The South Hounde Project
Sarama’s primary focus in Burkina Faso is the South Houndé Project.
Located approximately 260 km west of the capital of Ouagadougou, the Project is situated in the prolific Houndé greenstone belt, a region known for its world class gold deposits including Semafo’s Mana Gold Mine, Roxgold’s Yaramoko Gold Mine and Endeavour Mining’s Houndé Gold Project.
Sarama has an agreement with Acacia Mining which provides for Acacia to earn up to a 70% interest in the project by funding US$14m of exploration over a 4-year period, with the ability to acquire an additional 5% interest, for an aggregate 75% interest by declaring a Mineral Reserve of at least 1.6 Moz Au.
Acacia has a number of large world-class mines in East Africa and is targeting developments that match these assets. Whilst the current defined resource meets Sarama’s minimum development criteria, the current exploration strategy is seeking to upgrade the size and quality of the existing Mineral Resource to meet Acacia's size thresholds.
This strategy underwrites the Project, providing development pathways including:
an oxide heap leach operation,
a smaller CIL mine that Sarama would operate, or
an Acacia sized mine of which Sarama would have a significant interest.
Quality land package in southern Houndé gold belt of Burkina Faso
2.1 Moz Au Inferred Mineral Resource*
0.5 Moz Inferred Au Oxide Resource
Resource includes 1.1 Moz @ 2.7 g/t Au (1.6 g/t cut-off)
Oxide heap leach investigations achieved 87% gold recovery in column leach test work
Land position remains highly prospective with the main mineralising system demonstrating scale and complexity with the mineralised strike length of over 10 km and up to 1 km in width
Work in early 2016 has identified new high-grade structures oblique to the main mineralisation
The Resource remains open in all directions and has high-grade shoots that represent legitimate underground targets
US$4m exploration budget for 2016
Further exploration and resource detail, can be found in the following news releases:
May 16, 2016
SARAMA RESOURCES CONFIRMS HIGH-GRADE OBLIQUE MINERALISATION AT THE SOUTH HOUNDÉ PROJECT IN BURKINA FASO
March 31, 2016
SARAMA RESOURCES ANNOUNCES FILING OF NI 43-101 TECHNICAL REPORT FOR MINERAL RESOURCE UPDATE AT THE SOUTH HOUNDÉ PROJECT, BURKINA FASO
February 8, 2016
SARAMA RESOURCES INCREASES INFERRED MINERAL RESOURCES TO 2.1 MILLION OUNCES GOLD AT THE SOUTH HOUNDÉ PROJECT IN BURKINA FASO
November 27, 2014
SARAMA RESOURCES AND ACACIA MINING ENTER INTO EARN-IN ARRANGEMENT IN BURKINA FASO
*Inferred Mineral Resource of 43 Mt at 1.5 g/t for 2.1 Moz Au at a 0.3-2.2 g/t cut-off and over 1.5 Moz Au at 2.1 g/t at a 1.2 g/t cut-off. Inferred Mineral Resource of 13.5 Mt @ 1.2 g/t for 0.5 Moz Au at 0.3 g/t cut-off.
Effective date of the resource estimate is February 4, 2016. For further information refer to the technical report titled “South Houndé Project Update, Bougouriba and Ioba Provinces, Burkina Faso," dated March 31, 2016, which is available under Sarama Resources Ltd.’s profile on SEDAR.
Burkina Faso Adjacent Properties Map
Tankoro Prospect Obi to Phantom with New Drilling