-22-02 | 147.65 | 147.83 | 0.18 | 0.15 | 6.88 | 6.88 | Blue Vein |
and | 185.25 | 185.85 | 0.60 | 0.51 | 1.89 | 1.89 | Blue Vein |
EZ-22-03 | 96.91 | 97.33 | 0.42 | 0.36 | 2.05 | 523.00 | Blue Vein |
and | 124.02 | 124.47 | 0.45 | 0.38 | 32.66 | Not Preformed | Blue Vein |
including | 124.02 | 124.13 | 0.11 | 0.09 | 130.00 | 133.00 | Blue Vein |
and | 164.41 | 166.14 | 1.73 | 1.47 | 7.41 | Not Preformed | Blue Vein |
including | 165.41 | 166.14 | 0.73 | 0.62 | 17.40 | Not Preformed | Blue Vein |
* true thickness is estimated using a multiplier of 0.85. The Company considers anything over 0.2 g/t gold as significant.
**no significant intervals
Appendix2: The following tables are provided to ensure compliance with the JORC Code (2012) requirements for the reporting of Exploration Results for the Elizabeth - Blackdome Gold Project
Section 1: Sampling Techniques and Data
(Criteria in this section apply to all succeeding sections.)
Criteria | JORC Code explanation | Commentary |
Sampling techniques |
|
|
Drilling techniques |
|
|
Drill sample recovery |
|
|
Criteria | JORC Code explanation | Commentary |
Logging |
|
|
Sub- sampling techniques and sample preparation |
|
|
Quality of assay data and laboratory tests |
|
|
Criteria | JORC Code explanation | Commentary |
Verification of sampling and assaying |
|
|
Location of data points |
|
|
Data spacing and distribution |
|
|
Orientation of data in relation to geological structure |
|
|
Sample s Security |
|
|
Audits or Reviews |
|
|
Section 2: Reporting of Exploration Results
(Criteria listed in the preceding section also apply to this section.)
Criteria | JORC Code explanation | Commentary |
Mineral tenement and land tenure status |
|
|
Exploration done by other parties |
|
|
Criteria | JORC Code explanation | Commentary |
| ||
Geology |
|
|
Criteria | JORC Code explanation | Commentary |
|
Criteria | JORC Code explanation | Commentary |
Drill hole Information |
of the report, the Competent Person should clearly explain why this is the case. |
|
Data aggregation methods |
|
|
Relationship between mineralisation widths and intercept lengths |
|
|
Diagrams |
|
|
Criteria | JORC Code explanation | Commentary |
Balanced reporting |
|
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Other substantive exploration data |
|
|
Further work |
|
|
SOURCE: Tempus Resources Ltd.
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First Drill Program After ASX Listing Extends High-Grade Gold Mineralisation in Oxide Material
Sarama Resources Ltd. ("Sarama" or the "Company") (ASX:SRR, TSX-V:SWA) is pleased to announce that assays returned from an initial 1,700m drilling of the ongoing +50,000m program at its 100%-owned(4), multi-million ounce Sanutura Project (the "Project") have extended gold mineralisation in several directions at the Obi Prospect (refer Figure 1) and discovered a new trend for exploration
The drilling has delineated an extensive zone of flat-lying mineralisation in shallow, oxide material which extends approximately 950m along strike and up to 300m down-dip with mineralisation remaining open down-dip. These results deliver one of the Company's near-term objectives of growing the oxide component of the Project's already large Mineral Resource of 0.6Moz Au (Indicated) plus2.3Moz Au (Inferred)(1).
Exploration potential in the area has also been enhanced with the emergence of a new target area immediately along strike to the north-east, which is untested for approximately 1.8km. The Company anticipates drilling its highest priority targets and commencing regional greenfields exploration early in the next field season commencing Q4 2022.
Highlights
Sarama's President, CEO & MD, Andrew Dinning commented:
"We are very excited by these first drill results at the Obi Prospect which have defined extensive and shallow, oxide-hosted gold mineralisation in single and multiple higher-grade zones.
This drilling has extended a previously minor zone to approximately 950m in length with a further 1.8km of strike potential yet to be tested. The tenor and flat-lying nature of this mineralisation suggests a different mineralising event to the sub-vertical, lower-tenor gold lodes seen in this local area and it has led us to a new target model reminiscent of Endeavour Mining's flat-lying Kari Pump and Boungou Deposits in Burkina Faso.
With further drill results to come, we look forward to providing a series of updates over the coming months.
Sarama's approximate market capitalization of A$20M(6) presents a deeply discounted valuation for the Project's Mineral Resource base of 0.6Moz Au (Indicated) plus2.3Moz Au (Inferred)(1), even more so considering that the current drill program is anticipated to yield a significant increase."
Webinar:
For more context, please join CEO Andrew Dinning in a live event on August 10th at 9am EST / 9 pm AWST. Q&A will follow the brief presentation. Click here to register:https://my.6ix.com/INN0fY27
Growth-Oriented Drill Program in Oxide Material
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), covers an area of 1,420km2 and occupies a commanding position along 70km of strike in the prolific Houndé Belt (refer Figure 1).
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 available and the primary objective of the current +50,000m drill program is to add to 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 recently commenced drill program has initially focused on the Obi Prospect, located in the southern part of the Project where drilling is sparse and potential exists to expand the Mineral Resource at shallow depths in oxide material.
Figure 1 -Sanutura Project Location Plan
Drilling Delivers Extensions to Mineral Resource at Obi Prospect
Results are being reported (refer Appendix A) for approximately 700m of aircore ("AC") drilling (15 holes) and 1,000m of reverse-circulation ("RC") drilling (13 holes) which commenced in May 2022 in the south-western part of the Obi Prospect. This area hosts gold mineralisation in multiple flat-dipping lenses which now extend for a strike length of approximately 950m (refer Figure 2). The lenses occur near-surface and the area is considered a prime target for exploration to add to the existing 0.2Moz (Indicated) plus 0.8Moz Au (Inferred)(2)oxide and transition component of the Project's Mineral Resource.
Figure 2 - Obi Prospect - Drilling & Mineralisation Plan
Mineralisation in the area presents as gold-quartz veins, which is significantly different to the more densely drilled areas of the deposit, illustrating diversity in both the geometry and composition of the gold-bearing lodes. The recent drilling follows-up on previously reported (refer Appendix B), high-tenor downhole intersections occurring in oxide material which include:
Recently returned assay results support the interpreted geometry of the flat, easterly-dipping mineralised lodes and have delivered down-dip and up-dip extensions to mineralisation of up to 100m and 40m respectively (refer Figures 2 and 3). Several new strong downhole intersections in the lower extremity, all occurring in oxide material, include:
Figure 3 -Southern Obi Prospect - Drilling Cross Section A-A' (View to North-East)
Given the shallow position of the mineralisation, these intersections present a compelling target for further down-dip extensions to be tested in future drilling. This is of particular interest as the flat-dipping mineralisation can be projected to intersect a series of steeply dipping lodes to the east; the confluence of which potentially hosts a localised enrichment zone caused by multiple overprinting phases of gold emplacement.
Of note is the significant increase in the vertical depth of the highly weathered oxide zone intersected by drilling to approximately 80m, which is anomalous to that observed in the broader deposit (50m). This increased depth is expected to enhance economics for any contemplated mine development.
Adding to the attraction of the area for further exploration is the presence of multiple separate intersections within individual holes and significantly broader intersections than expected in certain areas (refer Figures 2 and 3). These intersections suggest potential for additional mineralised lodes to occur in close proximity to the main, flat-dipping mineralisation.
A New Exploration Horizon in the North-East
The recently returned results have validated and given substance to the Company's interpretation of the mineralised system in the south-west of the Obi Prospect, which has been developed over an extended period. In addition to yielding meaningful extensions to the existing mineralisation in the dip direction, the drilling has extended the mineralised lodes a further 100m along strike in a north-easterly direction, giving a total strike length of 950m.
Of note is the abundance of high-tenor intersections in the north-eastern extremity of this strike length, which are commonly associated with a thickening of the lode(s) and the suggested presence of additional mineralised lodes from multiple intersections in single drillholes. Together, these features suggest a strengthening of the mineralised system in the north, which bodes well for future exploration given the absence of drilling for approximately 1.8km along strike (refer Figure 4).
This new target area broadly sits within the main mineralised corridor of the Project proximal to the well-defined, north-north-east striking lodes of the Mineral Resource. The area has been covered by a conventional soil geochemical survey grid and several zones of elevated gold-in-soil values have been returned within a generally mottled signature resulting from a variable and disrupted regolith. This environment can produce ambiguous surface geochemistry results, giving potential for blind and semi-blind mineralisation to be present.
The Company plans to conduct detailed surface prospecting and other target generation work in the area to better define targets which are anticipated to be tested by reconnaissance drilling in Q4 2022.
Figure 4 - Untested Trend Extents for 1.8km to North-East (Oblique View)
Appendices
To access the appendices referred to in this announcement please click on the links below
Appendix A: Summary of Recently Drilled Results
Appendix B: References to Previous ASX Disclosure
Appendix C: JORC Code (2012 Edition) - Table 1 Information
For further information on the Company's activities, please contact:
Andrew Dinning or Paul Schmiede
e: info@saramaresources.com
t: +61 8 9363 7600
For media enquiries, please contact:
Angela East
Media & Capital Partners
e: Angela.east@mcpartners.com.au
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 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) plus2.3Moz 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.
FOOTNOTES
CAUTION REGARDING FORWARD LOOKING INFORMATION
Information in this news release that is not a statement of historical fact constitutes forward-looking information. Such forward-looking information includes, but is not limited to, statements regarding the Company's future exploration and development plans, the potential for the Sanutura and Karankasso Projects to host economic mineralisation, the potential to expand the existing estimated Mineral Resources at the Sanutura Project (including the present oxide and transition component), the potential to extend and add to existing mineralisation at the Obi Prospect, the potential for the receipt of regulatory approvals and the timing and prospects for the issuance of the arrêtés for the Tankoro 2 and Djarkadougou 2 Exploration Permits by the Government of Burkina Faso. 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.
QUALIFIED PERSONS' STATEMENT
Scientific or technical information in this disclosure that relates to the preparation of the Mineral Resource estimate for the Sanutura Project is based on information compiled or approved by Paul Schmiede. Paul Schmiede is an employee of Sarama Resources Ltd and is a Fellow in good standing of the Australasian Institute of Mining and Metallurgy. Paul Schmiede 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. Paul Schmiede 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 disclosure that relates to exploration activities at the Sanutura Project is based on information compiled or approved by Guy Scherrer. Guy Scherrer 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. Guy Scherrer consents to the inclusion in this disclosure of the information, in the form and context in which it appears.
Scientific or technical information in this disclosure that relates to the quotation of the Karankasso Project's Mineral Resource estimate and exploration activities is based on information compiled by Paul Schmiede. Paul Schmiede is an employee of Sarama Resources Ltd and is a Fellow in good standing of the Australasian Institute of Mining and Metallurgy. Paul Schmiede 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. Paul Schmiede consents to the inclusion in this disclosure of the information, in the form and context in which it appears. Paul Schmiede and Sarama have not independently verified Semafo's (now Endeavour's) Mineral Resource estimate and take no responsibility for its accuracy.
COMPETENT PERSONS' STATEMENT
The Mineral Resource estimates referred to in this disclosure were first disclosed in accordance with ASX Listing Rule 5.8 in the Company's ASX Prospectus dated 11 March 2022. The Company confirms that it is not aware of any new information or data that materially affects the information included in the ASX Prospectus and that all material assumptions and technical parameters underpinning the estimates in the ASX Prospectus continue to apply and have not materially changed.
The new Exploration Results reported in this disclosure are based on, and fairly represent, information and supporting documentation prepared by Guy Scherrer. Guy Scherrer is an employee of Sarama Resources and a member of the Ordre des Géologues du Québec. Guy Scherrer has provided their prior written consent as to the form and context in which the new Exploration Results and the supporting information are presented in this disclosure.
The previously reported Exploration Results referred to in this disclosure were first disclosed in accordance with ASX Listing Rule 5.7 in the Company's ASX disclosure listed in Appendix B. The Company confirms that it is not aware of any new information or data that materially affects the information included in those previous items of disclosure.
This announcement has been authorised by the Board of Sarama Resources. 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 Ltd.
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TSXV: AZM
OTCQX: AZMTF
Azimut Exploration Inc. ("Azimut" or the "Company") (TSXV: AZM) (OTCQX: AZMTF) is pleased to announce the execution of two definitive agreements in respect of the Eleonore South and Wabamisk joint ventures in the Eeyou-Istchee James Bay ("James Bay") region of Quebec :
The ELSJV is considered a non-core asset for the Company after it announced a gold discovery on the 100%-owned Elmer Property in January 2020 . Azimut is actively delineating the Patwon Gold Zone on the Elmer Property and advancing a maiden NI 43-101 mineral resource estimate ( see Azimut's press release of July 28, 2022 ).
The Wabamisk JV is a gold property strategically located in the James Bay region. Regaining 100% interest in this property will enable Azimut to reassess its excellent exploration potential and business options.
Pursuant to an agreement dated August 8, 2022 between Azimut, two affiliates of Newmont Corporation (together with Newmont Corporation, " Newmont "), and an affiliate of Fury Gold Mines Limited (together with Fury Gold Mines Ltd, " Fury "), Azimut has agreed, subject to certain conditions, to sell to Newmont and Fury, on a pro rata basis, its 23.77% participating interest in the ELSJV (the " ELSJV Transaction ").
In connection with the ELSJV Transaction, Azimut will receive from Newmont an aggregate of 2.9 million common shares of Azimut, which are beneficially controlled by Newmont and represent approximately 3.5% of the 82,193,844 common shares of Azimut presently issued and outstanding. Immediately upon closing of the ELSJV Transaction, such 2.9 million common shares will be returned to Azimut's treasury for cancellation, thus resulting in the reduction of Azimut's common shares issued and outstanding to 79,293,844.
The return to treasury and cancellation of the 2.9Â million shares will result in an increase of approximately 3.7% of shareholders' respective interests in Azimut's share capita l and, indirectly, in Azimut's assets, including its 100%-owned flagship Elmer Property.
Upon closing of the ELSJV Transaction, the participating interests in the ELJV will be held by Fury (50.022%) and Newmont (49.978%), with Fury acting as operator.
Completion of the ELSJV Transaction is subject to certain conditions precedent, including the approval of the TSX Venture Exchange, and is expected to close in the third quarter of 2022.
Pursuant to an agreement dated August 8, 2022 , Newmont has exercised its right to voluntarily withdraw from the Wabamisk JV in consideration for the payment by Azimut of a nominal amount of $1 and Newmont will cease to be a participant in the Wabamisk JV (the " Wabamisk Transaction "). Upon closing of the Wabamisk Transaction, Azimut will own a 100% interest in the 333 mining claims comprising the Wabamisk Property. The Wabamisk Transaction is scheduled to close by about September 6, 2022 .
The Eleonore South Property (282 claims, 147.6 km 2 ) is located in a highly prospective part of the Eleonore Gold Camp, about 10 kilometres south of Newmont's Eleonore gold mine. The Property is also adjacent to the Cheechoo gold deposit, located on Sirios Resources Inc's Cheechoo Property, which lies to the northeast of the ELSJV.
The Wabamisk Property (333 claims, 176.2 km 2 ) is a gold project located about 70 kilometres south of Newmont's Eleonore gold mine and has a comparable geological context and geochemical footprint.
Azimut initially acquired the claims by map designation in 2005 following its James Bay -scale predictive modelling for gold. Wabamisk was optioned to Placer Dome in 2005 before it was transferred to Goldcorp Inc. which was then acquired by Newmont. A substantial amount of quality exploration work totalling $5.7 million in expenditures has been conducted by the partner. Significant prospect discoveries include the GH Prospect ( 2.27 g/t Au over 4.3 m within an envelope grading 0.7 g/t Au and 0.39% Sb over 19.0 m ), which remains totally open ( see press release of September 14, 2010 ). Several other extensive target zones have been identified and can rapidly reach the drilling stage.
This release has been prepared by Dr. Jean-Marc Lulin, P. Geo., as Azimut's Qualified Person under National Instrument 43-101.
Azimut is a leading mineral exploration company with a solid reputation for target generation and partnership development. Azimut is actively advancing its wholly-owned flagship Elmer Gold Project to the initial resource stage in the James Bay region.
Azimut uses a pioneering approach to big data analytics (the proprietary AZtechMine TM expert system), enhanced by extensive exploration know-how. Azimut's competitive edge is based on systematic regional-scale data analysis and concurrently active projects. Azimut maintains rigorous financial discipline and a strong balance sheet.
This press release contains forward-looking statements, which reflect Azimut's current expectations regarding future events. To the extent that any statements in this press release contain information that is not historical, the statements are essentially forward-looking and are often identified by words such as "anticipate", "expect", "estimate", "intend", "project", "plan" and "believe". The forward-looking statements involve risks, uncertainties, and other factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements. There are many factors that could cause such differences, particularly volatility and sensitivity to market metal prices, impact of change in foreign currency exchange rates and interest rates, imprecision in reserve estimates, environmental risks including increased regulatory burdens, unexpected geological conditions, adverse mining conditions, changes in government regulations and policies, including laws and policies, and failure to obtain necessary permits and approvals from government authorities, as well as other development and operating risks. Although Azimut believes that the assumptions inherent in the forward-looking statements are reasonable, undue reliance should not be placed on these statements, which only apply as of the date of this document. Azimut disclaims any intention or obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise, other than as required to do so by applicable securities laws.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Azimut Exploration Inc.
View original content: http://www.newswire.ca/en/releases/archive/August2022/08/c2622.html
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