Sama Resources Announces Excellent Results for the Newly Discovered Massive Chromite Occurrences at Its Samapleu Project in C...
February 14 2012 - 6:02AM
Marketwired Canada
Sama Resources Inc. (TSX VENTURE:SME) -
Highlights:
-- Discovered Massive Chromite Occurrences: High Cr2O3, low MgO, low
sulphur and phosphorus
-- Ground geophysical surveys ongoing
-- Drilling to start shortly.
Sama Resources Inc. ("Sama" or the "Company") is pleased to announce the first
set of assay results from surface samples collected at the newly discovered
"Bounta Massive Chromite occurrences" at the Samapleu project in Cote d'Ivoire.
These Massive Chromite ("Cr") occurrences, in addition to having significant
potential by themselves as possible candidates for direct shipping economic
material, are indicative of a highly favourable geological environment for
additional Samapleu nickel ("Ni")-copper ("Cu") style mineralization. Field
evidence collected so far suggest a stratiform origin for these Massive
Chromites which belong to the magmatic Cr-Ni-Cu-platinum group elements deposit
type associated with layered mafic to ultramafic intrusions. Based on the
International chrome ore market price, direct shipping ore of 42-44% Cr2O3grade
material shipped to China can fetch up to $215 to $230/tonne of ore.
Mintek Research Laboratory from South Africa has reported XRF assay results for
two surface chromite samples collected at the Bounta North and Bounta South
Massive Chromite occurrences. The less weathered surface sample from Bounta
South showed 40.6% Cr2O3 with 15% Al2O3, 7.4% MgO and 0.54% SiO2. Sulphur and
phosphorus are negligible with 0.01% and below detection limit respectively,
refer to Table I.
Due to the tropical weathering action, the more weathered surface samples
collected at Bounta North, 10 kilometres from Bounta South, contained 36.85%
Cr2O3 with, as expected, higher iron oxide content. A handheld Niton XRF
portable analyzer returned up to nearly 50% Cr2O3 on less weathered surface
samples (see Table 2). Niton portable analyzer results will be followed up by
standard assay techniques.
Detailed mineralogical studies performed at the University of Franche Comte,
France, show that due to weathering or alteration action occurring near the
surface, the chromite crystals in these surface samples have been partially
replaced with iron oxides, thus locally increasing the Fe2O3 content and
reducing the Cr2O3 content of these weathered samples compared with what would
be expected from deeper un-weathered samples.
Four specific massive chromite occurrences have been outlined so far along the
19 km long highly prospective Bounta-Gangbapleu ridge. The true thickness of
these massive chromite layers is still to be established. At the Bounta North
occurrence, the geological mapping suggests the presence of several sub-parallel
layers of massive chromite outcropping over a thickness greater than 100 metres.
The Bounta South occurrence showed evidence of a massive chromite layer of 12
metres thick. Trenching is ongoing at each location in order to expose full
sequences including members of the host complex. Regional surface prospection is
continuing actively. Detailed Induced Polarization geophysical and surface
magnetometic surveys are ongoing at the Bounta North Massive Chromites
occurrence. Drilling is required to evaluate the potential importance of the new
chromite discoveries. Drilling is due to start as soon as possible.
Table 1: XRF assay results from Mintek on 2 surface samples: Bounta North and
Bounta South Massive Chromite. Samples were collected from surface and are
partially weathered (%).
----------------------------------------------------------------------------
Sample Description Cr203 Fe2O3 MgO Al2O3 SiO2 CaO TiO2 V2O5 P2O5 S
----------------------------------------------------------------------------
Bounta S. Partially 40.60 26.90 7.40 15.00 0.54 less 0.26 0.10 less 0.01
weathered than than
0.2 0.05
Bounta N. Weathered 36.85 35.65 6.46 15.45 0.56 less 0.25 0.15 less 0.02
sample than than
0.2 0.05
----------------------------------------------------------------------------
Table 2: Niton portable XRF analyzer used on partially weathered surface grab
samples at the Bounta North and Bounta South Massive Chromites (%). These XRF
results are an indicator of grade; assays will be required.
-----------------------------------------------------------------
Sample Location Cr203 Cr Fe Ni S Cr/Fe
-----------------------------------------------------------------
GB.3 Bounta North 46.03 31.49 24.97 0.18 0.00 1.26
GB.4 Bounta North 42.44 29.04 25.10 0.17 0.00 1.16
BT.2A Bounta South 46.93 32.11 18.43 0.10 0.00 1.74
BT.2B Bounta South 49.82 34.09 16.72 0.13 0.00 2.04
-----------------------------------------------------------------
The reader is invited to review Sama's updated compilation on its website at
http://www.samaresources.com/i/pdf/Sama_Corporate_Presentation.pdf for details
about showings, deposits and locations.
The Samapleu project in Cote d'Ivoire is currently in its exploration phase.
Future production will be managed by a joint venture controlled 66 2/3% by Sama
Nickel Corporation, a wholly-owned subsidiary of the Company, and 33 1/3% by
Societe pour le Developpement Minier de Cote d'Ivoire.
The Company also announces that it has granted a total of 400,000 incentive
stock options to a consultant of the Company pursuant to its Stock Option Plan
and certain vesting provisions. These options will be exercisable at a price of
$0.35 per share and will expire on February 12, 2017. The grant of the stock
options is subject to regulatory approval.
This news release was prepared by Dr. Marc-Antoine Audet, P.Geo., President and
CEO of Sama, and by Dr. Phillip Mackey, P.Eng., a metallurgical consultant, both
acting as Qualified Persons under National Instrument 43-101, Standards of
Disclosure for Mineral Projects.
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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