Sarama Resources Hits More Gold Outside Mineral Resource

Sarama Resources Ltd. (“Sarama” or the “Company”) (ASX:SRR, TSX- V:SWA) is pleased to announce that exploration drilling at its 100%-owned⁽⁴⁾ Sanutura Project (the “Project”) has intersected new mineralisation in the footwall region of the MC Prospect. The mineralisation is located near-surface in oxide material outside the current Mineral Resource and has potential to enhance open pit stripping ratios in any eventual mine development. Sarama intends to pursue further growth in these areas in upcoming drill programs.

The reported drilling totals 2,200m and represents the fourth area of new mineralisation discovered in the ongoing +50,000m program, which has been designed to increase the oxide component of the Project’s 0.6Moz Au (Indicated) plus 2.3Moz Au (Inferred)⁽¹⁾ Mineral Resource.

Highlights

• Shallow, new mineralisation discovered in footwall of the MC Prospect, presents multiple new exploration targets proximal to the current Mineral Resource
• Highlighted downhole intersections in oxide material from new assays include:
  • 17m @ 2.00g/t Au from 29m in TAA213 (hole ended in mineralisation);
  • 23m @ 1.38g/t Au from 15m in TAA227 (including 7m @ 2.51g/t Au);
  • 14m @ 2.16g/t Au from 32m in TAA226 (including 5m @ 5.30g/t Au);
  • 17m @ 1.40g/t Au from 43m in TAA290 (including 5m @ 2.47g/t Au & hole ended in mineralisation);
  • 15m @ 1.51g/t Au from 36m in TAA210; and
  • 19m @ 1.00g/t Au from 35m in TAR061 (hole ended in mineralisation)
• Intersections 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⁾
• Identification of new mineralisation in close proximity to existing Mineral Resource has potential to enhance open pit stripping ratios in any eventual mine development
• Results continue to highlight the scope for significant new discoveries close to known mineralisation
• Further assays pending from Q2/Q3 2022 drill program – to be released as they come to hand and follow-up drilling, including greenfields exploration drilling, expected to commence in Q4 2022

“These most recent results continue to support our thesis that there is significant potential to discover major new zones between and adjacent to areas of known mineralisation and they represent the fourth such area to be discovered in the current drill program. Importantly, the drilling has intersected significant mineralisation in the lightly-tested footwall of the MC Prospect and presents compelling targets to add to a growing list which we are eager to follow-up in the next drill season.”