Business
Sarama provides updates on joint venture negotiations with Savary Gold and the results of Savary's recently completed drilling campaign
VANCOUVER , May 15, 2014 /CNW/ - Sarama Resources Ltd. ("Sarama" or the "Company") is ple...
About this update from Sarama Resources Ltd.
[{"type":"text","content":"\n\nVANCOUVER, May 15, 2014 /CNW/ - Sarama Resources Ltd. (\"Sarama\" or the \"Company\") is pleased to announce that it is close to finalizing a joint venture agreement with Savary Gold Corp. (\"Savary\") which follows a Heads of Agreement signed between the parties on March 10, 2014 (see Sarama news release dated March 11, 2014). The joint venture will unify the operatorship of Sarama's 250 square kilometre Sérakoro 1 property (held under option) and Savary's 500 square kilometre Houndé South property  (\"Houndé South\") in Burkina Faso. The resultant joint venture company will be 65% owned by Savary and 35% owned by Sarama with Savary the operator as long as it controls a majority interest in the joint venture project. Savary has previously reported that the combined properties host 50 kilometre and 24 kilometre, mining camp scale, gold-in-soil anomalies, which when tested, have returned numerous gold-bearing intercepts that will require follow-up. \n\nOn May 14, 2014, Savary announced that it had completed a drill program designed to complete the earn-in requirements for its interest in Houndé South. This program was successful in extending the known gold zones on Houndé South and resulted in the discovery of a series of exciting, new, closely spaced gold zones.  Savary announced the following summary of significant results on the Karangosso, Kien and Kueredougou prospects which form part of Houndé South:\n\nSAVARY'S SUMMARY DRILL RESULTS*\n\n\n2.90 g/t gold over 27.0 metres at Karangosso \n2.92 g/t gold over 5.60 metres at Karangosso \n1.51 g/t gold over 15.0 metres at Kien \n1.52 g/t gold over 15.7 metres at Kien \n0.87 g/t gold over 19.5 metres at Kien \n8.90 g/t gold over 3.8 metres at Kien \n2.34 g/t gold over 7.0 metres at Kien \n0.89 g/t gold over 28.0 metres at Kien \n0.89 g/t gold over 30.0 metres at Kien \n1.36 g/t gold over 15 metres at Kien \n1.87 g/t gold over 9.0 metres at Kien \n7.26 g/t gold over 3.0 metres at Kueredougou \n* true widths are not estimated at this time due to insufficient information, however, a reasonable guide is that true width is approximately 70% of the drilled length. \n\n\nSarama's President and CEO, Andrew Dinning commented:\n\n\"We are pleased to be nearing the conclusion of negotiations with Savary on the joint venture agreement covering Sé...