Sama Resources Inc.
TSX VENTURE : SME

Sama Resources Inc.

October 26, 2010 07:00 ET

Sama Resources: Additional Drilling Confirms Potential of Newly Discovered Samapleu Extenstion 1 Nickel-Copper Zone, Cote d'Ivoire

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 26, 2010) - Sama Resources Inc. (TSX VENTURE:SME) -

Highlights

  • Discovery Hole values: 1.93% Nickel + Copper and 1.6 g/t Palladium and Platinum combined over 9 metres.

  • Hole 50 metres southwest of Discovery Hole: up to 2.68% Nickel and up to 1.79% Copper.

  • 9,000-metre second phase drill program underway.

  • 43-101 compliant mineral resource to be complete by mid-2011.

Sama Resources Inc. ("Sama" or the "Company") is pleased to announce encouraging assay results from three additional holes drilled at the end of July 2010, confirming the excellent potential of "Samapleu Extension 1". These three holes were drilled on a 50 meter ("m") pattern adjacent to the "Discovery Hole", SM24-661614, at the Samapleu Extension 1 zone. The Discovery Hole returned 109 m of material enriched with disseminated and semi-massive sulphide mineralization, including 9.0 m of semi-massive sulphide material grading 1.93% Nickel ("Ni") + Copper ("Cu") and 1.6 grams per tonne ("g/t") Palladium ("Pd") and Platinum ("Pt" and collectively with Pd, "PGM") combined.

Hole SM24-628651, drilled 50 m southwest of the Discovery Hole, returned 21.45 m of disseminated and semi-massive sulphide mineralization, including individual assays of 2.22% to 2.68% Ni and up to 1.79% Cu. The two other holes, SM24-699580 and SM24-594687, drilled 50 m northeast and 100 m southwest of the Discovery Hole, returned 28.60 m and 15.45 m of disseminated and semi-massive sulphide mineralization, respectively. Results are presented in Table 1. Readers are invited to visit Sama Resources' website for a complete update on Sama's first drill campaign.

"It is Sama's objective to proceed with a scoping study on the viability of an open-pit mining operation at the Samapleu main deposit and the newly discovered Samapleu Extension 1 zone before the end of 2011. It is the intention of the Company and its partner, Société pour le Développement Minier de Côte d'Ivoire ("SODEMI"), to become the first poly-metallic producer in West Africa," stated Dr. Marc-Antoine Audet, President and CEO of the Company.

Phase II Program Underway

The Company is also pleased to announce that the second phase drilling program of approximately 9,000 m is underway. The drilling program is designed to define a National Instrument 43-101 ("NI 43-101") compliant mineral resource by mid-2011 at the Samapleu main deposit and to further delineate the mineral potential at the newly discovered Samapleu Extension 1 zone. Drilling will also investigate several additional targets outlined by the geophysical program and by geological mapping.

The Samapleu exploration license also hosts a significant amount of nickel-cobalt rich laterite material, known as the Sipilou South laterite deposit which is located 5 kilometres northwest of the Samapleu main deposit. Approximately 50% of the Sipilou South Ni-Co laterite deposit extends into Sama's exploration license. Laterite material grading between 1.2% to 2.04% Ni and 0.06% to 0.10% Co has been reported from previous work. A first-stage laterite drilling program by the Company on an 800 m x 400 m grid will be part of the current drilling program.

The Company also announces that metallurgical studies on the Ni-Cu+PGM mineralization from the Samapleu main deposit as well as from Extension 1 zone are ongoing at the Société Générale de Surveillance facilities in Vancouver. An environmental baseline study at Samapleu has been initiated.

Table 1: Mineralized Intersections at the newly discovered Samapleu Extension 1 mineralized complex.
 
Hole ID Mineralized Intersections
  From
(m)
To
(m)
Interval
(m)
Pct-
Sulphides
  Ni% Cu% Co% Pt
(g/t)
Pd
(g/t)
Au
(g/t)
SM-Extension 1 Complex                      
SM24-661614 95.50 104.30 8.80 10-15 % 0.24 0.20 0.02 0.17 0.54 0.01
  112.65 118.00 5.35 30-40 % 0.53 0.39 0.03 0.11 0.95 0.03
  136.70 156.00 19.30 15-20 % 0.23 0.24 0.02 0.08 0.31 0.02
  161.60 170.60 9.00 50-70 % 1.00 0.93 0.05 0.10 1.48 0.08
  186.50 207.00 20.50 10-15 % 0.21 0.13 0.02 0.07 0.25 0.03
  212.00 222.00 10.00 10-15 % 0.28 0.25 0.02 0.22 0.82 0.05
  230.00 243.00 13.00 10-15 % 0.27 0.16 0.02 0.16 0.63 0.05
  258.30 265.00 6.70 10-15 % 0.20 0.34 0.01 0.07 0.43 0.03
  272.35 289.00 16.65 10-15 % 0.17 0.31 0.01 0.09 0.41 0.02
SM24-628651            
  59.05 69.40 10.35 10-40 % 0.65 0.58 0.03 0.27 0.98 0.04
  90.50 92.15 1.65 10-70 % 1.82 0.19 0.09 0.22 2.14 0.03
  104.00 104.50 0.50 30-40 % 0.39 0.30 0.03 0.07 0.40 0.03
  174.40 174.80 0.40 50-70 % 0.75 1.71 0.05 0.04 1.41 0.05
  190.70 196.85 6.15 30-40 % 0.67 0.26 0.03 0.10 1.07 0.02
  237.10 238.00 0.90 30-40 % 2.68 0.21 0.11 0.05 0.17 0.03
  252.00 253.50 1.50 30-40 % 1.59 0.87 0.06 0.02 0.02 0.02
SM24-594687                      
  61.00 67.20 6.20 10-30 % 0.27 0.31 0.02 0.07 0.44 0.03
  147.80 152.60 4.80 10-30 % 0.29 0.21 0.02 0.15 0.69 0.02
  164.60 165.20 0.60 50-70 % 1.75 0.31 0.08 0.02 2.74 0.03
  182.00 183.85 1.85 10-15 % 0.31 0.33 0.02 0.10 0.55 0.03
  228.00 230.00 2.00 10-15 % 0.32 0.86 0.02 0.23 0.63 0.02
SM24-699580                      
  73.50 79.50 6.00 10 % 0.24 0.18 0.01 0.05 0.34 0.04
  82.50 91.65 9.15 10-15 % 0.22 0.20 0.01 0.14 0.35 0.03
  95.00 96.50 1.50 10-15 % 0.30 1.09 0.02 0.06 1.19 0.45
  129.30 130.00 0.70 30-40 % 0.58 0.49 0.04 0.17 1.28 0.02
  147.00 151.50 4.50 15-20 % 0.33 0.54 0.02 0.05 0.40 0.05
  153.90 160.65 6.75 15-20 % 0.38 0.20 0.02 0.06 0.45 0.02

The Project is a joint venture among the Company's 100% owned subsidiary SAMA Nickel Corporation (66 â…”%) and SODEMI (33 â…“%).

This News Release was prepared by Dr. Marc-Antoine Audet, P.Geo, President and CEO of Sama Resources Inc., a Qualified Person under NI 43-101.

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 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, 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 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, 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.

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.

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