Sama Resources Inc.
TSX VENTURE : SME

Sama Resources Inc.

September 28, 2016 07:00 ET

Sama to Initiate Down-Hole Geophysical Survey to Follow-Up on Shallow High Grade Nickel-Copper Intercepts, Ivory Coast, West-Africa

MONTREAL, QUEBEC--(Marketwired - Sept. 28, 2016) - Sama Resources Inc. ("Sama" or the "Company") (TSX VENTURE:SME) announces that the Company will proceed with a down-hole geophysical survey at two project locations in Ivory Coast, West-Africa.

The geophysical testing will commence in October and surveyed boreholes will include the 620 meters ("m") long SM34-564718 at the Samapleu main deposit and the recently drilled 342 m long GR72-787708 at the Grata property. The survey will be performed under the supervision of Abitibi Geophysics, Val d'Or, Canada.

The company's exploration objective is to delineate massive sulphide reservoirs that could be the source of high grade nickel ("Ni") - copper ("Cu") - palladium ("Pd") lenses intercepted in shallower boreholes at the Samapleu deposits. The following table has select highlights of high-grade drill results at the Samapleu and Yepleu. They have all been previously announced and readers are encouraged to see previous news releases for full details.

At Samapleu, the 2014's borehole SM34-564718 tested the pipe-like intrusion at depth and intercepted more than 200m of ultramafic layers with disseminated sulphite from 420m to the bottom. The borehole was terminated within the ultramafic complex. The borehole is located 150m from another hole (SM44-693140b) which intercepted 91m of ultramafic sequence with mineralisation up to 6.55% Cu and an interval of 3.4m grading 1.12% Ni, 0.50% Cu and 1.61gpt Pd intercepted at the bottom of the hole (from 594m) which suggest that the mineralization continued at depth.

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. The borehole GR72-787708 has been terminated at 342m and intersected the typical Yacouba complex sequence including fractured pyroxenite and gabbro with sulphide mineralisation as fractures filling between 180 and 187m.

Highlight table of high-grade drill intercepts previously reported

Hole-ID From To Interval Ni Cu Pd Date of News Release
m m m % % gr/t
Samapleu Deposits
SM44-428267 15.00 68.90 53.90 0.96 0.76 0.74 April 20, 2015
including 57.65 60.55 2.90 4.45 2.20 3.08
including 62.90 68.00 5.10 3.87 2.56 2.83
SM25-133537 30.00 63.00 33.00 0.38 0.31 0.63 April 20, 2015
including 32.45 36.65 4.20 1.13 1.03 1.75
SM44-683140 347.00 495.85 149.00 0.30 0.29 0.42 August 12, 2014
including 347.00 356.20 9.20 0.46 1.12 1.11
SM44-693140b 513.20 604.40 91.20 0.25 0.17 0.24 August 12, 2014
including 513.95 514.25 0.30 0.19 6.55 1.99
including 594.15 597.55 3.40 1.12 0.50 1.61
SM44-494350b 11.00 64.00 53.00 0.52 0.50 0.31 February 16, 2012
including 29.20 34.80 5.60 1.91 1.71 0.94
SM44-450250b 33.50 92.90 59.40 0.89 0.86 0.81 June 20, 2011
including 85.25 91.90 6.65 3.80 2.92 3.09
SM44-492354 10.00 61.00 51.00 0.72 0.61 0.45 January 10, 2011
including 36.00 46.00 10.00 1.76 1.30 1.00
including 24.00 29.00 5.00 1.32 1.18 0.75
SM44-450250 13.50 102.80 89.30 0.66 0.64 0.58 May 31, 2010
including 86.60 101.60 17.00 1.99 1.96 1.49
SM25-112519 22.00 144.00 122.00 0.44 0.32 0.94
including 84.90 95.90 11.00 1.89 0.78 2.84
SM24-661614 67.30 244.00 176.70 0.26 0.20 0.49 June 26, 2010
including 162.00 170.60 8.60 1.02 0.95 1.51
Yepleu
YE34-418407a 26.15 48.00 21.85 0.42 0.23 0.12 January 14, 2014
including 4.40 1.13 0.14 0.29

These rare pipe like intrusions host the world's largest nickel-copper deposits like Jinchuan, 515 million tonnes ("Mt") at 1.06% Ni; Voisey Bay, 137Mt at 1.68% Ni; Kabanga, 52Mt at 2.65% Ni; Eagle, 4.5Mt at 3.33% Ni; Eagle Nest, 20Mt at 1.68% Ni; Kalatongke, 24Mt at 0.68% Ni and N'komati 2.8Mt at 2.08% Ni.

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.

EXTENSION OF WARRANTS

The Company announces that it intends to amend the expiry date of an aggregate total of 5,992,001 unexercised share purchase warrants (the "Warrants") by a further 18 months. The extension is subject to the approval of the TSX Venture Exchange (the "Exchange").

Pursuant to the non-brokered unit private placement announced on December 9, 2014 and closed in two tranches with an initial tranche closing on December 19, 2014, for a total of 5,811,092 Warrants being issued and expiring on December 19, 2016. The final tranche closing on February 6, 2015, for a total of 180,909 Warrants being issued and expiring on February 5, 2017. All Warrants currently remain outstanding. The expiry date will be extended to June 19, 2018 and August 8, 2018 for the respective tranches. All other terms of the Warrants will remain the same. Under the policies of the Exchange, the 5,700 additional Warrants issued as finders' fees are not eligible to be extended.

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
    Corporate Development Advisor
    (604) 443-3835
    Toll Free: 1 (877) 792-6688, Ext. 5