Sama Resources Inc.
TSX VENTURE : SME

Sama Resources Inc.

July 26, 2011 07:00 ET

Sama Resources Reports on Drilling at its Samapleu Poly-Metallic Project and Announces the Discovery of Additional Nickel Laterite Areas in Guinea

VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 26, 2011) - Sama Resources Inc. (TSX VENTURE:SME) -

Highlights - Nickel-copper Sulphide Program:

  • Samapleu Main: 10 new holes including 71.75 m at 0.74% nickel+copper. Awaiting assays for 14 additional holes.
  • Samapleu Extension 1: Awaiting assays for 2 holes that returned mineralized zones of 12.60 m and 7.45 m.
  • Drilling platforms under construction on the 19-km long Gangbapleu-Bounta ridge.

Highlights - Nickel-cobalt Laterite Program:

  • 24 holes of a 59-hole program completed on Sipilou South Project in Côte d'Ivoire.
  • A 2,000 m drill program will start this fall at the Lola Project in Guinea.

Financial: Approximately $4.2 Million in treasury.

Sama Resources Inc. ("Sama" or the "Company") is pleased to announce the assay results of the first 2 drill holes, aimed at testing the continuity and the geometry of the upper mineralized zone at the Company's discovered "Samapleu Extension 1 poly-metallic zone", returned 12.60 metres ("m") and 7.45 m of highly disseminated, sulphide rich mineralization including 0.9 m and 0.8 m of massive sulphide veins, respectively. Mineralization is near-surface starting vertically at approximately 43 m and 37 m. True widths are not known at this time. The newly discovered Samapleu Extension 1 poly-metallic zone is located 1.3 kilometres ("km") north of the "Samapleu Main poly-metallic deposit". Definition drilling using 2 drill rigs is ongoing.

Lola Project, Guinea

A cluster of 4 new prospective nickel-cobalt rich laterite areas, totalling 1.7 km2, were discovered last month. Nine man-made pits have been dug down to 12 m (no deeper for safety concerns) on these new laterites and have returned typical laterite profiles including red limonite followed downward by asbolane rich yellow limonite and, in some cases, transitional material. A limitation on the pit's maximum depth prevented going through the entire laterite profile. Consequently, no saprolite facies are currently accessible. Saprolite facies will be characterized by drilling at a later stage. All collected samples were tested using the Company's Nitton XRF portable analyzer and returned very good results. All together, these 4 new areas have added to the Company's Gogota Plateau, bringing the total of prospective nickel-cobalt rich laterite to 3.5 km2. Only 15% of the entire Lola license has been explored so far. Numerous target zones still need to be investigated. A 2,000-m drilling program will start this fall.

Sipilou South Nickel-cobalt Laterite Deposit, Côte d'Ivoire

In February 2011, the Company drilled 22 holes totalling 813 m on a 400 m by 600 m grid outlining a 3.1 km2 continuous nickel-cobalt rich surface laterite deposit located 5 km northwest of the Samapleu Main poly-metallic deposit. The initial drill program returned intersects as rich as 13.7 m at 2.5% nickel, 19.5 m at 1.5% nickel and 11.0 m at 1.9% nickel (see News Release dated March 30, 2011). Consequently, a new 59-hole drill program has commenced in order to reduce the drill spacing to 200 m by 200 m pattern. A total of 24 holes were drilled in June and July and the remaining 35 will be completed this fall. As expected, the intersected laterite profiles range from 10 m to 46 m. Assays results are pending. Approximately 40% of the Sipilou South laterite deposit extends into the exploration license.

Samapleu Nickel-copper Sulphide Project, Côte d'Ivoire

The initial few holes drilled last month at the Samapleu Extension 1 poly-metallic zone showed that the mafic complex, which hosts the mineralized zones, dips to the southeast instead of towards the northwest as previously interpreted. Consequently, the drilling program was re-assessed. Drilling resumed on July 19, with the first 2 holes intersecting the upper mineralized zone near surface. Assays results are pending.

Assay results for 10 holes drilled at the Samapleu Main poly-metallic deposit have been received. Complete results for 14 additional holes are still outstanding. Drilling on a 50 m by 25 m path has been completed for the upper part of the deposit. However, additional drilling will be performed at the deposit this fall in order to accurately model the geometry of the 2 main sulphide massive veins. Table 1 below shows combined mineral intercepts for these new holes.

Excellent regional targets have been identified, including targets along the 19-km long Gangbapleu-Bounta ridge that hosts up to 11 newly identified mafic to ultramafic bodies, each with the potential of hosting mineralization. Ground magnetometre and induced polarization geophysics surveys performed in January 2011 over the northeast end of the ridge have returned strong chargeability signatures similar to what has been observed at the Samapleu Main poly-metallic and Samapleu Extension 1 poly-metallic zone deposits. Drilling pads are being prepared.

Table 1: Combined new mineral intercepts for the reported 9 holes drilled at the Samapleu Main poly-metallic deposit. Assay results for 14 holes are pending. Combined mineral intercepts were defined using 0.20% nickel cut-off grades.

HOLE-ID Start
From
m
Total
Thickness
of
Mineralization
m
Ni
%
Cu
%
Co
%
PD
gr/t
PT
gr/t
AU
gr/t
New
Interceptions
SM44-600306 27.7 71.75 0.34 0.40 0.02 0.36 0.13 0.05
Includes 0.80 1.00 0.72 0.04 1.03 0.09 0.05
SM44-582290 48.25 70.45 0.30 0.26 0.02 0.29 0.11 0.06
Includes 0.35 1.57 0.62 0.06 0.79 1.29 0.04
SM44-563275 44.35 53.90 0.31 0.23 0.02 0.31 0.12 0.04
Includes 0.30 4.99 0.16 0.18 5.02 2.92 0.05
SM44-476185 41.85 49.70 0.27 0.20 0.02 0.38 0.12 0.04
SM44-455171 24 46.40 0.27 0.21 0.02 0.36 0.15 0.03
Includes 1.10 1.25 0.71 0.05 1.52 0.95 0.03
SM44-379132 13 21.00 0.30 0.25 0.02 0.16 0.06 0.02
SM44-375251 6.5 22.10 0.27 0.25 0.02 0.22 0.08 0.02
SM44-402336 11.5 3.50 0.24 0.31 0.02 0.16 0.07 0.03
SM44-423357 23.05 5.95 0.22 0.42 0.01 0.12 0.11 0.11
SM44-568343 42.2 30.00 0.34 0.35 0.02 0.27 0.13 0.04
Includes 1.20 2.09 2.45 0.09 1.02 0.24 0.25

Readers are invited to visit Sama's website at www.samaresources.com for a complete update on Sama's current drilling campaign, including all mineral intercepts for which Sama is awaiting results.

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, fer, 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 Project in Côte d'Ivoire is a joint venture between the Company's 100% owned subsidiary Sama Nickel Corporation (66Γàö%) and SODEMI (33Γàô%). The Lola Project in Guinea is 100% owned by Sama Resources Inc.

This News Release was prepared by Dr. Marc-Antoine Audet, P.Geo., President and CEO of Sama and 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 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
    www.samaresources.com

    Hamza Thindal Capital Corp.
    Kam Thindal
    Investor Relations
    (604) 566-9236
    Cell: (604) 488-9875