New High-Grade Mineralization Discovered At Sanutura Project

PERTH, AUS - Sarama Resources Ltd. reported that assays from a further 2,300m drilling at its multi-million ounce Sanutura Project confirm the discovery of new high-grade, near-surface gold mineralization outside the current Mineral Resource at the MM Prospect; an area which is a key contributor to the Project's 0.6Moz Au (Indicated) plus 2.3Moz Au (Inferred) Mineral Resource.

President, CEO & MD, Andrew Dinning, said, “We are extremely pleased that this recent drilling has continued to grow the mineralized area of the MM Prospect, intersecting new, high-grade gold mineralization and also confirming the continuity in high-value oxide zones. With its multiple lodes and abundance of high-grade intersections, the MM Prospect remains the economic focal point of the deposit and it is encouraging that new, shallow mineralization continues to be discovered here. This drilling builds upon the recently reported exploration success at the Obi Prospect where extensive, flat-lying mineralization with high-grade zones in oxide material was delineated, suggesting a new geological model for target generation. The MM and Obi Prospect drill results illustrate the potential for further additions to the already significant oxide and transition component of the Project's Mineral Resource and we remain confident that the ongoing +50,000m drill program will deliver into this potential. We look forward to providing a series of updates over the coming months as further results come to hand."

The recent drilling targeted the near-surface oxide horizon to a depth of approximately 50m and is part of the ongoing +50,000m drill program at the Project which is designed to increase the current oxide and transition component of the Mineral Resource which currently stands at 0.2Moz Au (Indicated) plus 0.8Moz Au (Inferred).

The MM Prospect features several high-grade shoots that extend from surface to a depth of approximately 600m. The recent drilling confirms the presence and continuity of shallow, higher-grade shoots and has intersected new, high-grade gold mineralization outside of the current Mineral Resource in oxide material . Once modeled, these new zones are expected to increase the oxide component of the Mineral Resource and are anticipated to provide high-margin feed in the early stages of any mine development.

This area hosts gold mineralization in multiple sub-parallel, steeply-dipping lenses, forming a consolidated package with a footprint up to 320m in width . The area of drilling spans approximately 1km along strike , sitting within the litho-structural corridor which hosts the 16km-long, drill-defined mineralization that forms the deposit's Mineral Resource. Previous drilling in the area intersected laterally extensive gold mineralization, principally hosted in quartz-feldspar dykes striking north-north-east and gold-quartz vein-related secondary mineralization.

Within the mineralized lode system, high-grade shoots have been modeled with significant strike and dip continuity. The lenses commence at surface and the abundance of high-grade shoots combined with the additive effect of the multiple sub-parallel lodes produces a compelling focal point for early-stage plant feed in any contemplated mine development scenario. The recently completed drill program sought to confirm the continuity of several higher-grade shoots and to test for additional oxide-hosted gold mineralization within the consolidated lode package, but outside the Mineral Resource.

In addition to confirming the tenor and continuity of the higher-grade shoots, the program successfully intersected new, unmodeled mineralization in 3 areas, which are expected to add to the oxide component of the Mineral Resource by way of new lodes being interpreted or existing lodes being extended up-dip and along strike.

The new drill intersections occur in an area with complex lode architecture, thought to be the result of several phases of structural deformation and gold-bearing fluid emplacement. Despite being relatively well drilled with spacings of 30-50m x 50m the new intersections illustrate the potential for additional mineralization to be present in-between drilling and internal to the modeled lode package. This is particularly the case in zones closer to the principal north-north-east striking lodes which are seen to provide a fertile environment for fluid emplacement post the deformation event(s).

While the Company's exploration focus remains firmly on the near-surface oxide horizon, significant potential exists for similar mineralization to occur at depth where drilling is more sparse. The Company anticipates following up on these new encouraging results during Q4 2022 with further shallow drilling.

The Company's primary focus is the Sanutura Project, which hosts a large Mineral Resource of 0.6Moz Au (Indicated) plus 2.3Moz Au (Inferred) and covers an area of 1,420km. The Project occupies a commanding position along 70km of strike in the prolific Houndé Belt ; Burkina Faso's pre-eminent gold belt.

The Project lies 60km south of Endeavour Mining's Hounde Mine (5Moz Au); 120km south of Fortuna Silver's high-grade Yaramoko Mine (1Moz Au), and 140km south of Endeavour Mining's Mana Mine (5Moz Au), highlighting the significant gold endowment of the Hounde Belt. Endeavour Mining's Bantou Project (1.5Moz Au Inferred Mineral Resource (5) ) is located only 6km from the bulk of the Sanutura Project's main deposit, which illustrates the gold camp scale of endowment in the immediate area.

The Project has significant growth potential available and the primary objective of the current +50,000m drill program is to add to the existing 0.2Moz Au (Indicated) plus 0.8Moz Au (Inferred) (2) oxide and transition component of the Project's Mineral Resource to enhance the economics of mine development.

The recently commenced drill program has generally focused on shallow additional and extensional targets throughout the well-mineralized corridor, where mineralization has been drill-defined for a semi-continuous strike length of 16km and where potential exists to expand the Mineral Resource at shallow depths in oxide material .

Drilling is currently on hold until the end of the wet season. The Company is currently interpreting results and revising plans for further drilling of its highest priority targets around the Mineral Resource and undertaking its regional greenfields exploration program, both commencing early in the next field season (Q4 2022).