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SARAMA SOUTH HOUNDE DEPOSIT (1.504Moz)

21 January 2014

SOUTH HOUNDE DEPOSIT

Project Location and Access

 Sarama’s South Hounde Project on the Tankoro exploration property is the southern Houndé Greenstone Belt, located approximately 260km west of Ouagadougou the capital city of Burkina Faso. The project is located in same belt and stratigraphy as Semafo’s Mana Mine, Endeavour’s Vindaloo and Roxgold’s Yaramoko projects.

Access from Ouagadougou is by 302 paved roads to Diebougou town and then 25km of paved road on the way to Gaoua up to the junction were the ways turn at right away from the paved road. And further 60 km laterite road to reach the project area.

Project history

–         Sarama Resources Ltd is a West African focused gold explorer incorporated in April 2010.

–         The Company entered into an agreement in respect of the exploration rights to the Tankoro Property in January 2011.

–         The Company’s first‐pass exploration was a soil geochemistry survey undertaken by the Company in the 1st half of 2011. This survey defined the MM anomaly a in the Tankoro Structural Corridor.

–         Sarama completed two fences of RC scout drilling over a portion of the area in June-July which identified a significant mineralised system at the MM Prospect.

–         In the first half of 2012, Sarama resources completed RC and diamond drill programs at south Hounde on infill and extensional targets at the MM Prospect, as well as scout drilling in other areas within the Tankoro Structural Corridor.

–         April 11, 2013 Sarama Resources announce that it has acquired a 100% interest in the Tankoro exploration property.

–         October 29, 2013 Sarama Resources filed the Technical Report prepared in accordance with the Canadian ‘NI 43-101’ for South Hounde/ Tankoro project.

–         September 16, 2013 Sarama Resources announced maiden resource estimate of 1.5 million ounces at an average grade of 1.6g/t for South Hounde/ Tankoro after two years of exploration activity.

 

Project Geology

South Houndé is located in the southern portion of the Hounde birimian age Greenstone Belt in South Western Burkina. The main rock types in the Hounde district are Proterozoic supracrustal units intruded by a series of granitoids and dolerite dykes. The Proterozoic sequence comprises amphibolite at the base and youngest Tarkwaian sedimentary rocks in faulted contact with basement. Granitoids include an older series and two younger granitoid suites.

The project area is dominated by volcano sediments package with associated intermediate to mafic volcanics, mainly at the west but also at the east of the deposit. Tarkwaiian series are also present further east.

At the prospect scale the volcano sediments are intruded by a series of parallel quartz-feldspar-porphyry dykes, interpreted to be striking north-north-east and dipping steeply to the west. The Tankoro corridor shows hydrothermal fluid penetration on a large scale along regional structures.

Observed also are quartz veins cutting the predominant silica-sulphide altered metasediments.

DEPOSIT TYPES

Several different styles of mineralization were observed on the project including a porphyry-hosted alteration system, consisting of multiple stacked lodes containing disseminated sulphide mineralization and quartz veins cutting predominant sedimentary lithologies.

Mineralization is mainly associated with series of parallel quartz-feldspar-porphyry dykes.

MINERALIZATION

Mineralization at South Hounde is associated to series of parallel quartz-feldspar-porphyry dykes, striking north-north-east and dipping steeply to the west. Although mineralization is mainly associated with feldspar porphyry dykes the hosting metasediments are also mineralized. Styles of mineralization also include quartz veins cutting predominant sedimentary lithologies.

Hydrothermal fluid penetration on a large scale along regional structures suggests structural control on mineralization induced in the Tankoro Structural Corridor and a high degree of geological continuity and geometrical consistency. Alteration mineralogy includes silica, sulphides, sericite and albite. Mineralization zones were typically observed to contain sulphide minerals (pyrite and lesser arsenopyrite), silica and carbonate.

Gold is typically fine (

  Mineral Resources

September 16, 2013 Sarama declare a maiden Inferred Mineral Resource estimate of 1.50 Moz of contained gold at its South Hounde Project. Estimation was carried out by Cube Consulting Pty Ltd (Perth) and returned an Inferred Mineral Resource of 29.13 Mt @ 1.6 g/t Au for 1.50 Moz (at 0.8 g/t Au cut‐off grade). Mineral Resource includes 1.1 Moz at 2.1 g/t Au and approximately 50% of the resource is +2.6 g/t Au.

Source: press release of September 16, 2013

INFERED MINERAL RESOURCES AT 0.8 G/T Au CUT OFF GRADE

Oxidation level

Tonnage

Average Grade

Contained Gold

Metal Contribution

Mt

g/t Au

koz

Au

Oxide

5.36

1.6

267

18%

Transition

1.28

1.6

64

4%

Fresh

22.49

1.6

1,172

78%

Total Inferred

29.13

1.6

1,504

100%

www.saramaresources.com

NB: Some of the figures are modified from company public data

21 January 2014

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