Montreal, Quebec – June 25, 2020 – Sama Resources Inc. (“Sama” or the “Company”) (TSX-V: SME | OTC-PK: SAMMF) is pleased to announce results from its exploration drilling at its Nickel, Copper, Palladium projects in Ivory Coast, West Africa. Over the last five months, the Company completed 4,064 meters (‘m’) at three specific sites over a strike length of 25 kilometers (“km”); Samapleu, Bounta and Yepleu. The drilling results at the Bounta zone confirmed the presence of mineralisation at depth and warrant additional investigations. This new discovery confirms Bounta as the third mineralised prospect out of more than 20 potential zones within Sama’s tenement as outlined by the 2013 airborne electromagnetic survey (ref: https://samaresources.com/i/pdf/Sama_Corporate_Presentation.pdf ).
At the Bounta zone, located 15 km south of the Samapleu deposit, one borehole was drilled aiming at a strong 11,000 Conductivity-Thickness (“CT”) electromagnetic (“EM”) target located 600 m from surface. The hole returned disseminated to semi-massive sulphide between 533 m to 540 m from surface (Figure 1), with a small section of semi-massive sulphides (photo 1). Additional geophysical work and more drilling are needed now to explain the source for the strong EM target.
Photo 1: Sulphide mineralisation at 533 m showing a semi-massive sulphide mineralisation texture at the Bounta zone.
At the Samapleu project, surface drilling returned excellent results in January (PR January 30, 2020) which expanded the surface mineralisation at the Extension 1 mineralised body by 200 m toward the SW. Subsequently, 7 boreholes were surveyed using geophysical downhole probe. A strong EM target of 15,000 CT located 550 m from surface has been outlined. This target remains to be drilled (Figure 2).
At the Yepleu prospect, located 25 km south-west of Samapleu, a total of three holes were completed between April and June 15, 2020. Hole YE47-716197 tested a 3,000 CT EM anomaly located 350 m from surface while hole YE47-361408 tested a 5,000 CT EM anomaly located 450 m from surface (Figure 3). Both holes intersected the target zones and returned 6.0 m and 15.0 m of mineralisation respectively ranging from disseminated to semi-massive sulphide mineralisation. A third hole, YE45-348726, was drilled down to 924 m to test a 15,000 CT target at 850 m from surface. The hole remained within the intrusive complex with numerous sections of magmatic migmatite showing disseminated sulphide mineralisation. As the hole did not explain the source of the very strong EM anomaly, the irregular shape of the target might be the cause (Figure 4). It is proposed to perform downhole EM probing to further investigate the exact location of the 15,000 CT target.
Several sample batches will be delivered to the assay laboratory in Canada when post-COVID 19 shipping becomes available.
Due to the impact of the COVID 19 pandemic and the requirement for cash conservation measures to be implemented, it will be necessary to temporarily suspend exploration activities at the project in Côte d’Ivoire by mid-June 2020. High Power Exploration (“HPX”) is the entity responsible for funding the Ivory Coast project during the initial earn-in period as defined in the Joint Venture and Earn-In Agreement entered into between Sama and HPX. The Company will advise when activities on the ground are to resume.
Sama’s financial situation remains strong with a treasury of more than CAD$2.5M, 24M shares of SRG Mining Inc. and the agreed HPX project spend.
“With assays pending on the new sulphide intersections at Bounta and Samapleu, along with a catalogue of new geophysical targets generated by HPX’s proprietary technology, we will resume work with even more meaningful and defined targets as soon as we are able. I’m excited to now have three core prospects within this new Nickel, Copper, Palladium district with additional airborne EM targets yet to be explored.” stated Marc-Antoine Audet President and CEO of Sama Resources Inc.
Figure 1: Sama 2020’s Typhoon and drilling program at Bounta showing the high intensity EM target.
Figure 2: Sama 2020’s Typhoon and drilling program, showing numerous high intensity electromagnetic targets in the vicinity of the currently known mineralisation at Samapleu Main and Samapleu Extension 1.
Figure 3: Sama 2020’s Typhoon and drilling program at Yepleu showing EM targets and drilling results.
Figure 4: Borehole YE45-348726 at Yepleu showing the 15,000 CT target. The distance between the 2 first pilot holes at the target elevation is 300 m.
Readers are invited to view the updated Corporate Presentation showing exploration progress made at the project sites.
HPX is a privately-owned, metals-focused exploration company deploying proprietary in-house geophysical technologies to rapidly evaluate buried geophysical targets. The HPX technology cluster comprises geological and geophysical systems for targeting, modelling, survey optimization, acquisition, processing and interpretation. HPX has a highly experienced board and management team led by Chief Executive Officer Robert Friedland and President Eric Finlayson, a former head of exploration at Rio Tinto. For further information, please visit www.hpxploration.com.
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., a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder, in order to develop 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 https://samaresources.com.
The technical information in this release has been reviewed and approved by Dr. Marc-Antoine Audet, P.Geo and President and CEO of Sama, 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
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
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 such as “evidence”, “potential”, “appears”, “seems”, “suggest”, 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 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.