Establishing Burkina Faso’s Next Gold District
Sarama Resources (TSX-V: SWA) is a West African gold explorer and developer focused on establishing a new mining district in Burkina Faso.
Sarama owns a 100% interest in the Sanutura Development Project, located approximately 350km southwest of Ouagadougou. The project area covers approximately 1,400km² of prospective greenstone terrane, hosts two major gold deposits and is Sarama’s lead project which is progressing towards development.
The Sanutura Project’s multi-million-ounce mineral resource will underwrite a long life, multi-faceted mine development and recent exploration success has scope to add further value to the project.
The company has established a second promising exploration play, the 100%-owned Koumandara Project, which covers an area of approximately 600km² in the Banfora Belt. Sarama considers this area highly prospective and early-stage exploration has defined several corridors of gold anomalism that extend up to 40km in length.
The company also holds a significant interest in the 0.7 Moz Au(3) Karankasso Project JV which is proximal to the Sanutura Project and remains part of Sarama’s regional portfolio mix.
Sarama’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 – a West African gold explorer and developer is well placed to build on its current success with a sound exploration and project development strategy across its property portfolio.
(1) Current mineral resource estimate – 9.4Mt @ 1.9g/t Au for 0.6Moz Au (indicated) plus 43.6Mt @ 1.4g/t Au for 1.9Moz (inferred), reported at cut-off grades ranging 0.2-1.6g/t Au, reflecting the mining methods and processing flowsheets assumed to assess the likelihood of the mineral resources to have reasonable prospects for eventual economic extraction. The effective date of the Company’s inferred mineral resource estimate is September 8, 2020. Scientific or technical information relating to the preparation of the Company’s mineral resource estimate for the Tankoro Deposit within the Sanutura Project is based on information compiled or approved by Adrian Shepherd. A technical report will be available under the Company’s profile on SEDAR at www.sedar.com
(2) Bondi Deposit – 4.1Mt @ 2.1g/t Au for 282,000oz Au (measured and indicated) and 2.5Mt @ 1.8g/t Au for 149,700oz Au (inferred), reported at a 0.5 g/t Au cut-off.
i. The historical estimate of the Bondi Deposit reflects a mineral resource estimate compiled by Orezone Gold Corporation (“Orezone”) which has an effective date of February 20, 2009. The historical estimate is contained in a technical report titled “Technical Report on the Mineral Resource of the Bondigui Gold Project”, dated date of February 20, 2009 and prepared by Yves Buro (the “Bondi Technical Report”). Yves Buro is an employee of Met-Chem Canada Inc and is considered to be independent of Orezone and Sarama. The technical report is available under Orezone’s profile on SEDAR at www.sedar.com.
ii. Sarama believes that the historical estimate is relevant to investors’ understanding of the property, as it reflects the most recent technical work undertaken in respect of the Bondi Deposit.
iii. The historical estimate was informed by 886 drillholes, assayed for gold by cyanidation methods, were used to interpret mineralised envelopes and geological zones over the area of the historical estimate. Gold grade interpolation was undertaken using ID² methodology based on input parameters derived from geostatistical and geological analyses assessments. Field measurements and geological logging of drillholes were used to determine weathering boundaries and bulk densities for modelled blocks.
iv. The historical estimate uses the mineral resource reporting categories required under National Instrument 43-101.
v. No more recent estimates of the mineral resource or other data are available.
vi. Sarama is currently undertaking the necessary verification work in the field and on the desktop that may support the future reclassification of the historical estimate to a mineral resource.
vii. A qualified person engaged by Sarama has not undertaken sufficient work to verify the historical estimate as a current mineral resource and Sarama is therefore not treating the historical estimate as a current mineral resource.
(3) The current mineral resource estimate for the Karankasso Project of 12.74Mt @ 1.73g/t Au for 709koz Au (effective date of December 31, 2019) was disclosed on February 24, 2020 by Semafo Inc (“Semafo”, since acquired by Endeavour Mining Corp. “Endeavour”). For further information regarding that mineral resource estimate, refer to the news release “Semafo: Bantou Project Inferred Resources Increase to 2.2Moz” dated February 24, 2020 and Semafo: Bantou Project NI43-101 Technical Report – Mineral Resource Estimate” dated April 3, 2020. The news release and technical report are available under Semafo’s and Endeavour’s profile on SEDAR at www.sedar.com. The mineral resource estimate was fully prepared by, or under the supervision of Semafo. Sarama has not independently verified Semafo’s mineral resource estimate and takes no responsibility for its accuracy.
(4) The Djarkadougou Exploration Permit, which hosts the Bondi Deposit, is going through a process with the government of Burkina Faso where it is required it be re-issued as a new full-term exploration permit. The Company is in discussion with senior government officials regarding certain impediments to the re-issue of the Exploration Permit and anticipates these discussions will be completed in due course, though there can be no assurance that the process will be successfully completed on a timely basis, or at all.