Sarama Resources Discovers New Mineralised Trend At Sanutura Project

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 discovered a new mineralised trend extending for 700m in the north of the Tankoro Mineralised Corridor.

Highlights

• New, near‐surface mineralisation intersected in the north of the Tankoro Mineralised Corridor
• Highlighted downhole intersections from new assays include:
  • 20m @ 1.68g/t Au from 16m in TAA405 (ended in mineralisation);
  • 13m @ 1.79g/t Au from 7m in TAA403 (incl. 2m @ 8.88g/t Au);
  • 9m @ 2.14g/t Au from 7m in TAA404;o6m @ 2.91g/t Au from 31m in TAA422 (incl. 1m @ 12.10g/t Au);
  • 7m @ 2.18g/t Au from 22m in TAA389;o5m @ 3.01g/t Au from 43m in TAA429 (incl. 2m @ 6.70g/t Au); and
  • 10m @ 1.13g/t Au from 7m in TAA420.
• New mineralised trend has strike length of 700m and remains open in all directions
• Mineralisation is oblique with potential to link Phantom and Phantom West Trends over a 1,200m strike length
• 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⁾

Sarama’s President, CEO & MD, Andrew Dinning commented:

“We are excited that new, near‐surface discoveries continue to be made throughout the Tankoro Mineralised Corridor with the most recent results representing the seventh successive area where new mineralisation has been intersected outside the Mineral Resource. This bodes well for the many other targets that have been identified and are yet to be drilled and continues to support our view that significant exploration potential remains. The identification of new cross‐ linking mineralisation is expected to add to the current Mineral Resource which we plan to update after the completion and follow up of the current +50,000m program, a majority of which is cost effective aircore drilling.”

A Growth‐Oriented Drill Program in Oxide Material

Drilling Identifies New Oblique Mineralised Trend over 700m Strike Length and Remains Open

Results are being reported (refer Appendix A) for approximately 2,000m (43 holes) of aircore (“AC”) drilling undertaken in Q2/Q3 2022 at the Phantom, Phantom West and Phantom East Prospects in the northern 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:

• 20m @ 1.68g/t Au from 16m in TAA405 (ended in mineralisation);
• 13m @ 1.79g/t Au from 7m in TAA403 (incl. 2m @ 8.88g/t Au);
• 9m @ 2.14g/t Au from 7m in TAA404;
• 6m @ 2.91g/t Au from 31m in TAA422 (incl. 1m @ 12.10g/t Au);
• 7m @ 2.18g/t Au from 22m in TAA389;
• 5m @ 3.01g/t Au from 43m in TAA429 (incl. 2m @ 6.70g/t Au); and
• 10m @ 1.13g/t Au from 7m in TAA420.

Phantom and Phantom West Prospects

The new drilling in the Phantom and Phantom West Prospects primarily targeted areas with potential for discovery of additional mineralisation and/or extensions to existing mineralised lodes. These prospects are located to the north of the Tankoro Deposit and historical drilling has been relatively constrained, focussing on the delineation and extension of the dominant north‐north‐east (“NNE”) oriented trends of steeply dipping lode packages which extend over a strike length up to 2.5km (refer Figure 2). A lateral distance of approximately 360m separates the two trends and historical soil geochemical surveys have returned elevated gold‐in‐soil values in between, suggesting potential for obliquely oriented mineralisation to link the two main mineralised trends. This cross‐linking type of mineralisation has been delineated extensively in the better drilled parts of the Tankoro Deposit and adds significantly to the economic potential for the Project.

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