Sama Resources Reports on Drilling at its Samapleu Poly-Metallic Project and Announces the Discovery of Additional Nickel Lat...
July 26 2011 - 7:00AM
Marketwired Canada
Sama Resources Inc. (TSX VENTURE:SME) -
Highlights - Nickel-copper Sulphide Program:
-- Samapleu Main: 10 new holes including 71.75 m at 0.74% nickel+copper.
Awaiting assays for 14 additional holes.
-- Samapleu Extension 1: Awaiting assays for 2 holes that returned
mineralized zones of 12.60 m and 7.45 m.
-- Drilling platforms under construction on the 19-km long Gangbapleu-
Bounta ridge.
Highlights - Nickel-cobalt Laterite Program:
-- 24 holes of a 59-hole program completed on Sipilou South Project in Cote
d'Ivoire.
-- A 2,000 m drill program will start this fall at the Lola Project in
Guinea.
Financial: Approximately $4.2 Million in treasury.
Sama Resources Inc. ("Sama" or the "Company") is pleased to announce the assay
results of the first 2 drill holes, aimed at testing the continuity and the
geometry of the upper mineralized zone at the Company's discovered "Samapleu
Extension 1 poly-metallic zone", returned 12.60 metres ("m") and 7.45 m of
highly disseminated, sulphide rich mineralization including 0.9 m and 0.8 m of
massive sulphide veins, respectively. Mineralization is near-surface starting
vertically at approximately 43 m and 37 m. True widths are not known at this
time. The newly discovered Samapleu Extension 1 poly-metallic zone is located
1.3 kilometres ("km") north of the "Samapleu Main poly-metallic deposit".
Definition drilling using 2 drill rigs is ongoing.
Lola Project, Guinea
A cluster of 4 new prospective nickel-cobalt rich laterite areas, totalling 1.7
km2, were discovered last month. Nine man-made pits have been dug down to 12 m
(no deeper for safety concerns) on these new laterites and have returned typical
laterite profiles including red limonite followed downward by asbolane rich
yellow limonite and, in some cases, transitional material. A limitation on the
pit's maximum depth prevented going through the entire laterite profile.
Consequently, no saprolite facies are currently accessible. Saprolite facies
will be characterized by drilling at a later stage. All collected samples were
tested using the Company's Nitton XRF portable analyzer and returned very good
results. All together, these 4 new areas have added to the Company's Gogota
Plateau, bringing the total of prospective nickel-cobalt rich laterite to 3.5
km2. Only 15% of the entire Lola license has been explored so far. Numerous
target zones still need to be investigated. A 2,000-m drilling program will
start this fall.
Sipilou South Nickel-cobalt Laterite Deposit, Cote d'Ivoire
In February 2011, the Company drilled 22 holes totalling 813 m on a 400 m by 600
m grid outlining a 3.1 km2 continuous nickel-cobalt rich surface laterite
deposit located 5 km northwest of the Samapleu Main poly-metallic deposit. The
initial drill program returned intersects as rich as 13.7 m at 2.5% nickel, 19.5
m at 1.5% nickel and 11.0 m at 1.9% nickel (see News Release dated March 30,
2011). Consequently, a new 59-hole drill program has commenced in order to
reduce the drill spacing to 200 m by 200 m pattern. A total of 24 holes were
drilled in June and July and the remaining 35 will be completed this fall. As
expected, the intersected laterite profiles range from 10 m to 46 m. Assays
results are pending. Approximately 40% of the Sipilou South laterite deposit
extends into the exploration license.
Samapleu Nickel-copper Sulphide Project, Cote d'Ivoire
The initial few holes drilled last month at the Samapleu Extension 1
poly-metallic zone showed that the mafic complex, which hosts the mineralized
zones, dips to the southeast instead of towards the northwest as previously
interpreted. Consequently, the drilling program was re-assessed. Drilling
resumed on July 19, with the first 2 holes intersecting the upper mineralized
zone near surface. Assays results are pending.
Assay results for 10 holes drilled at the Samapleu Main poly-metallic deposit
have been received. Complete results for 14 additional holes are still
outstanding. Drilling on a 50 m by 25 m path has been completed for the upper
part of the deposit. However, additional drilling will be performed at the
deposit this fall in order to accurately model the geometry of the 2 main
sulphide massive veins. Table 1 below shows combined mineral intercepts for
these new holes.
Excellent regional targets have been identified, including targets along the
19-km long Gangbapleu-Bounta ridge that hosts up to 11 newly identified mafic to
ultramafic bodies, each with the potential of hosting mineralization. Ground
magnetometre and induced polarization geophysics 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 Main poly-metallic
and Samapleu Extension 1 poly-metallic zone deposits. Drilling pads are being
prepared.
Table 1: Combined new mineral intercepts for the reported 9 holes drilled at the
Samapleu Main poly-metallic deposit. Assay results for 14 holes are pending.
Combined mineral intercepts were defined using 0.20% nickel cut-off grades.
----------------------------------------------------------------------------
Total
Thickness
Start of
From Mineralization Ni Cu Co PD PT AU
HOLE-ID m m % % % gr/t gr/t gr/t
----------------------------------------------------------------------------
New
Interceptions
SM44-600306 27.7 71.75 0.34 0.40 0.02 0.36 0.13 0.05
Includes 0.80 1.00 0.72 0.04 1.03 0.09 0.05
SM44-582290 48.25 70.45 0.30 0.26 0.02 0.29 0.11 0.06
Includes 0.35 1.57 0.62 0.06 0.79 1.29 0.04
SM44-563275 44.35 53.90 0.31 0.23 0.02 0.31 0.12 0.04
Includes 0.30 4.99 0.16 0.18 5.02 2.92 0.05
SM44-476185 41.85 49.70 0.27 0.20 0.02 0.38 0.12 0.04
SM44-455171 24 46.40 0.27 0.21 0.02 0.36 0.15 0.03
Includes 1.10 1.25 0.71 0.05 1.52 0.95 0.03
SM44-379132 13 21.00 0.30 0.25 0.02 0.16 0.06 0.02
SM44-375251 6.5 22.10 0.27 0.25 0.02 0.22 0.08 0.02
SM44-402336 11.5 3.50 0.24 0.31 0.02 0.16 0.07 0.03
SM44-423357 23.05 5.95 0.22 0.42 0.01 0.12 0.11 0.11
SM44-568343 42.2 30.00 0.34 0.35 0.02 0.27 0.13 0.04
Includes 1.20 2.09 2.45 0.09 1.02 0.24 0.25
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Readers are invited to visit Sama's website at www.samaresources.com for a
complete update on Sama's current drilling campaign, including all mineral
intercepts for which Sama is awaiting results.
Drilling was performed by Global Exploration Services SARL of Abidjan, Cote
d'Ivoire. Core logging and sampling was performed at Sama's facility in
Yorodougou village. Sample preparations for the nickel-copper sulphide
exploration program were performed at Societe de Developpement de Gouessesso's
sample preparation facility in Gouessesso village under Sama's supervision.
Sample pulps 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 are assayed for nickel,
copper, cobalt, fer, sulphur, platinum, palladium, rhodium and gold using sodium
peroxide fusion and determined by inductively coupled plasma optical emission
spectrometry. All samples for the nickel-cobalt laterite programs were delivered
to BVML for sample preparation and then dispatched to Ultra Trace Pty, in Perth,
Australia. All samples are assayed for nickel, cobalt, scandium and all major
oxides using peroxide fusion XRF.
The Samapleu Project in Cote d'Ivoire is a joint venture between the Company's
100% owned subsidiary Sama Nickel Corporation (66 2/3%) and SODEMI (33 1/3%).
The Lola Project in Guinea is 100% owned by Sama Resources Inc.
This News Release was prepared by Dr. Marc-Antoine Audet, P.Geo., President and
CEO of Sama and a Qualified Person under National Instrument 43-101.
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 is 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.
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