Sarama Resources Intersects 23m @ 4.26g/T Gold 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 confirmed the presence of high-grade mineralisation within the central area of the Tankoro Deposit, with new downhole intersections from recent drilling including 23m @ 4.26g/t Au, 18m @ 3.63g/t Au and 11m @ 4.33g/t Au being returned.

Notably, the new results confirm the presence of a high-grade mineralised zone extending for 700m along strike and high-grade oblique mineralisation within the central area of the Tankoro Deposit. This area accounts for approximately 80% of the Mineral Resource for the deposit and is currently the economic focal point of the Project.

The reported drilling totals approximately 5,400m and reflects the balance of unreported assays of a multi-purpose drill program completed in H2 2022 which was primarily focussed on testing for new, near-surface mineralisation within the Tankoro Deposit. The successful program has delivered numerous high-grade discoveries which are anticipated to grow the oxide component of the Project’s 0.6Moz Au (Indicated) plus 2.3Moz Au (Inferred)⁽¹⁾ mining shape constrained Mineral Resource.

Highlights

• Extensive zones of high-grade mineralisation continue to be intersected within the Tankoro Deposit
• Highlighted downhole intersections from new assays include:
  • 23m @ 4.26g/t Au from 30m in TAR044;
  • 18m @ 3.63g/t Au from 24m in TAR043;
  • 11m @ 4.33g/t Au from 30m in TAA320;
  • 26m @ 2.09g/t Au from 2m in TAA318;
  • 15m @ 2.37g/t Au from 7m in TAA321;
  • 18m @ 2.02g/t Au from 21m in TAA362; and
  • 22m @ 1.74g/t Au from 25m in TAA413.
• Significant zone of high-grade mineralisation delineated over a strike length of 700m
• Oblique lodes continue to demonstrate enriched grade, highlighting value potential
• Drill results support strike extensions for several mineralised lodes
• Intersections are in near-surface oxide material with potential to provide early feed in any mine development
• Intersections enhance confidence level of the near-surface oxide and transition component of the Mineral Resource, currently standing at a substantial 0.2Moz Au (Indicated) plus 0.8Moz Au (Inferred)⁽²⁾
• 2023 exploration to focus on the Bondi Deposit, located in the north of the Sanutura Project

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

“We are excited that we continue to make new, near-surface discoveries and extend areas outside of the modelled mineralization. The central area of the Tankoro Deposit hosts almost 80% of its contained metal and remains the economic focus of the Project and the drill results received from the 20,000m of drilling completed in the current campaign support management’s view that abundant exploration potential remains. We have made multiple new high- grade discoveries proximal to but outside of the Mineral Resource and also developed a new exploration target model reminiscent of Endeavour Mining’s flat, high-grade Kari Pump Deposit which lies 80km away. The recent discoveries are 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 shallow, cost-effective aircore drilling.”

Figure 1 - Tankoro Deposit Location Plan – Continual Success in CY2022 Drilling Program

Drilling Delineates High-Grade Zones in Oxide Material within the Central Area of Tankoro Deposit

Results are reported (refer Appendix A) for approximately 1,200m (20 holes) of aircore (“AC”) and reverse-circulation (“RC”) drilling undertaken in Q2/Q3 2022 within the central area of the Tankoro Deposit at the MC and MM Prospects which targeted high-grade zones of mineralisation close to surface. These prospects are the economic focal points of the deposit and the targeted areas would notionally provide early feed for a potential oxide open pit mine development.

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