Sarama Resources Ltd

Sarama Resources Hits More Gold Outside Mineral Resource

Significant New Oxide-Hosted Mineralisation Intersected in Footwall of MC Prospect

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

“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.”

Drilling Intersects Significant New Mineralisation in Footwall of MC Prospect

Results are being reported (refer Appendix A) for approximately 2,000m (35 holes) of aircore (“AC”) and 200m (3 holes) reverse-circulation (“RC”) drilling undertaken in Q2/Q3 2022 at the MC Prospect (refer Figures 1 & 2). The drilling targeted the near-surface oxide horizon to a depth of approximately 50m and highlighted downhole intersections 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).

Click here for the full ASX Release

This article includes content from Sarama Resources, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.

SRR:AU
Sarama Resources

Sarama Resources Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

The Conversation (0)
Sarama Resources (ASX:SRR)

Sarama Resources


Keep reading...Show less

Promising new gold projects in Western Australia, plus a large fully funded arbitration claim.

Initial Exploration Program Completed at Cosmo Gold Project

Initial Exploration Program Completed at Cosmo Gold Project

Sarama Resources (SRR:AU) has announced Initial Exploration Program Completed at Cosmo Gold Project

Download the PDF here.

Blackrock Silver Drills Multiple +1 kg/t AgEq Intercepts and Establishes Grade Continuity over 350 Metres in Final M&I Conversion Assays at Tonopah West

Blackrock Silver Drills Multiple +1 kg/t AgEq Intercepts and Establishes Grade Continuity over 350 Metres in Final M&I Conversion Assays at Tonopah West

Final Assay Results from the M&I Conversion Program Confirm High-Grade Continuity of Gold and Silver Mineralization over 350 Metres in the M&I Conversion Area

Keep reading...Show less
Blue Lagoon Resources (CSE:BLLG)

Ellis Martin Report: Blue Lagoon Resources Inc.'s (BLAGF) Rana Vig - Investors are Seeking Producing Gold Companies

Blue Lagoon Resources Inc. (CNSX:BLLG) (OTCMKTS:BLAGF) is preparing to commence full-scale underground gold production at its Dome Mountain Gold Project in British Columbia. With the final mining permit now secured, the company is targeting an annual production rate of approximately 15,000 ounces of gold, with operations expected to launch as early as July 2025.

In an exclusive interview with Ellis Martin on Money Talk Radio, CEO Rana Vig detailed the final preparations under way - including infrastructure completion, equipment readiness, staffing, and the installation of a water treatment facility, all scheduled for completion in the next three months. A toll milling agreement with Nikola Mining is also in place to facilitate efficient processing.

Keep reading...Show less
Jp Cortez, gold bars.

Jp Cortez: Is America's Gold Really There? US Needs Full Audit of Reserves

Jp Cortez, executive director at the Sound Money Defense League, breaks down what to know about the Gold Reserve Transparency Act, a measure to audit the gold in Fort Knox and other places where America's gold is purportedly stored.

"A space on X will not suffice, and is not a substitute for a true assay, a true audit of every single transaction that that gold was involved in," he said.

Keep reading...Show less
Quimbaya Gold (CSE:QIM)

Quimbaya Gold Doubles Private Placement to $4 Million on Back of Strategic $2M Commitment

Upsize driven by cornerstone investment from a strategic investor group with a strong conviction in Company's Colombian exploration focus

Quimbaya Gold Inc. (CSE: QIM) (OTCQB: QIMGF) (FSE: K05) ("Quimbaya" or the "Company") is pleased to announce that it has upsized its previously announced non-brokered private placement financing from approximately $2,000,000 to $4,000,000 (the "Offering"), following a cornerstone investment from a strategic investor group with a long-term vision for Quimbaya Gold. No commissions are payable in connection with this strategic investment.

The Company views this as a meaningful endorsement of its regional-scale exploration strategy in Colombia and the progress made to date across its flagship Tahami project. The private placement is expected to close on or about June 27, 2025, and remains subject to customary closing conditions and regulatory approvals. All securities issued pursuant to the Offering will be subject to a four-month and one-day hold period in accordance with applicable securities laws.

Keep reading...Show less
Sarama Resources

Sarama Resources Investor Kit

  • Corporate info
  • Insights
  • Growth strategies
  • Upcoming projects

GET YOUR FREE INVESTOR KIT

Latest Press Releases

Related News

×