Sama Resources Inc.
TSX VENTURE : SME

Sama Resources Inc.

August 08, 2012 07:00 ET

Sama Resources Announces Results of Drilling and AirMag Survey at its Samapleu Project in Cote d'Ivoire, West Africa

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 8, 2012) - Sama Resources Inc. (TSX VENTURE:SME) -

Highlights:

  • 8 additional boreholes drilled at the Samapleu Extension 1 nickel-copper deposit increase by 200 metres the strike length of the mineralized body defined to date.
  • 1 additional hole drilled at the Samapleu Main nickel-copper deposit intercepts mineralization at depth, opening mineralization to the southwest.
  • Massive Chromite layers intercepted at depth in the Bounta North sector.
  • Airborne geophysical magnetometer and radiometric survey returns numerous targets for follow-up.
  • Sama acquires a Coretech CSD 1300G drill rig.

Sama Resources Inc. ("Sama" or the "Company") is pleased to provide an update on its summer exploration activities at its Samapleu Project in Côte d'Ivoire.

Samapleu Nickel-copper Deposits, Côte d'Ivoire

Eight additional core boreholes for 1,105 metres ("m") and 1 core borehole for 354 m have been drilled at the "Samapleu Extension 1 Deposit" and at the "Samapleu Main Deposit" (collectively, the "Samapleu Deposits"), respectively. The Samapleu Extension 1 Deposit is located 1.3 kilometres ("km") north of the Samapleu Main Deposit.

These boreholes were designed to test the mineralization potential in the northeast and the southwest areas of the Samapleu Extension 1 Deposit and to test the presence of mineralization at depth at the Samapleu Main Deposit.

Samapleu Extension 1 Deposit

Six out of the 8 holes drilled since May 2012 returned sulphide-rich mineralization composed of pyrrhotite, chalcopyrite and pentlandite within pyroxenite and peridotite facies, thus extending the mineralized zone from a 200 m long strike, as defined in Sama's Technical Report dated July 20, 2012 (see Sama's News Release dated June 21, 2012), to up to 400 m and remains open on both ends and at depth. In August, the Company will drill 4 new core boreholes along the interpreted southwest strike to test the presence of mineralization near surface over a total length of approximately 1.2 km. See Table 1 below for a summary of this round of drill results.

Samapleu Main Deposit

Borehole SM44-684210 drilled at the Samapleu Main Deposit returned 52 m of pyroxenite and gabbro from 295 m to 347 m. Specific intervals show 20 to 30% disseminated sulphide. See Table 1 below for a summary of this round of drill results.

Table 1: Visual estimates of mineral intercepts for 9 holes drilled at the Samapleu Deposits.
HOLE-ID FROM TO LENGTH SULPHIDE
Samapleu Main Deposit m m m %
SM44-684210 272.00 275.00 3.00 5 to 40%
295.00 347.00 52.00 3 to 30%
including 296.20 297.70 1.50 20 to 30%
including 300.60 306.80 6.20 20 to 30%
Samapleu Extension 1 Deposit
SM25-080542 20.70 60.05 39.35 3 to 30%
including 41.30 47.00 5.70 20 to 30%
66.05 159.00 92.95 3 to 30%
including 83.85 84.30 0.45 20 to 30%
including 86.50 86.75 0.25 20 to 30%
including 119.80 121.75 1.95 20 to 30%
SM25-039587 32.60 77.50 44.90 3 to 50%
including 41.80 42.37 0.57 20 to 30%
including 47.10 47.53 0.43 20 to 30%
including 60.80 61.15 0.35 20 to 30%
including 62.25 62.60 0.35 40 to 50%
SM24-603758 19.10 139.80 120.70 3 to 30%
including 89.10 89.90 0.80 20 to 30%
including 124.20 126.00 1.80 20 to 30%
SM24-572790 16.40 144.00 127.60 3 to 10%
SM34-603026 41.20 153.00 111.80 3 to 50%
including 42.20 47.60 5.40 15 to 20%
including 60.40 60.80 0.40 40 to 50%
including 64.70 65.00 0.30 30 to 40%
including 76.50 77.60 1.10 15 to 20%
SM25-004552 nil
SM25-045506 nil
SM34-098537 13.90 123.00 109.10 3 to 30%
including 21.80 22.20 0.40 20 to 30%

Metallurgical testing using 100 kilograms of mineralized material from the Samapleu Deposits is currently ongoing at the Centre de Technologie des Minérale et de Plasturgie Inc. of Thetford Mines, Quebec. Proposed upgrading to flotation processes are tested using mineralized material grading 0.25% nickel and 0.23% copper.

Drilling was performed by Global Exploration Services SARL of Abidjan, Côte d'Ivoire. Core logging and sampling were performed at Sama's facility in Yorodougou village. Sample preparations for the nickel-copper 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, Côte d'Ivoire ("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.

Massive Chromite Occurrences at Bounta North

Six boreholes for a total of 675 m were drilled at the Massive Chromite occurrences in the Bounta North sector. Two boreholes intercepted Massive Chromite layers at depth. All boreholes were drilled at an incline of -50 or -60 degrees. All contacts between Massive Chromite intercepts and host rocks are faulted within the dunite unit. Surface geological mapping suggests the dunite, pyroxenite and gabbro assemblage appears to be part of an ultramafic layered complex of at least 300 m wide, with a possible strike length of several km. A handheld Niton XRF portable analyzer returned between 45 to 50% Cr2O3 on the Massive Chromite occurrences. True thicknesses for these Massive Chromite layers are not known yet. See Table 1 below for a summary of this round of drill results.

The area is structurally complex with highly fractured rock making it difficult to interpret geological continuity for the intersected Massive Chromite layer. Detailed surface geophysics will be performed as a guide for future drilling.

To date, no drilling has been done at the Bounta South Massive Chromite occurrences, located 10 km southwest of Bounta North, where more continuous and thicker chromite layers have been outlined at surface. Drilling at Bounta South will be performed later this year following the construction of a bridge to gain access to the area.

Table 2: Geological succession for the 6 holes drilled at the Bounta North area.
HOLE-ID End
m
FROM
m
TO
m
LENGTH
m
FACIES
BN23-129211 132 0.00 33.10 33.10 Weathered material
33.10 132.00 98.90 Dunite/Gabbro/Fault zones
BN23-026030 111 0.00 62.80 62.80 Weathered material
62.80 87.00 24.20 Dunite/Gabbro/Fault zones
BN22-755136 125 0.00 61.00 61.00 Weathered material
61.00 120.00 59.00 Dunite/Gabbro/Fault zones
108.40 112.40 4.00 Massive Chromites
BN22-694042 100 0.00 45.00 45.00 Weathered material
45.00 120.00 75.00 Dunite/Gabbro/Fault zones
79.00 79.60 0.60 Massive Chromites
BN23-026030B 120 0.00 65.00 65.00 Weathered material
65.00 120.00 55.00 Dunite/Gabbro/Fault zones
BN23-095109 87 0.00 76.00 76.00 Weathered material
76.00 87.00 11.00 Dunite

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.

Geophysical Results from the Airborne Magnetometer and Radiometric Survey

Sama has interpreted the airborne magnetic and radiometric survey flown over the Samapleu Deposits and part of Sama's Lola Project in Guinea and completed in May 2012 (the "Survey"). The Survey, conducted by Xcalibur Airborne Geophysics of South Africa, outlines numerous targets for detailed follow-up. The quality of the Survey permitted the interpretation of important structural features, coupled with major magnetic highs, suggesting intrusive bodies with deeper roots of more magnetic material at depth that could possibly indicate frozen source magma chambers.

The following relationships between the Samapleu Main Deposit and interpreted features which can be used as guidelines for finding similar occurrences are noted as follows:

  1. the Samapleu Main Deposit lies in the nose of a relatively tight and faulted fold structure with northeast-southwest fold axes; and
  2. it is located on or immediately adjacent to a major thrust structure with intersecting east-west oriented faults deforming the intrusive body.

A total of 7 main target types have been outlined based on magnetic and radiometric characteristics in relation to the interpreted structural deformation, generating a large number of target areas for further investigation, field verification and follow-up. Field verification is ongoing both at the Lola Project in Guinea and the Samapleu Project in Côte d'Ivoire.

New Drill Rig

The Company has recently acquired a Coreteck CSR1300G core drill rig capable of drilling down to 700 m. This drill rig is the same model of rig that Sama has used at the Samapleu Project since 2010. The new rig is expected to be delivered by the end of September and will be used for in-fill drilling at both Samapleu Deposits and for regional exploration.

The reader is invited to view Sama's Technical Report dated July 20, 2012, prepared in accordance with National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101"), at http://www.samaresources.com/i/pdf/43_101_Technical_Report.pdf.

The Samapleu 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 and drill program at Sama's Samapleu Deposits was designed by Dr. Marc-Antoine Audet, P.Geo and President and CEO of Sama. The technical information in this release has been reviewed and approved by Dr. Marc-Antoine Audet, P.Geo, President and CEO of Sama and a 'qualified person', as defined by NI 43101.

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.

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