Sama Resources Inc.

Sama Resources Inc.

December 06, 2011 07:00 ET

Sama Resources Announces New Massive Sulphide Intersections and Discovery of Massive Chromite Occurrences at Its Samapleu Nickel-Copper Project, Côte d'ivoire, Africa

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Dec. 6, 2011) - Sama Resources Inc. ("Sama" or the "Company") (TSX VENTURE:SME) is pleased to announce that the Phase II drilling program was completed in late November 2011, with the 2 last holes drilled at the "Samapleu Extension 1 poly-metallic deposit" returning excellent mineralization. Borehole SM25-009620, located at the northeast end of the known mineralized strike, intersected 45 metres ("m") of highly disseminated sulphide mineralization starting from 33 m vertically from surface with an additional zone of 2.6 m of massive sulphides mineralization at 127 m from surface. Borehole SM24-627794, located at the southwest end of the known strike and 277 m from the previous one, returned 28.6 m of disseminated to highly disseminated sulphide mineralization including a combined 2.5 m of massive sulphide zones, starting from 35 m from surface. True widths of these mineralized zones have not been established at this point.

From March 2010 to November 2011, Sama has established a 200 line/kilometre (''km") grid layout, performed a 121 line/km surface geophysical Induced Polarization survey (''IP"), a 132 line/km surface Magnetometer survey and 198 boreholes, for a total of 20,994 m of drilling on Exploration Permit PR123. All together,70 boreholes, for at total of 10,272 m have drilled at the Samapleu Main deposit on a 50 m by 25 m drill spacing. The Samapleu Extension 1 was discovered by Sama in June 2010 after drilling surface IP anomalies. Thirty-two boreholes for a total of 5,577 m have been drilled at Samapleu Extension 1 on grid spacing ranging from 25 m x 25 m to 50 m x 50 m and larger. Sama has also completed 80 boreholes for a total of 2,663 m at the "Sipilou South Nickel-Cobalt laterite deposit" located 5 km north of the Samapleu deposits. Drilling was performed on 200 m x 200m spacing.

The mineralization is open at depth at the "Samapleu Main poly-metallic deposit" and remains untested below 200 m from surface. The mineralization is open at depth but also along strike at the Samapleu Extension 1 deposit.

With the Phase II drilling program now complete, the process for establishing mineral resources estimates for these deposits has started and will be completed upon receiving the last remaining assays results. Assay results are still pending for a total of 52 boreholes.

Sama's regional compilation and exploration work highlights the very high prospective potential of the whole area surrounding these known deposits and beyond. Sama has also discovered a 19 km long northeast-southwest oriented ridge (Gangbapleu-Bounta Ridge) that contains several outcropping mafic and ultramafic bodies as well as newly discovered Massive Chromite occurrences in 2 distinct locations, all of these features, in addition to being of very significant economic potential by itself, are indicative of a highly favourable geological environment for additional Samapleu nickel-copper style mineralization.

The newly discovered chromites occurrence forms a 600 m by 350 m feature at surface outlined by scattered fragments of massive chromite defining the outer edge. The second discovered occurrence is located in a parallel ridge at 10 km southwest of the first one, whereby the occurrence outcrops continuously over 12 m. Chrome has been confirmed in grades and chrome-to-iron ratios that are comparable to grades and ratios of known chromites deposits using a Niton XRF portable analyzer. Samples are being sent to a recognized assay laboratory for standard assay procedures. Assays will be reported when received. Chromites are used in Ferro-Chrome alloy and it is produced in several countries.

Field investigations and detailed geological mapping are ongoing at both locations. Mineralogical determination, under the supervision of Dr Christian Picard of the University of Franche-Comté, France, is ongoing.

Lola Project, Republic of Guinea

The Lola Project encompasses 1,212 square km ("km2") of fully-owned, highly prospective properties in the Republic of Guinea, West Africa. The Guinean permits were acquired to cover the extensions in Guinea of the very large laterite nickel-colbalt deposits with additional massive sulphide potential discovered in adjacent Côte d'Ivoire. Dr Audet first identified this potential while working on adjacent permits in Côte d'Ivoire in the 1990s.

The exploration program performed this year has identified 14 new laterite plateaus ranging from 0.06 km2 to 1.8 km2 for a total of 5.34 km2 of highly prospective laterite plateaus, including the 1.8 km2 large Gogota laterite plateau. Field investigation has covered only 30% of the 1,212 km2 license area. Drilling exploration work is due to start at the Gogota plateau in February 2012, with the Company's newly purchased man-portable drilling equipment. Sama has filed an Exploration Permit application for an additional 250 km2.

The Company's exploration program also includes an extensive stream sediment sampling program covering areas with similar mafic to ultramafic rock types that host the Samapleu deposits in Côte d'Ivoire.

Sama Resources Commitments and Work Program

While continuing to explore for additional new nickel and copper occurrences, as well as reducing the drill spacing at the Sipilou South Nickel-Cobalt laterite deposit, Sama's objective is to launch a Preliminary Economic Assessment Study (''PEA"), within the first half of 2012 on the viability of an open-pit mining operation at the known Samapleu Main and Samapleu Extension 1 deposits. The scope of the PEA still needs to be detailed and will be based on the final outcome of the mineral resources estimate currently ongoing. However, it is expected that the PEA will aim at investigating the viability of an opencast mining operation with processing through an upgrading circuit followed by a classic flotation circuit producing a nickel+copper concentrate. The concentrate will be delivered to San-Pedro port using the existing highway network.

Drilling was performed by Global Exploration Services SARL of Abidjan, Côte d'Ivoire. Core logging and sampling was performed at Sama's facility in Yorodougou village. Sample preparations for the nickel-copper sulphide exploration program 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 ("BVML") and then dispatched by BVML directly to their assay laboratory, Ultra Trace Pty, in Perth, Australia. All samples are assayed for nickel, copper, cobalt, iron, sulphur, platinum, palladium, rhodium and gold using sodium peroxide fusion and determined by inductively coupled plasma optical emission spectrometry. All samples for the nickel-cobalt laterite programs were delivered to BVML for sample preparation and then dispatched to Ultra Trace Pty, in Perth, Australia. All samples are assayed for nickel, cobalt, scandium and all major oxides using peroxide fusion XRF.

The Samapleu Nickel-Copper Sulphide Project in Côte d'Ivoire is currently in its exploration phase. Future production will be managed by a joint venture controlled 66 2/3% by Sama Nickel Corporation, a wholly-owned subsidiary of the Company, and 33 1/3% by SODEMI. The exploration licences for the Lola Project in Guinea are exclusively held by a wholly-owned branch office of Sama.

This news release was prepared by Dr. Marc-Antoine Audet, P.Geo., President and CEO of Sama, acting as a Qualified Person under National Instrument 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 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.

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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