Montreal, Quebec, March 21, 2018 – SAMA Resources Inc. (TSXV: SME (“SME” or the “Company”) today reports that SRG Graphite Inc. (“SRG”) announced drill results from its ongoing drilling program at SRG’s Lola graphite deposit in Guinea, West Africa. To date, 346 boreholes, totalling 9,600 meters (“m”), have been drilled on the property of which, 175 boreholes, totalling 4,698m, since the Company announced its maiden resource on December 22nd, 2017.
Once completed, the 2018 drilling program will result in a coverage of approximately 35% of the total surface area of the deposit as defined by geological mapping, a geophysical Max-Min survey and previous drilling and pitting. See (Figure 1) With these results, along with upcoming results, SRG will have gathered sufficient data to produce a Preliminary Economic Assessment and continue to demonstrate the potential of the deposit.
A drilling contract was awarded to Foraco S.A., an experienced drilling contractor, to expedite the completion of the 2018 drilling program. In addition, Foraco’s two drill rigs, SRG continues to contract the Company’s drill rig for infill drilling and regional exploration due to its proximity, availability and cost effectiveness.
Assay results, conducted by Activation Laboratories Ltd in Canada, have been received for 276 boreholes out of the 346 drilled to date. Composite results for 73 boreholes are shown in Table 1. Mineralized intervals were defined using 1.0% Graphitic Carbon grade (“Cg”) as a cut-off grade while highlights were defined using 3.0% Cg.
Table 1: Composite Results of 73 boreholes
*3% Cg cut-off grade (average grade of combined intervals).
All boreholes were drilled at an inclination of 50 degrees from horizontal and cross-cut the geological succession as perpendicular as possible. The graphitic paragneiss displayed foliation dipping between 80 and 85 degrees to the west.
Core logging and sampling were performed at SRG’s facility in the village of Lola. Sample preparation was performed by Veritas Laboratory in Abidjan, Côte d’Ivoire. Pulp samples were delivered to Activation Laboratories Ltd., Ancaster, Ontario, Canada. The samples were treated through a multistage furnace process to remove organic carbon and carbonate carbon. The remaining graphitic carbon was measured as carbon dioxide in the infrared (“IR”) cell as gas flowed through the cell. Carbon dioxide absorbs IR energy at a precise wavelength within the IR spectrum. All analyses were performed using Eltra instruments.
The technical information in this release has been reviewed and approved by Dr. Marc-Antoine Audet, PhD Geo., P.Geo, Lead Geologist, SRG and a ‘qualified person’ as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.
Sama is a Canadian-based mineral exploration and development company with projects in West Africa.
Sama holds a control position in SRG of 24,658,267 shares representing 43.93% of the issued and outstanding shares of SRG and is considered an insider for reporting purposes. On October 23, 2017, Sama announced that it had entered into a binding term sheet in view of forming a strategic partnership with HPX TechCo Inc., for the development of its Côte d’Ivoire Nickel-Copper and Cobalt project in Côte d’Ivoire, West-Africa. For more information about Sama, please visit Sama’s website at http://www.samaresources.com.
FOR FURTHER INFORMATION, PLEASE CONTACT:
SAMA RESOURCES INC./RESSOURCES SAMA INC.
Dr. Marc-Antoine Audet, President and CEO
Tel: (514) 726-4158
Mr. Matt Johnston, Corporate Development Advisor
Tel: (604) 443-3835
Toll Free: 1 (877) 792-6688, Ext. 5
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FORWARD LOOKING STATEMENTS
Certain of the statements made and information contained herein are “forward-looking statements” or “forward-looking information” within the meaning of Canadian securities legislation. 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 electrochemical characterization, drill results and the estimation of mineral resources and reserves, 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.