Thursday, November 24, 2016 Derek Macpherson

SWA Starts New Drill Program at South Houndé

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Sarama Resources (TSXV:SWA) announced it has initiated a new drill program at its South Houndé project in Burkina Faso. The program’s focus is to follow up on results of its last drill campaign which appears to have expanded higher grade areas both at depth and along strike as we had discussed in a previous post. Of note, 2.2km of drilling is allocated towards testing structures that are expected to link the MM-MC and the Phantom East-MM prospects. In addition, Samara is looking to test the Djimbake prospect which is located 3.2km South of the current 2.1M oz Au (43M tonnes at 1.5 g/t) resource (Figure 1). The likely resource growth at South Houndé is in our view not reflected in Sarama’s share price, as at C$5/oz it trades at a steep discount to peers at C$37/oz. We believe that as South Houndé continues to advance (US$3.5 million spending planned for the current drill campaign), the acquisition of Bondi closes allowing Sarama to advance that 100% owned project, and as Savary Gold (TSXV:SCA) continues to advance Karankasso (30.5% interest), Sarama should close the valuation gap to peers.

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Monday, November 21, 2016 Derek Macpherson

Savary to Restart Drilling at Karankasso JV

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Savary Gold Corp (TSXV:SCA) along with its partner, Sarama Resources Ltd (TSXV:SWA), announced it has initiated a new exploration program at its Karankasso JV project (69.5% SCA / 30.5% SWA) in Burkina Faso. The drill program consists of up to 21km infill and step-out drilling and is focused on extending the in-pit resources along strike at Karangosso, Kueredougou West, Diosso South and West Trend. We view Karankasso as having meaningful exploration upside and expect resources to grow beyond the current 671k oz (9.2M tonnes at 2.28 g/t Au), when updated in H2 2017. Prior to that, exploration success at Karankasso is likely to benefit both Savary and Sarama’s share price which trade at C$28/oz and C$6/oz, respectively, versus peers at C$63/oz. read more

Sunday, November 06, 2016 Derek Macpherson

SWA Expands High-Grade Zones at South Houndé

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Sarama Resources (TSXV:SWA) announced drill results from its 2016 exploration program at the South Houndé Project located in south-western Burkina Faso. The program appears to have expanded higher grade areas both at depth and along strike. In particular, the program has extended the MM prospect at depth, expanded the MC prospect at depth and along strike, identified higher grade mineralization at Phantom East and identified new oxide mineralization at both the Phantom and MC prospects (Figure 1). These results suggest resource growth is likely, and continue to suggest that South Houndé may be the large scale, long-life project that Acacia (LSE:ACA) is likely looking for.  read more

Tuesday, July 19, 2016 Derek Macpherson

Reasonable Drill Results from Karankasso JV (SCA/SWA)

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Savary Gold Corp (TSXV:SCA) and Sarama Resources Ltd (TSXV:SWA) provided an update from the ongoing drill program at the Karankasso JV (66.3% SCA/33.7% SWA) project in Burkina Faso. While the highlight results were impressive 9.75 g/t over 7m and 1.73 g/t over 28m and the uncut weighted average grade was over 2 g/t, the overall results only returned an average width of 3m, which we would consider to be narrow for open-pit mining. However, it remains early days and the results continued to extend mineralization along strike at depth in multiple areas suggesting resources are likely to grow beyond the currently defined 680k ounces. While the results may have missed elevated expectations, they do not appear to warrant he 25% decline Savary’s share price experienced. read more


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