Sama Resources Inc.

TSX VENTURE : SME


Sama Resources Inc.

February 28, 2013 07:00 ET

Sama Continues Aggressive Exploration Program at Samapleu and Increases its Land Package.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 28, 2013) - Sama Resources Inc. (TSX VENTURE:SME) -

Highlights - Samapleu Project, Côte d'Ivoire, West Africa:

  • SM25-133605, returned 43 metres of highly disseminated sulphide mineralization including 4 metres of semi-massive sulphide mineralization.

  • HTEM survey completed and ground follow-up commenced on high quality targets for potential additional massive sulphide occurrences.

  • Continued drilling to expand on tonnages at Samapleu Deposits.

  • Two new base metal exploration permits granted to Sama, increasing its overall land package to 2,455 km2.

  • PDAC 2013 Invitation to Booth 2602.

Sama Resources Inc. ("Sama" or the "Company") is pleased to announce that a 3,400 line/kilometre ("km") airborne helicopter electromagnetic and magnetic survey ("HTEM Survey") has been successfully completed over part of the more promising areas within the Company's Samapleu Project in Côte d'Ivoire, West Africa. Detailed interpretation of the HTEM Survey is pending; however, several high quality targets are already outlined. Ground follow-up is ongoing while access is being prepared for the drill rig. Drilling of these regional targets should start in April.

Two new exploration permits, Worofla PR 301 (400 km2) and Zérégouiné (394 km2), have been granted to Sama by the Ivoirian Department of Mines. Consequently, Sama has increased its combined land package in Côte d'Ivoire and New Guinea to an aggregate total of 2,455 km2, over what Sama considers to be the Next World Class Base Metal Camp.

Sama is currently drilling to expand on nickel-copper sulphide tonnages at the Samapleu Main and Extension 1 Deposits in Côte d'Ivoire, and in particular, along the 2.5 km-long mineralized Extension 1 Deposit (Zones 24 and 34). Sama is testing the mafic host using its own newly-minted drill rig, which has reduced the Company's drilling costs per metre by 85%. In addition to hole SM25-112519, which returned 122 metres of highly disseminated sulphide mineralization, including 10 metres of semi-massive sulphide mineralization (see News Release dated January 16, 2013), 5 new holes have intercepted mineralization while laterally closing the northeast end of Zone 24. Mineralization is still open at depth. Assay results are expected on a regular basis going forward.

The HTEM Survey was flown at a combination of 100 and 200 metre line spacing by Fugro Airborne Surveys (Pty) Ltd. of South Africa. The HTEM Survey was aimed at targeting new sectors with the potential for additional nickel-copper sulphide mineralization from surface to several hundred metres at depth. The Samapleu nickel-copper Main and Extension 1 Deposits recorded strong electromagnetic responses, signifying the presence of nickel-copper massive sulphide material. Similar responses have been noted in numerous locations within the regional HTEM Survey.

The table set out below shows visual mineralization estimates for recent holes drilled at the Samapleu Extension 1 Deposit. Assay results are pending.

HOLE-ID Hole length
m
Dip FROM
m
TO
m
LENGTH
m
Visual estimate
Sulphides (Pyrrhotite/Pentlandite/Chalcopyrite)
Samapleu Extension 1 Deposit (Zone 24)
SM25-112519 180 -90° 21 143 122 Highly disseminated sulphide (5-30%) with 10 metres of semi-massive sulphide (50-75%) and numerous additional stringers of semi-massive sulphide.
SM25-112555 175 -90° 32 82 50 Disseminated to highly disseminated sulphide with stringers of semi-massive sulphide.
SM25-184483 174 -90° 110 129 19 Disseminated to highly disseminated sulphide with stringers of semi-massive sulphide.
SM25-256482 158 -75° 114 148 34 Disseminated to highly disseminated sulphide with stringers of semi-massive sulphide.
SM25-183519 198 -75° 60 102 42 Disseminated to highly disseminated sulphide with stringers of semi-massive sulphide.
SM25-133605 170 -50° 93 136 43 Highly disseminated sulphide (3-30%) with 4 metres of semi-massive sulphide (35-50%) and numerous additional stringers of semi-massive sulphide.

Core logging and sampling were performed at Sama's facility in Yorodougou village. Sample preparations were performed at Société de Développement de Gouessesso's sample preparation facility in Gouessesso village under Sama's supervision. Sample pulps were delivered to Bureau Veritas Mineral Laboratory's facility in Abidjan, Côte d'Ivoire ("BVML), and then dispatched by BVML directly to their assay laboratory, Ultra Trace Pty, in Perth, Australia. All samples were assayed for nickel, copper, cobalt, iron, sulphur, platinum, palladium, rhodium and gold using sodium peroxide fusion and have been determined by inductively coupled plasma optical emission spectrometry.

PDAC 2013

Sama is also pleased to announce that that it will be exhibiting at this year's Prospectors and Developers Association of Canada (PDAC) in Toronto. Dr. Marc-Antoine Audet will be addressing investor questions and providing information on the Samapleu Project at its exhibitor booth number 2602 (Session B).

An updated compilation of details of showings, deposits and locations may be viewed on Sama's website at http://www.samaresources.com/i/pdf/Sama_Corporate_Presentation.pdf.

The exploration and drill program at Sama's Samapleu Deposits was designed by Dr. Marc-Antoine Audet, P.Geo and President and CEO of Sama. Sama is led by a management team well experienced in base metal exploration and development with a long history of working in Africa. Sama is well funded with approximately CAN$2.7 Million in cash.

The technical information in this release has been reviewed and approved by Dr. Marc-Antoine Audet, P.Geo and President and CEO of Sama, and a 'qualified person', as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

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 Sama'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 Sama, or industry results, to 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 Sama'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 including those described in the audited annual consolidated financial statements and accompanying management discussion and analysis.

In addition, forward-looking statements and forward-looking information is 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, Sama 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.

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.

Contact Information

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

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