Sama Resources Intersects 10.50 Metres of 2.07% Nickel at Its Sipilou South Laterite Deposit and Discovers New Massive Chromite Occurrences at Its Samapleu Project, Cote d'Ivoire
Sama Also Plans a 12,000 Line/Km Airborne Magnetometre Survey at Its Samapleu ProjectVANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/31/12 -- Sama Resources Inc. (TSX VENTURE: SME) ('Sama' or the 'Company') is pleased to announce assay results for 43 holes drilled at the Company's 'Sipilou South nickel-cobalt rich laterite deposit'.
Started in June, 2011 and completed at the end of October, 2011, the Company drilled 58 boreholes for 1,890 metres ('m') at its Sipilou South nickel-cobalt rich laterite deposit, aimed at closing the drill spacing down to a 200 x 200 m grid. Assay results for the remaining 43 holes have been received. The Sipilou South nickel-cobalt rich laterite deposit is located approximately 5 kilometres ('km') northeast of the Company's Samapleu Main and Samapleu Extension 1 nickel ('Ni') - copper ('Cu') and platinoids ('PGE') deposits. Table 1 below shows combined mineral intercepts for these new drill holes. Mineral Resources are currently ongoing under the supervision of Mr. Francis Roger Billington, P.Geo.
Assays results for the last 13 holes drilled at the Samapleu Ni-Cu deposits are pending and should be received shortly.
The Company's regional exploration work highlights the very highly prospective potential of the entire Samapleu property. Sama has discovered the 19-km long northeast-southwest oriented Gangbapleu-Bounta ridge ('Ridge') that contains several outcropping mafic and ultramafic bodies, as well as newly discovered Massive Chromites ('Cr') occurrences named Bounta North and Bounta South (see Sama's News Release dated December 6, 2011). During the month of January, additional Massive Chromites occurrences have been discovered at surface along the Ridge. These Massive Chromites occurrences, in addition to having very significant economic potential by themselves as possible candidates for direct shipping economic material, are indicative of a highly favourable geological environment for additional Samapleu Ni-Cu style mineralization. Field evidences collected so far suggest a stratiform origin for these Massive Chromites which belong to the magmatic Cr-Ni-Cu-PGE deposit type associated with layered mafic to ultramafic intrusions. Massive Chromites samples were sent to Mintek Laboratory in South Africa. Mineralogical determination, under the supervision of Dr. Christian Picard of the University of Franche-Comte, France, is ongoing.
Detailed Induced Polarization geophysical and surface magnetometre surveys are due to start on February 1, 2012 at the Bounta North Massive Chromites occurrence. Drilling at the target is currently forecasted to start at the end of February 2012. The reader is invited to review Sama's updated compilation on its website at www.samaresources.com for details about showings, deposits and locations.
The Company is seeking to perform an approximately 12,000 line-km airborne magnetometre survey over the entire Samapleu property in Cote d'Ivoire and a large part of Sama's Lola Project in Guinea, which is adjacent to Samapleu.
Table 1: Mineral intercepts for 36 holes out of the 43 drilled at Sipilou
South nickel-cobalt rich laterite deposit; 7 holes were drilled
outside the deposit within the country rock. Intercepts were
defined using 1.0% Ni cut-off-grades ('cog').
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Length Ni
HOLE-ID m %
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SS44-600600 10.50 2.07
SS44-600800 15.65 1.41
SS54-200200 13.00 1.47
SS54-400200 Mineralized but below 1.0% Ni cog
SS54-600200 Mineralized but below 1.0% Ni cog
SS54-600400 10.90 1.36
SS63-800200 Mineralized but below 1.0% Ni cog
SS63-800400 Mineralized but below 1.0% Ni cog
SS63-800600 Mineralized but below 1.0% Ni cog
SS63-800800 2.00 1.03
SS64-200600 Mineralized but below 1.0% Ni cog
SS64-400200 6.00 1.36
SS64-400600 8.50 1.72
SS64-400800 4.00 1.06
SS64-600600 Mineralized but below 1.0% Ni cog
SS64-600800 Mineralized but below 1.0% Ni cog
SS73-800200 16.50 1.23
SS73-800400 8.50 1.20
SS74-200200 10.50 1.44
SS74-200400 12.50 1.81
SS74-200600 10.50 1.64
SS74-200800 12.00 1.47
SS74-400200 10.00 1.23
SS74-400600 4.50 1.06
SS74-600200 6.00 1.30
SS74-600400 5.00 1.10
SS74-600600 3.00 1.06
SS74-600800 6.30 1.36
SS74-800200 Mineralized but below 1.0% Ni cog
SS74-800600 3.50 1.14
SS75-200800 Mineralized but below 1.0% Ni cog
SS84-400200 9.50 1.35
SS84-600200 8.00 1.20
SS84-600400 9.00 1.60
SS84-800180 9.00 1.40
The Samapleu Ni-Cu Sulphide 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 SODEMI. The exploration licenses for the Lola Project in Guinea are exclusively held by a wholly-owned branch office of Sama.
This News Release was prepared by Dr. Marc-Antoine Audet, P.Geo., President and CEO of Sama Resources Inc. and a Qualified Person under NI 43-101.
The Company also announces that it has granted an aggregate total of 225,000 incentive stock options to consultants and employees of the Company pursuant to its Stock Option Plan and certain vesting provisions. These options will be exercisable at a price of $0.38 per share and will expire on January 29, 2017. The grant of the stock options is subject to regulatory approval.
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.
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
514-726-4158
www.samaresources.com
