Montréal, Quebec, March 23rd, 2021 – Sama Resources Inc. (“Sama” or the “Company”) (TSX-V: SME | OTC-PK: SAMMF) is pleased to announce that it has commenced a 5,000 metre (“m”) diamond drilling program at Samapleu and Yepleu as part of its work program for Q1 and Q2 of 2021.
Additionally, the Company has formalized, finalized and executed the earn-in and joint venture agreement (the “Agreement”) with HPX Ivory Coast Holdings Inc. (“HPX”) first announced on October 23, 2017. HPX is a subsidiary of HPX TechCo a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder. Under the Agreement, HPX may acquire a total of up to a 60% interest in Sama’s interest in the Côte d’Ivoire project portfolio, including the Samapleu, Bounta and Yepleu projects, by funding exploration expenses through total investments of up to CAD$30,000,000.
To date HPX has invested CAD$12,200,000 and the balance of the CAD$18,000,000 commitment will be funded on a cash call basis at the discretion of HPX. In total, the Company has completed 54,000m of drilling since 2010 and delivered a positive Preliminary Economic Assessment for the Samapleu deposits in May 2020:
“HPX’s continued financial and technical support of the Company’s Côte d’Ivoire project portfolio, along with Sama’s equity position in SRG Mining Inc. (TSX-V: SRG – ~32% of the issuer) and the prospects of an additional value driver with the new gold prospects in Liberia have afforded Sama shareholders with a vehicle that has demonstrated nearly zero dilution on a fully diluted basis since October of 2017 and continues to give shareholders exposure to what we all believe is one of the most prolific Nickel, Copper, Palladium systems discovered over the past 10 years. It is now our objective to unlock the value of the enormous system while continuing a minimal dilution mandate to our loyal shareholder base.” Stated Dr. Marc-Antoine Audet President, CEO & Director of Sama Resources Inc.
Readers are invited to view the updated Corporate Presentation showing exploration progress proposal for the H1 2021:
The Company owns 3 drill rigs that will be used to complete the Q1 and Q2 2021 diamond drilling campaign.
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-Palladium project in Côte d’Ivoire, West-Africa. For more information about Sama, please visit Sama’s website at https://samaresources.com.
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.
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.