PERTH, AUSTRALIA and VANCOUVER, BC - Sarama Resources Ltd. ('Sarama' or the 'Company') (ASX:SRR)(TSXV:SWA) is pleased to announce that exploration drilling at its 100%-owned (4) , multi-million-ounce Sanutura Project (the ' Project ') has discovered a new mineralised trend extending for 700m in the north of the Tankoro Mineralised Corridor.

The reported drilling totals approximately 2,000m and was primarily focussed on testing for new mineralisation within the Phantom, Phantom East and Phantom West Prospects, which are located in the north of the Tankoro Deposit (refer Figure 1). The results represent the seventh discovery of additional and extensional mineralisation since the commencement of the Company's ongoing +50,000m drill program and continue to demonstrate the strong potential to grow the oxide component of the Project's 0.6Moz Au (Indicated) plus 2.3Moz Au (Inferred)(1) mining shape constrained Mineral Resource.

Highlights

New, near-surface mineralisation intersected in the north of the Tankoro Mineralised Corridor

Highlighted downhole intersections from new assays include: o 20m @ 1.68g/t Au from 16m in TAA405 (ended in mineralisation); o 13m @ 1.79g/t Au from 7m in TAA403 (incl. 2m @ 8.88g/t Au); o 9m @ 2.14g/t Au from 7m in TAA404; o 6m @ 2.91g/t Au from 31m in TAA422 (incl. 1m @ 12.10g/t Au); o 7m @ 2.18g/t Au from 22m in TAA389; o 5m @ 3.01g/t Au from 43m in TAA429 (incl. 2m @ 6.70g/t Au); and o 10m @ 1.13g/t Au from 7m in TAA420.

New mineralised trend has strike length of 700m and remains open in all directions

Mineralisation is oblique with potential to link Phantom and Phantom West Trends over a 1,200m strike length

Intersections of new mineralisation are in shallow, oxide material with high potential to add to the oxide and transition component of the Mineral Resource, currently standing at 0.2Moz Au (Indicated) plus 0.8Moz Au (Inferred)(2)

Sarama's President, CEO & MD, Andrew Dinning commented:

'We are excited that new, near-surface discoveries continue to be made throughout the Tankoro Mineralised Corridor with the most recent results representing the seventh successive area where new mineralisation has been intersected outside the Mineral Resource. This bodes well for the many other targets that have been identified and are yet to be drilled and continues to support our view that significant exploration potential remains. The identification of new cross-linking mineralisation is expected to add to the current Mineral Resource which we plan to update after the completion and follow up of the current +50,000m program, a majority of which is cost effective aircore drilling.'

Drilling Identifies New Oblique Mineralised Trend over 700m Strike Length and Remains Open

Results are being reported (refer Appendix A) for approximately 2,000m (43 holes) of aircore (' AC ') drilling undertaken in Q2/Q3 2022 at the Phantom, Phantom West and Phantom East Prospects in the northern extent of the Tankoro Mineralised Corridor (refer Figures 1 & 2). The drilling targeted the near-surface oxide horizon to a vertical

Phantom and Phantom West Prospects

The new drilling in the Phantom and Phantom West Prospects primarily targeted areas with potential for discovery of additional mineralisation and/or extensions to existing mineralised lodes. These prospects are located to the north of the Tankoro Deposit and historical drilling has been relatively constrained, focussing on the delineation and extension of the dominant north-north-east (' NNE ') oriented trends of steeply dipping lode packages which extend over a strike length up to 2.5km (refer Figure 2). A lateral distance of approximately 360m separates the two trends and historical soil geochemical surveys have returned elevated gold-in-soil values in between, suggesting potential for obliquely oriented mineralisation to link the two main mineralised trends. This cross-linking type of mineralisation has been delineated extensively in the better drilled parts of the Tankoro Deposit and adds significantly to the economic potential for the Project.

Previous reconnaissance drilling along the targeted trend in the Phantom Prospect returned encouraging results and included downhole intersections of 6m @ 3.33g/t Au , 6m @ 3.85g/t Au and 6m @ 1.40g/t Au . The recent drilling reported in this news release followed up on these isolated intersections and stepped out along the projected trend of the elevated gold-in-soil values and returned results including 6m @ 2.91g/t Au (incl. 1m @ 12.10g/t Au), 6m @ 1.40g/t Au and 2m @ 6.70g/t Au (incl. 1m @ 11.75g/t Au) which support the interpretation of a new mineralised trend extending for approximately 700m along strike

The mineralisation remains open in all directions and importantly, potential exists for it to be extended further to the south-west where it may intersect the main mineralised trend in the Phantom West Prospect. This hypothesis is supported by the elevated gold-in-soil values and would bring the total length of this oblique mineralisation to approximately 1.2km. The intersection areas of lodes of different orientations within the Tankoro Deposit is known to produce enrichment of mineralisation, in terms of volume and grade. In this respect, recent drilling in the projected intersection zone in the Phantom West Prospect has confirmed the presence of higher grades and localised thickening of the mineralisation with downhole intersections of 10m @ 5.25g/t Au (previously reported), 9m @ 2.14g/t Au and 13m @ 1.79g/t Au (incl. 2m @ 8.88g/t Au) being returned.

Further higher-grade zones are present along strike in the current Mineral Resource of the Phantom West Prospect which may be associated with additional instances of cross-linking mineralisation. A recently returned downhole intersection of 20m @ 1.68g/t Au (ending in mineralisation) returned thicker than expected mineralisation and also ended in mineralisation (Figures 3 and 4). This enhances the current interpretation but also offers a near-field target for follow-up in the zone, which also contains historical intersections of 10m @ 3.39g/t Au , 12m @ 2.25g/t Au and 6m @ 2.75g/t Au .

Contact:

Company Activities

Andrew Dinning

Paul Schmiede

Sarama Resources Ltd

E: info@saramaresources.com

T: +61 8 9363 7600

Media

Angela East

Media & Capital Partners

E: Angela.east@mcpartners.com.au

T: +61 428 432 025

ABOUT SARAMA RESOURCES LTD

Sarama Resources Ltd (ASX: SRR, TSX-V: SWA) is a West African focused gold explorer/developer with substantial landholdings in south-west Burkina Faso. Sarama is focused on maximising the value of its strategic assets and advancing its key projects towards development.

Sarama's 100%-owned(4) Sanutura Project is principally located within the prolific Hounde Greenstone Belt in south-west Burkina Faso and is the exploration and development focus of the Company. The Project hosts the Tankoro and Bondi Deposits which have a combined Mineral Resource of 0.6Moz gold (Indicated) plus 2.3Moz gold (Inferred)(1).

Together, the deposits present a potential mine development opportunity featuring an initial, long-life CIL project which may be established and paid for by the significant oxide Mineral Resource base.

Sarama has built further optionality into its portfolio including an approximate 470km-2 exploration position in the highly prospective Banfora Belt in south-western Burkina Faso. The Koumandara Project hosts several regional-scale structural features and trends of gold-in-soil anomalism extending for over 25km along strike.

Sarama also holds an approximate 18% participating interest in the Karankasso Project Joint Venture ('JV') which is situated adjacent to the Company's Sanutura Project in Burkina Faso and is a JV between Sarama and Endeavour Mining Corp ('Endeavour') in which Endeavour is the operator of the JV. In February 2020, an updated Mineral Resource estimate of 709koz gold(3) was declared for the Karankasso Project JV.

The Company's Board and management team have a proven track record in Africa and a strong history in the discovery and development of large-scale gold deposits. Sarama is well positioned to build on its current success with a sound strategy to surface and maximise the value of its property portfolio.

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