Sama Resources Inc. (TSX VENTURE: SME) -
Highlights
-- 8,100 metres of definition drilling completed since November 2010:
-- 24 holes totaling 3,395 metres were drilled in March and April 2011,
and results are expected in the next 3 to 4 weeks.
-- Newly discovered potential zones:
-- Gangbapleu-Bounta ridge, a 19-kilometre corridor with 11 identified
mafic bodies.
-- NI 43-101 Compliant Mineral Resource expected in the second half of 2011
for the Samapleu Ni-Cu-PGM and the Sipilou South Ni-Co laterite
projects.
Sama Resources Inc. ("Sama" or the "Company") is pleased to
announce that the drill programs to date have successfully
confirmed the mineralized potential within the 446 square kilometre
("km") district-scale Samapleu project area. This includes the
Samapleu nickel ("Ni"), copper ("Cu") and platinum group metals
("PGM") deposit, the discovered Samapleu Extension 1 Ni-Cu-PGM zone
and the Gangbapleu-Bounta ridge. The Gangbapleu-Bounta ridge is a
19-km long ridge that has been outlined as hosting 11 newly
identified mafic to ultramafic bodies, each with the potential of
hosting mineralization. Ground magnetometre and Induced
Polarization geophysics ("IP") 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 and Samapleu Extension 1 deposits. Preparation of drilling
pads is ongoing at the ridge.
The Company expects to deliver a preliminary National Instrument
43-101 ("NI 43-101") compliant Mineral Resource for the Samapleu
Ni-Cu-PGM deposits in the second half of 2011, as well as a NI
43-101 compliant Mineral Resource for the Sipilou South
nickel-cobalt laterite deposit by the end of the summer. The
Company is also dedicated to defining additional mineralized bodies
through regional exploration.
Please click the link below for a map of the mineralized zones
together with the Gangbapleu-Bounta ridge:
http://www.samaresources.com/i/misc/Samapleu_Bounta_Gangbapleu_IP_compilation_
May2011.jpg
"The Samapleu polymetallic deposit and surrounding mineralized
occurrences give Sama the opportunity to create a new world-class
nickel district. The combined occurrences of Sama's Samapleu
nickel-copper deposit is in close vicinity to the newly
investigated Sipilou South laterite deposit and enhances the
Company's goal to become the first polymetallic producer in Western
Africa," stated Dr. Marc-Antoine Audet, President and CEO.
Regional Update
Regional exploration and drilling continues at the Samapleu
project as scheduled. Additional new targets have been outlined and
will be drilled shortly. In January 2011, the Company expanded its
exploration work to the adjacent wholly-owned 1,212 km2 Lola
project in the Republic of Guinea. The Lola project was acquired to
cover extensions in Guinea which are proving to be world-class
laterite nickel-cobalt deposits in addition to the massive sulphide
potential discovered in adjacent Cote d'Ivoire. Dr. Audet first
identified this potential while working on adjacent permits in Cote
d'Ivoire in the 1990s.
Mineralized Zones within the Samapleu Project and Highlights to
Date
Samapleu Ni-Cu-PGM Deposit
The Samapleu deposit appears to be composed of two distinct and
more or less parallel tubular shaped lenses of massive sulphide
plunging towards the south at approximately 35 degrees. These two
massive lenses are located within a 10% to 40% halo of disseminated
sulphide within pyroxenite units, forming a 400 metre ("m") long
mass open at surface toward the southeast and the northwest and at
depth. As of the end of April 2011, 56 holes totaling 8,236 m have
been drilled on a 50 m by 25 m drill pattern in order to define an
open pittable Mineral Resource extending from surface down to
approximately 150 m. A total of 24 holes totaling 3,395 m were
drilled during March and April 2011, however, due to post-election
tension prevailing at that time in Abidjan, those samples were sent
for assays at the beginning of May. Results are expected by mid
June. In addition to previously published drill results, the
Company is pleased to disclose the following new results from three
holes drilled in January 2011:
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Borehole Assay Result
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SM44-680289 23 m @ 0.52% Ni, 0.58% Cu (including 1.05 m at 2.11% Ni,
2.34% Cu)
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SM44-641332 44 m @ 0.30% Ni, 0.29% Cu
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SM44-487292d 20 m @ 0.68% Ni, 0.79% Cu
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All assay results and cross-sections are presented on the
Company's website at www.samaresources.com under Samapleu
Ni-Cu-PGE, Drilling Update April 11 2011.pdf.
Samapleu Ni-Cu-PGM Extension 1
-- 1.3 km northeast of the Main Samapleu Deposit.
-- 9.0 m @ 1.93% Ni + Cu, 1.6 g/t PGM within 109 m of material enriched
with disseminated and semi-massive sulphide mineralization.
-- 0.90 m @ 2.68% Ni.
-- 1.65 m @ 1.82% Ni, 2.14 grams per tonne ("gpt") Pd.
-- 0.65 m @ 1.75% Ni, 2.74 gpt Pd.
An additional 2,500 m of drilling will be performed at the
Samapleu Ni-Cu-PGM Extension 1 in the next few months.
Sipilou South Nickel-Cobalt Laterite Deposit
In February 2011, the Company drilled 22 holes totalling 813 m
on a 400 m by 800 m grid. Sixteen of the 22 holes outlined a
surface area of 3.1 km2; comprising a continuous
Nil-cobalt-scandium-rich surface laterite deposit. Individual
cobalt and scandium assays reach up to 0.34% and 110 ppm,
respectively, in the limonitic section of the Sipilou South
deposit.
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Assay Result
Borehole (using 1.0% Ni cut-off grade)
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SS44-200400 13.7 m @ 2.5% Ni
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SS44-200800 10.1 m @ 1.2% Ni
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SS44-800800 9.5 m @ 1.4% Ni
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SS45-400800 4.7 m @ 1.3% Ni
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SS54-200400 5.4 m @ 1.3% Ni
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SS64-200100 6.5 m @ 1.1% Ni
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SS64-200100 laterite with less than 1.0% Ni
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SS64-200800 13.0 m @ 1.5% Ni
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SS64-350400 laterite with less than 1.0% Ni
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SS64-800800 19.5 m @ 1.5% Ni
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SS73-750315 laterite with less than 1.0% Ni
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SS74-400400 6.5 m @ 1.1% Ni
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SS74-400800 16.0 m @ 1.4% Ni
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SS74-800400 2.5 m @ 1.4% Ni
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SS74-800800 3.0 m @ 1.3% Ni
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SS84-800400 11.0 m @ 1.9% Ni
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Project Location
The Samapleu project is located approximately 600 km northwest
of Abidjan in Cote d'Ivoire and encompasses district-size scale of
approximately 446 km2. The area has excellent infrastructure with a
road network leading to the project and all required services
available in the nearby towns of Man and Biankouma. The Samapleu
license is located adjacent to the large world-class Ni-cobalt
laterite deposits of Sipilou, Foungouesso, Moyango and Viala.
Drilling was performed by Global Exploration Services SARL of
Abidjan, Côte d'Ivoire. Core logging and sampling were performed at
Sama's facility in Yorodougou village. Samples 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 will be assayed
for nickel, cobalt, scandium and all major oxides. The assays were
performed using XRF analysis.
The Samapleu project is a joint venture between the Company's
100% owned subsidiary SAMA Nickel Corporation (66 2/3%) and SODEMI
(33 1/3%).
This News Release was prepared by Dr. Marc-Antoine Audet, P.Geo,
President and CEO of Sama Resources Inc. and a Qualified Person
under National Instrument 43-101.
For more information please visit Sama's website at
www.samaresources.com.
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 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.
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.
Contacts: Sama Resources Inc. Dr. Marc-Antoine Audet President
and CEO Cell: Canada: (514) 726-4158 Cell: Côte d'Ivoire: + 225,
48.66.48.09 Sama Resources Inc. Kam Thindal Investor Relations
(604) 566-9236 or Cell: (604) 488-9875 www.samaresources.com
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