Located approximately 350km southwest of Ouagadougou, Sarama’s 100% owned Sanutura Project is situated in the prolific Houndé Belt, which is home to three operating gold mines including Endeavour Mining’s Mana and Houndé Gold Mines and Fortuna Silver’s Yaramoko Gold Mine.
The belt is highly prospective and remains relatively underexplored, which is demonstrated by recent discoveries at Endeavour Mining’s Golden Hill Project, Kari Deposit, and 1.5Moz Au Bantou Deposit which is 5km from Sarama’s multi-million ounce Tankoro Deposit – the key deposit within the Sanutura Project.
The Sanutura Project is the company’s lead project and it is being positioned as a multi-stage, long-life, CIL mine development that would initially exploit the oxide and transition component of the mineral resource. The large mineral resource base and suite of exploration targets provide significant optionality and leverage to the gold price and the Project remains key to the development of the southern Houndé Belt. The company anticipates being in a position to properly scope out its development options following the completion of planned 2022 exploration programs.
The Project hosts the Tankoro and Bondi Deposits and has a total mining-shape constrained Mineral Resource(1) of 0.6Moz @ 1.9g/t Au (Ind) plus 2.3Moz @ 1.4g/t Au (Inf), reported at cut-off grades ranging 0.2-1.6g/t Au.
The Project resource also contains a significant higher-grade component of 0.5Moz @ 2.5g/t Au (Ind) plus 1.8Moz @ 1.9g/t Au (Inf) using a 1.0g/t Au cut-off.
The combined oxide and transition component of the pit shell-constrained mineral resource totals 0.2Moz Au (Ind) plus 0.8Moz Au (Inf)(1).
The company’s exploration efforts are focusing on extensional targets at the Tankoro and Bondi Deposits and additional exploration targets within the wider Sanutura Project area where there are a number of exciting opportunities including:
More than 50 compelling exploration targets have been identified within the larger Sanutura Project area from multiple layers of data and these targets will be further explored with a view to establishing additional satellite feed deposits. In the shorter term, it is anticipated that additional ounces will most likely fall into the oxide and transitional material category. Our improved geological understanding and active exploration pipeline gives renewed confidence in continuing to grow Sarama’s assets into the future where even partial success will push the Sanutura Project pit-shell constrained oxide resource base solidly through 1.0Moz Au and total resource base well in excess of 3Moz Au.
A 60,000m program of AC, RC and diamond drilling has been planned and is scheduled to be completed 2022 and importantly for Sarama, given the company already has a solid foundation upon which to develop a mine, further resource additions are highly accretive and the grade threshold for inclusion low.
The company published an updated resource in November 2021, For further detail, read the November 2021 News Release.
FRC677 31m @ 7.07 g/t Au from 24m
DDH043 4.3m @ 42.80 g/t Au from 333m
DDH054 30.8m @ 5.54 g/t Au from 288m
DDH025 10.2m @ 14.85 g/t Au from 109m
DDH045 15.5m @ 9.36 g/t Au from 177m
DDH010A 17.9m @ 7.23 g/t Au from 101m
FRC167 15m @ 7.43 g/t Au from 15m
FRC166 14m @ 7.93 g/t Au from 65m
DDH079 17.4m @ 5.88 g/t Au from 195m
DDH041 11.8m @ 8.06 g/t Au from 35m
FRC655 17m @ 5.45 g/t Au from 11m
RAB078 16m @ 5.60 g/t Au from 34m
FRC154 19m @ 4.64 g/t Au from 65m
DDH004 13.8m @ 5.90 g/t Au from 101m
FRC616 14m @ 5.71 g/t Au from 180m
DDH059 36m @ 6.48 g/t Au from 14m
FRC845 26m @ 6.90 g/t Au from 22m
AC1891 45m @ 3.88 g/t Au from 6m
AC988 32m @ 4.82 g/t Au from 14m
TAA130 35m @ 3.29 g/t Au from 6m
FRC984 15m @ 7.44 g/t Au from 47m
FRC847 19m @ 5.39 g/t Au from 153m
DDH055 37.5m @ 2.59 g/t Au from 27m
FRC873 34m @ 2.62 g/t Au from 32m
FRC837 59m @ 1.45 g/t Au from 85m
FRC774 36m @ 2.26 g/t Au from 4m
FRC847 36.7m @ 2.15 g/t Au from 81m
FRC1076 6m @ 11.85 g/t Au from 231m
FRC708 16m @ 3.84 g/t Au from 20m
FRC982 14m @ 4.12 g/t Au from 41m
FRC564 14m @ 6.22 g/t Au from 0m
AC2431 10m @ 7.15 g/t Au from 4m
AC2496 12m @ 5.78 g/t Au from 14m
FRC562 10m @ 5.50 g/t Au from 82m
AC385 10m @ 5.25 g/t Au from 10m
RAB130 14m @ 3.26 g/t Au from 32m
FRC563 8m @ 5.68 g/t Au from 42m
FRC105 39m @ 4.85 g/t Au from 130m
AC1834 9m @ 4.18 g/t Au from 36m
FRC913 22m @ 1.69 g/t Au from 55m
TAA070 7m @ 11.52 g/t Au from 31m
FRC907 31m @ 1.97 g/t Au from 125m
FRC1000 23m @ 1.73 g/t Au from 40m
TAA077 8m @ 4.72 g/t Au from 34m
TAA068 5m @ 7.26 g/t Au from 16m
AC3628 8m @ 4.21 g/t Au from 34m
FRC1001 34m @ 0.97 g/t Au from 28m
TAA029 29m @ 1.05 g/t Au from 21m
FRC908 32m @ 0.92 g/t Au from 17m
FRC922 24m @ 1.21 g/t Au from 20m
BRC0299 52m @ 5.31 g/t Au from 38m
BRC0204 13m @ 20.41 g/t Au from 8m
BRC0024 66m @ 3.83 g/t Au from 6m
BRC0104 61m @ 3.71 g/t Au from 23m
BRC0101 70m @ 3.04 g/t Au from 0m
BRC0296 54m @ 3.83 g/t Au from 42m
BDD0034 7.5m @ 26.85 g/t Au from 5m
BRC0283 22m @ 9.08 g/t Au from 31m
BRC0100 41m @ 4.63 g/t Au from 0m
BRC0057 29m @ 6.35 g/t Au from 40m
BRC0077 59m @ 3.04 g/t Au from 21m
BRC0103 55m @ 3.26 g/t Au from 0m
BRC0284 29m @ 5.70 g/t Au from 0m
BRC0147D 35.5m @ 4.48 g/t Au from 134m
BRC0134 33m @ 4.58 g/t Au from 57m
BRC0099 24m @ 6.25 g/t Au from 19m
BRC0508 32m @ 4.68 g/t Au from 18m
BRC0534 49m @ 2.87 g/t Au from 2m
BRC0230D 33m @ 4.26 g/t Au from 158m
BRC0121 21m @ 6.44 g/t Au from 6m
BRC0298 13m @ 10.00 g/t Au from 89m
BRC0280 11m @ 11.81 g/t Au from 0m
BRC0502 32m @ 3.82 g/t Au from 0m
BRC000 27m @ 4.42 g/t Au from 39m
BRC0129 39m @ 3.06 g/t Au from 0m
BRC0093 35m @ 3.39 g/t Au from 0m
BRC0537 18m @ 6.43 g/t Au from 32m
BRC0102 46m @ 2.49 g/t Au from 56m
BRC0105 51m @ 2.20 g/t Au from 51m
BRC0054 44m @ 2.49 g/t Au from 56m
BRC0457 36m @ 3.04 g/t Au from 2m
BRC0632 33m @ 3.30 g/t Au from 42m
BRC0535 28m @ 3.83 g/t Au from 36m
BRC0106 30m @ 3.34 g/t Au from 0m
DJR0029 22m @ 3.85 g/t Au from 5m
DJR0030 29m @ 1.44 g/t Au from 1m
DJA0060 27m @ 1.07 g/t Au from 0m
DJA0141 5m @ 4.54 g/t Au from 15m
DJA0076 10m @ 1.47 g/t Au from 28m
DJA0076 20m @ 0.71 g/t Au from 4m
DJR0030 10m @ 1.24 g/t Au from 67m
DJA0061 8m @ 1.50 g/t Au from 0m
DJA0159 15m @ 0.74 g/t Au from 7m
DJA0058 10m @ 1.10 g/t Au from 10m
Sarama Resources has a top-tier Board and Management team with a solid African and industry pedigree that spans all facets of the business from exploration and discovery through to finance, development, and operations and includes companies such as Moto Goldmines and Redback Mining. The company’s assets offer compelling value across multiple areas and provide substantial gold price optionality through the multi-million-ounce gold resource, near-term development potential, exploration portfolio and highly strategic landholding.
The Company is in the formative stages of transitioning from successful explorer to successful gold producer and it intends to play a key role in the consolidation of Burkina Faso’s prolific southern Houndé Gold Belt, an area which continues to yield major new multi-million-ounce gold discoveries.
Sarama’s development plans are underpinned by the Sanutura Project’s multi-million-ounce mineral resource which includes a substantial amount of oxide and high-grade material. The Project’s resource base has the capacity to support a multi-stage CIL development where the oxide and free-milling material underwrites development and provides a substantial return with the balance of the resource and regional exploration success providing significant upside leverage.
Our large resource base provides significant leverage to a rising gold price, not only providing scope for increased operating margins but also a step change in the Resource to Reserve conversion rates. The Company’s 100% owned Sanutura Project hosts the Tankoro and Bondi Deposits which have a Mineral Resource(1) of 9.4Mt @ 1.9g/t Au for 0.6Moz Au (Ind) plus 52.76Mt @ 1.4g/t Au for 2.3Moz Au (Inf).
Sarama’s Sanutura Project provides a near-term pathway to mine development which will utilise the significant oxide and free milling gold resource to underwrite and establish the project. The balance of the resource plus brownfields and greenfields exploration provide additional size, scale and life potential for the project as does scope for possible regional M&A opportunities. Pending work programs will determine optimal flowsheet, development phases and project size.
Sarama’s 100% owned Sanutura and Koumandara Projects cover approximately 2,000km² of highly prospective and geologically proven greenstone terrane. The southern Sanutura Project area covers 1,454km² of highly prospective greenstone terrane. This part of the belt continues to yield major new plus-million-ounce gold discoveries including Endeavour Mining’s Golden Hill, Kari Pump and Bantou Nord deposits. The Koumandara Project (100% Sarama) covers 600km², is situated in the neighbouring Banfora belt and is analogous to the southern Houndé Gold belt situated 40km to the east. Three gold corridors up to 40km in length have been identified and reconnaissance work has delivered high grade gold-in-soil results plus high-grade auger, air-core and RC drilling results over wide intervals.
(1) Current mineral resource estimate for Sanutura Project – 9.4Mt @ 1.9g/t Au for 0.6Moz Au (Indicated) plus 52.8Mt @ 1.4g/t Au for 2.3Moz (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 mineral resource estimate is November 16, 2021. For further information regarding the mineral resource estimate refer to the technical report titled “NI 43-101 Independent Technical Report Sanutura Project, South-West Burkina Faso”, dated January 2022 and prepared by Paul Schmiede, Adrian Shepherd and Fred Kock. Paul Schmiede is an employee of Sarama and Messers Shepherd and Kock are employees of Cube Consulting Pty Ltd and Orway Mineral Consultants Pty Ltd respectivley and are considered to be independent of Sarama. The technical report is available under Sarama’s profile on SEDAR at www.sedar.com
(2) 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.