Sarama Resources Ltd. announced that exploration drilling has returned further significant intersections in near-surface oxide material outside the current Mineral Resource. These intersections, including 34m @ 1.65g/t Au, are in a sparsely drilled area at the MM & MC Prospects and open-up a new trend for future exploration. The reported drilling totals 700m, part of an ongoing +50,000m program at the Company's 100%-owned (4), multi-million ounce Sanutura Project (the "Project"), primarily designed to increase the oxide component of the Project's already large 0.6Moz Au (Indicated) plus 2.3Moz Au (Inferred) Mineral Resource.

Results are being reported for approximately 700m of aircore ("AC") drilling (12 holes) undertaken in June/July 2022 in the southern part of the MM & MC Prospects. The drilling targeted the near-surface oxide horizon to a depth of approximately 50m and highlighted downhole intersections include: 34m @ 1.65g/t Au from 18m in TAA315; 12m @ 1.36g/t Au from 18m in TAA417; 4m @ 3.23g/t Au from 47m in TAA192 (including 1m @ 10.25g/t Au); 12m @ 1.04g/t Au from 12m in TAA381 (including 4m @ 2.16g/t Au); 18m @ 0.98g/t Au from 9m in TAA416; 5m @ 2.40g/t Au from 62m in TAA380; and 5m @ 1.16g/t Au from 31m in TAA415. The recent reconnaissance drilling was targeted using soil geochemistry and geophysical surveys conducted by Sarama and followed up historical reconnaissance drilling in the area which include highlighted intersections of: 6m @ 3.31g/t Au from 42m in AC914; 6m @ 2.18g/t Au from 22m in AC915; and 4m @ 2.88g/t Au from 18m in AC906.

The drilling is part of the ongoing +50,000m drill program at the Project which is designed to significantly increase the oxide and transition component of the Mineral Resource which currently stands at 0.2Moz Au (Indicated) plus 0.8Moz Au (Inferred) (2) . Several of the new significant drill intersections occur within the Tankoro Deposit corridor in an area that is sparsely drilled and outside the current Mineral Resource, highlighting the potential for new discoveries in between existing wide-spaced drilling in underexplored areas. Mineralization at the Tankoro Deposit typically presents as a series of steeply dipping, sub-parallel lode packages assembled in two distinct tracts which demonstrate kilometer-scale continuity along their north-north-east strike.

Successive exploration campaigns by Sarama have developed the geologic model to include secondary cross-linking mineralized lodes oriented at oblique angles to the lodes within the main mineralized tracts. This architecture has been observed at the well-drilled areas of the MM and MC Prospects, which together host 66% of the Project's Mineral Resource. The mineralization in these areas is interpreted to be the result of multi-phase deformation and fluid emplacement events and provide the economic focal points of the Tankoro Deposit given the associated increased lode volumes and higher grades.

This occurrence is most notably proximal to the confluence of the cross-linking and main lodes which have produced very strong, historical intersections including: 32m @ 4.82g/t Au from 14m in AC988 (MC Prospect); 45m @ 3.88g/t au from 6m in AC1891 (MC Prospect); 26m @ 6.90g/t Au from 22m in FRC845 (MC Prospect); 36m @ 6.48g/t Au from 14m in DDH059 (MC Prospect); 17.9m @ 7.23g/t Au from 101.3m in DDH010A (MM Prospect); 13.8m @ 5.90g/t Au from 101.3m in DDH004 (MM Prospect); 19m @ 4.64g/t Au from 65m in FRC154 (MM Prospect); and 11.8m @ 8.06g/t Au from 35.3m in DDH041 (MM Prospect). While the understanding of the drill area reported in this news release is currently limited, further drilling is planned to delineate the extent and geometry of mineralization. The results of the new drilling suggest the potential for cross-linking mineralization to be present in the area, reminiscent of the lode geometry seen in the more densely drilled areas of the deposit immediately to the north.

This bodes well for future exploration with potential additions from two areas: the immediate area along the 1.1km-long strike of the inferred oblique lode that is proximal to the very encouraging recent intersection of 34m @ 1.65g/t Au; and further repetitions of cross-linking lodes within a north-north-east trending zone of elevated gold-in-soil values which covers a footprint of 1.7km x 650m and is largely untested by drilling. Drilling is currently paused until the end of the wet season in Fourth Quarter 2022. The Company is currently interpreting results and incorporating these in its planning for further drilling of its highest priority targets around the Mineral Resource, including at these encouraging new locations, early in the next field season.

A number of regional exploration targets will also be tested in the upcoming programs. The Company's primary focus is its 100%-owned (4)Sanutura Project, which hosts a large Mineral Resource of 0.6Moz Au (Indicated) plus 2.3Moz Au (Inferred) (1) and covers an area of 1,420km 2 . 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 Houndé 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 Houndé 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 and the primary objective of the current +50,000m drill program is to increase 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 recent drill program has generally focused on shallow additional and extensional targets throughout the well-mineralised corridor, where mineralisation 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 .