Montreal, Quebec, March 26. 2018 – Sama Resources Inc. (“Sama” or the “Company”) (TSXV: SME) is pleased to report that SRG Graphite Inc. (“SRG” (TSXV:SRG) announced today the remaining assay results from the drilling program conducted on the SRG’s cobalt-nickel-scandium Gogota project in Guinea, West Africa. With these latest assay results, SRG is now in a position to produce a maiden resource estimate. Sama holds a control position in SRG of 24,658,267 shares representing 40.09% of the issued and outstanding shares of SRG and is considered an insider for reporting purposes
To complete the resource estimate, SRG has engaged Montréal-based Met-Chem, a division of DRA Americas Inc. (“Met-Chem/DRA”). The Gogota cobalt-nickel-scandium occurrence has a prospective surface outline of 1.96 km2 and is approximately 5km away from SRG’s Lola graphite deposit. The study will commence immediately with completion of the National Instrument 43-101 compliant resource estimate expected in H1 2018.
Press release highlights:
- 25m @ 0.21% cobalt, 1.37% nickel and 32gr/ton scandium
- 23m @ 0.18% cobalt, 1.27% nickel and 39gr/ton scandium
- SRG hires Met-Chem/DRA for the completion of a 43-101 compliant resource estimate for the Gogota Project
Of the 51 vertical drill holes carried out over the Gogota Deposit in 2012-2013, 31 were drilled over a 200-meter by 400-meter grid and 20 were drilled over a 200-meter by 200-meter grid. The first phase of samples from 31 drill holes representing 800 samples were sent for analysis in 2013 and returned significant cobalt (“Co”), nickel (“Ni”), and scandium (“Sc”) results, among others. These results were reported again by SRG on January 23, 2018. The second phase of 20 drill holes representing 425 samples were recently sent for analysis. The combined mineralized intervals for all boreholes are presented in Table 1. A compilation map can be seen in Figure 1.
Table 1: Combined Mineralized Interval Highlights (True Widths)
*Measurements begin at surface. Mineralized intervals defined using 0.10% cobalt cut-off grades.
Fe: Iron, MgO: Magnesium oxide, g/t: grams per tonne
Core logging and sampling were performed at the SRG’s facility in the village of Gogota. Sample preparation was performed by Veritas Laboratory in Abidjan, Côte d’Ivoire. Pulp samples were delivered to Activation Laboratories Ltd., Ancaster, Ontario, Canada. All samples were assayed for cobalt, nickel and all major oxides using peroxide fusion XRF. Scandium was determined by inductively coupled plasma optical emission spectrometry.
The Met-Chem division of DRA Americas was originally established in 1969 as a consulting engineering company, headquartered in Montréal, and provides a wide range of technical and engineering services. Met-Chem is well recognized for its capabilities in mining, geology and mineral processing and has a talented team of engineering, technical and project management personnel with experience in North America, Latin America, Europe, West Africa and India. DRA is a multidisciplinary global engineering group that originated in South Africa and delivers mining, mineral processing, energy, water treatment and infrastructure services from concept to commissioning, as well as comprehensive operations and maintenance services for the mineral resources, water, agriculture and energy sectors. DRA has offices in Africa, Australia, Canada, China, India and the United States.
About Sama Resources Inc.
Sama is a Canadian-based mineral exploration and development company with projects in West Africa. 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.
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.
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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This press release contains “forward-looking information” within the meaning of Canadian securities legislation. All information contained herein that is not clearly historical in nature may constitute forward-looking information. Generally, such forward-looking information can be identified by the use of forward-looking terminology such as “in a position”, “prospective”, “expected”, “will”, “continue”, “demonstrate”, “potential”, or variations of such words and phrases or state that certain actions, events or results “may”, “could”, “would” or “might”. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including but not limited to: (i) volatile stock price; (ii) the general global markets and economic conditions; (iii) the possibility of write-downs and impairments; (iv) the risk associated with exploration, development and operations of mineral deposits; (v) the risk associated with establishing title to mineral properties and assets; (vi) fluctuations in commodity prices and other risks and factors described or referred to in the section entitled “Risk Factors” in the MD&A of the Company and which is available at www.sedar.com, all of which should be reviewed in conjunction with the information found in this news release.
Forward-looking information is based on assumptions management believes to be reasonable at the time such statements are made, including but not limited to, continued exploration activities and no material adverse change in mineral prices. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such forward-looking information. Such forward-looking information has been provided for the purpose of assisting investors in understanding the Company’s business, operations and exploration plans and may not be appropriate for other purposes. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking information is given as of the date of this press release, and the Company does not undertake to update such forward-looking information except in accordance with applicable securities laws.