Sama Resources Inc.
TSX VENTURE : SME

Sama Resources Inc.

January 05, 2016 07:01 ET

Sama Announces the Grant of the Highly Prospective Grata License Contiguous to the Samapleu Nickel-Copper Property in Cote d'Ivoire

Highlights:

- New exploration license on highly prospective area

- First of four boreholes returned thick sub-horizontal layered sequences at 360m

- Downhole Geophysics to be completed in Q1 2016 at Yepleu and Samapleu

- Samapleu License has been approved for renewal.

MONTREAL, QUEBEC--(Marketwired - Jan. 5, 2016) - Sama Resources Inc./Ressources Sama Inc. (TSX VENTURE:SME) ("Sama" or the "Company") is pleased to announce that it has obtained a new exploration license contiguous to the Samapleu license to explore for base metals over an 80 square kilometer ("km") land package in the Republic of Côte d'Ivoire, West Africa (the "Grata Permit").

The Grata Permit is 100% owned by Sama Nickel Côte d'Ivoire SARL, a fully owned subsidiary of the Company. The Grata Permit is located adjacent to the north-eastern boundary of the Samapleu exploration permit (PR 123). Sama believes that ultramafic sequences of the recently outlined large Yacouba Layered Complex which hosts the Samapleu Nickel-Copper-Palladium deposits, are extending within the Grata Permit and as such represent a prime target for nickel-copper-palladium mineralization. Surface exploration is ongoing and will be followed shortly with exploration holes.

Exploration at Yepleu and Samapleu

The first of 4 boreholes (YE40-438348, 614m deep) was drilled at the Yepleu sector aimed at testing the geophysical anomaly interpreted from 2013 HTEM (helicopter time domain electromagnetic survey). The borehole is the first of a program of 3 to 4 holes which will test the large anomaly. The borehole intercepted a sub-horizontal sequence of 366m thick of alternating diorite/anorthosite and mafic units, part of the Yacouba layered complex, intruding the Archean gneissic host rock and named the Upper Sequence. A mineralized horizon of 6mof nickel-copper mineralization, ranging from disseminated to semi-massive sulfides material located between 360.65m and 367.30m marking the bottom contact of the Upper Sequence. Below 366m, another layered sequence is present showing a package of diorite/anorthosite together with pyroxenite also intruding the gneissic host rock, named as the Lower Sequence. The borehole was terminated at 614m for technical reasons, without reaching the targeted depth for the HTEM anomaly.

The disseminated and semi-massive sulphide mineralization of boreholes YE40-436348 is characterised by aggregates of nickel, copper and iron sulphides, named pentlandite, chalcopyrite and pyrrhotite, respectively. Pentlandite occurs together with pyrrhotite, while the chalcopyrite, being the third mineral of global abundance appears either mixed with the pentlandite or as late sulfide centimetric veins crosscutting the pentlandite-pyrrhotite material. Contacts between the semi-massive sulphide material and the surrounding quartzo-diorite with disseminated sulphides are irregular and sharp indicating that the semi-massive sulphide material has intruded the pyroxenite host originating from a source that is yet to be discovered. Preliminary results using a hand held Niton portable XRF analyser ("Niton XRF") returned an interval of 6.65m grading 0.30% nickel and 0.26% copper, including 0.55m at 0.90% nickel and 0.80% copper (Table 1). This mineralisation is identical in nature to the mineralisation observed near surface in all the other boreholes drilled in 2014 at the Yepleu prospect.

The Niton XRF provides assay readings for a wide range of metallic elements including nickel and copper. Readings are made through a few square millimeter window at the sample surface. Several readings are used to generate an averaged value. Reported values obtained using the Niton XRF analyzer are being used only for exploration planning.

A subset of the 2013 HTEM survey was re-interpreted by the Danish geophysical group, Aarhus Geophysics ("Aarhus"), using the Electromagnetic inversion methodology in order to validate Sama's interpretation. The Aarhus inversion model confirmed the presence of a conductor and also that the area in the vicinity of the borehole YE40-438348 is the most conductive in the Yepleu area. Details maps and interpretations are presented on Sama Corporate presentation.

Sama is planning to perform a downhole electromagnetic survey (DHTEM) in YE40-436348 in order to acquire more precision on the target at depth prior to the drilling of the second borehole. It is expected the DTHEM survey will take place in the first quarter of 2016.

Table 1: Preliminary mineral intersects are reported as visual estimates of sulphide content and with nickel and copper values obtained using the hand held Niton.

HOLE-ID
FROM
m
TO
m
Length
m
Visible
sulphide
content
FROM
m
TO
m
Length
m
Nickel
(Niton)
%
Copper
(Niton)
%
YE40-436348 360.65 360.90 0.25 20 to 30 % 360.65 360.90 0.25 0.28 0.18
360.90 361.85 0.95 Trace 360.90 361.85 0.95 0.01 0.01
361.85 362.35 0.50 10 to 15 % 361.85 362.35 0.50 0.27 0.26
362.35 364.35 2.00 5 to 10 % 362.35 363.30 0.95 0.14 0.12
364.35 366.75 2.40 15 to 20 % 363.30 364.30 1.00 0.10 0.09
366.75 367.30 0.55 30 to 40 % 364.30 365.00 0.70 0.43 0.37
365.00 365.65 0.65 0.51 0.46
365.65 366.75 1.10 0.37 0.32
366.75 367.30 0.55 0.90 0.80

Renewal of PR 123, PR 300 and PR 301

The Samapleu Exploration permit (PR123) has been extended for an additional 18 months by the mine department.

Renewal processes for Exploration permits PR 300 and PR 301 are ongoing. As stipulated in the Ivorian mining code, the surface areas for both exploration permits will be reduced by 25%.

For more information, please visit the Company's website at www.samaresources.com or click on the following link to access Sama's most recent corporate presentation: www.samaresources.com/i/pdf/Sama_Corporate_Presentation.pdf.

The technical information in this release has been reviewed and approved by Dr. Marc-Antoine Audet, P.Geo and President and Chief Executive Officer, Sama Resources Inc., and Qualified Person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain of the statements made and information contained herein are "forward-looking statements" within the meaning of Canadian securities legislation or "forward-looking information" within the meaning of the Ontario Securities Act and the Securities Act (British Columbia). This includes statements concerning the Company's plans at its mineral properties, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to vary or be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or forward-looking information. Information regarding drilling results may also be deemed to be forward-looking statements or forward-looking information in that they reflect a prediction of what may be found to be present when and if a project is actually developed.

Forward-looking statements and forward-looking information are subject to a variety of risks and uncertainties which could cause actual events or results to differ from those reflected in the forward-looking statements or forward-looking information, including, without limitation, the availability of financing for activities, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, the geology, grade and continuity of mineral deposits, the possibility that future exploration, development or mining results will not be consistent with the Company's expectations, metal price fluctuations, environmental and regulatory requirements, availability of permits, escalating costs of remediation and mitigation, risk of title loss, the effects of accidents, equipment breakdowns, labour disputes or other unanticipated difficulties with or interruptions in exploration or development, the potential for delays in exploration or development activities, the inherent uncertainty of cost estimates and the potential for unexpected costs and expenses, commodity price fluctuations, currency fluctuations, expectations and beliefs of management and other risks and uncertainties.

In addition, forward-looking statements and forward-looking information are based on various assumptions. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information or forward-looking statements. Accordingly, readers are advised not to place undue reliance on forward-looking statements or forward-looking information. Except as required under applicable securities legislation, the Company undertakes no obligation to publicly update or revise forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise.

Contact Information

  • Sama Resources Inc./Ressources Sama Inc.
    Dr. Marc-Antoine Audet
    President and CEO
    (514) 726-4158

    Sama Resources Inc./Ressources Sama Inc.
    Mr. Matt Johnston
    (604) 443-3835 or Toll Free: 1 (877) 792-6688, Ext. 4
    www.samaresources.com