Sama Resources Inc.
TSX VENTURE : SME

Sama Resources Inc.

August 14, 2012 07:00 ET

Sama Resources Intersects 29.0 Metres at 1.67% Nickel and 0.14% Cobalt at Its Newly Discovered Gogota Nickel Cobalt Laterite Deposit at Its Lola Project in Guinea, West Africa

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 14, 2012) - Sama Resources Inc. ("Sama" or the "Company") (TSX VENTURE:SME) is pleased to announce assay results for the first 4 holes out of 15 drilled to date at the Company's newly discovered nickel-cobalt rich laterite deposit (the "Gogota Deposit"), within its "Lola Project" in eastern Guinea, West Africa, located adjacent to Sama's Samapleu Project across the border in Côte d'Ivoire.

"These first nickel-cobalt drill results from Sama's newly discovered Gogota Deposit within Sama's Lola Project in eastern Guinea are very encouraging. Results indicate the possibility of finding additional high-grade nickel-cobalt limonite and/or high-grade nickel saprolite within 27 prospective laterite plateaus recently discovered and identified to date by Sama," commented Dr. Marc-Antoine Audet, President and CEO of Sama. "Exploration is continuing in order to find additional prospective laterite plateaus and to identify new nickel-copper sulphide mineralization as previously found in Sama's adjacent Samapleu Project in Côte d'Ivoire," Dr. Audet added.

In April 2012, the Company commenced a 24 core borehole drilling program, based on a 400 metre ("m") by 400 m grid for approximately 1,500 m, at its newly discovered Gogota Deposit. Assay results for 4 of the 15 holes drilled to date have been received. Drilling is ongoing at the Gogota Deposit. Table 1 below shows mineral intercepts for these first 4 drill holes.

Since the start of the regional exploration program at the Lola Project in April 2011, a total of 27 new prospective laterite plateaus have been identified. The combined surface area for these 27 laterite plateaus is 7.8 square kilometres.

Drilling was performed using 2 Jacro 175 core drill rigs owned by Sama. Core logging and sampling were performed at Sama's facility in Gogota village. Sample preparations were performed by 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, cobalt and all major oxides using peroxide fusion XRF. Scandium has been determined by inductively coupled plasma optical emission spectrometry.

Table 1: Mineral intercepts for the first 4 holes drilled at the Gogota Deposit. Intercepts were defined using 1.0% nickel cut-off grades.
Borehole Sequence Length
m
From
m
To
m
Assay Results
Using 1.0% Nickel
Cut-off Grade
GG34-800400 1 36.0 16.0 27.0 11.0m @ 1.49% Nickel ("Ni"), 0.10% Cobalt ("Co"), 34.0% Iron ("Fe"), 33 grams per tonne ("gr/t")Scandium ("Sc")
GG34-800800 2 30.5 5.5 27.5 22.0m @ 1.43% Ni, 0.14% Co, 48% Fe, 32 gr/t Sc
GG34-800200 3 41.5 8.0 37.0 29.0m @ 1.67% Ni, 0.14% Co, 36% Fe, 29 gr/t Sc
Including: 9.6m @ 2.16% Ni and 10% Fe
GG35-400600 4 30.5 8.0 23.5 15.5m @ 2.39% Ni, 0.08% Co, 34% Fe, 22 gr/t Sc
Including: 9.0m @ 2.89% Ni and 22% Fe
GG35-400800 5 28.5 Results pending
GG45-400200 6 18.0 Results pending
GG44-800400 7 35.0 Results pending
GG25-400200 8 23.5 Results pending
GG25-400400 9 45.5 Results pending
GG25-400600 10 24.0 Results pending
GG25-400800 11 28.0 Results pending
GG35-400200 12 26.0 Results pending
GG35-400400 13 16.0 Results pending
GG35-800400 14 19.0 Results pending
GG24-800800 15 31.0 Results pending

The exploration licenses for the Lola Project in Guinea are exclusively held by a wholly-owned branch office of Sama. 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 Gogota Deposit 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 National Instrument 43-101, Standards of Disclosure for Mineral Projects.

For more information, please visit Sama's website at www.samaresources.com.

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
    (6040 443-3835 or Toll Free: 1 (877) 792-6688 Ext. 4
    (604) 682-3860 (FAX)
    www.samaresources.com