Four holes drilled at the newly discovered Grata prospect in Ivory Coast returned thick intersections of nickel-copper-palladium mineralization including holes GR-08 and GR-11 with 298 meters and 212 meters respectively

2022-05-26 / @thenewswire

(TheNewswire)

Starting June 01, five drilling rigs will be in operation at the Grata and Samapleu deposits.

Highlights

GR-06B: returned 60.15 m at 0.36% Ni, 0.40% Cu, 0.53 gpt Pd including 7.70m at 1.28%Ni, 1.45% Cu and 1.92 gpt Pd
GR-06C: returned 116.15 m at 0.26% Ni, 0.25% Cu, 0.62 gpt Pd including 9.05m at 0.81%Ni, 0.84% Cu and 1.03 gpt Pd
GR-08: returned 297.64m at 0.24% Ni, 0.20% Cu, 0.23 gpt Pd including:
- 2.85m @ 1.68%Ni, 1.28% Cu and 1.12 gpt Pd
- 4.25m @ 0.82%Ni, 0.55% Cu and 0.56 gpt Pd
- 2.65m @ 1.47%Ni, 1.82% Cu and 1.19 gpt Pd
GR-11: returned 212 m at 0.28% Ni, 0.30% Cu 0.32 gpt Pd
- 8.20m @ 0.84% Ni, 1.10% Cu 1.24 gpt Pd

+ numerous narrow massive and semi-massive stringers

Results are pending for 11 holes drilled at Grata since January 2022.

Montréal, Quebec – TheNewswire - May 26, 2022 – Sama Resources Inc. (“Sama” or the “Company”) (TSXV:SME) (OTC:SAMMF) is pleased to announce additional drilling results from the 2021-22 drilling campaign at the newly discovered Grata Nickel (“Ni”) – Copper (“Cu”) – Palladium (“Pd”) prospect (“Grata”). As of this Press Release, Sama has drilled a total of 23 drill holes for 7,673 meters (“m”) at the Grata discovery. Assay results for holes GR-06B, GR-06C, GR-08 and GR-11 are summarized in this PR and in Table 1.

A 5,000m drilling contract was awarded to Foraco-Foremi, an Ivorian drilling contractor, for suppling 2 drilling rigs to the Grata project starting June 01. There will then be 5 drilling rigs operating at the project site.

“Using five drilling rigs at Grata and Samapleu will allow Sama to fast track definition drilling at both sites aiming for a revised mineral resource estimate in Q3” stated Dr. Marc-Antoine Audet, President & CEO of Sama Resources Inc. Dr. Audet added: By selling 5.6M shares of SRG Mining (ref: Press Release dated May 18, 2022) for almost C$4.0M, Sama is continuing to fulfill its objective of financing exploration at our various project sites without further dilution to shareholders. The use of proceeds is for advancing Sama Resources Quebec’s (SRQ) nickel-copper-platinoids project at Lac Brulé and for project generation.”

Table 1 summarizes results for the 2021-22 drilling campaign. Assays results for 11 holes drilled since January are pending. All measurements are core lengths and may not represent true geological widths.

Grata: Latest discovery in the Yacouba Mafic-Ultramafic (“UM”) Intrusive Complex

In September 2021, Sama announced the Grata discovery located 5 kilometers (“km”) east of the Samapleu deposit.

The discovery hole, GR-03, drilled in June 2021, returned a 310 m sequence of pyroxenite and gabbro containing a 147 m interval of disseminated sulfides and several intersections of semi-massive sulphide mineralization. The second hole GR-04 confirmed the width of the mineralized zone, with a 141 m mineralized intersection including 6.40 m and 6.60 m intervals grading 1.05% Ni, 1.28% Cu & 0.48 gpt Pd and 0.73% Ni, 0.38% Cu & 0.30 gpt Pd respectively. Hole GR-05 returned 117m @ 0.29% Ni, 0.31% Cu & 0.42 gpt Pd. Hole GR-06 included 14.10m at 0.86% Ni, 1.49% Cu and 1.38 gpt Pd within a larger interval of 128m at 0.30% Ni, 0.35% Cu & 0.47 gpt Pd. Hole GR-07 returned 22m at 0.41% Ni, 0.28% Cu and 0.43 gpt Pd.

Three holes were drilled form the GR-06 location in order to better understand the geometry of the mineralized zones. Hole GR-06B returned 60.15 m at 0.36% Ni, 0.40% Cu, 0.53 gpt Pd including 7.70m at 1.28% Ni, 1.45% Cu and 1.92 gpt Pd and hole GR-06C returned 116.15 m at 0.26% Ni, 0.25% Cu, 0.62 gpt Pd including 9.05m at 0.81%Ni, 0.84% Cu and 1.03 gpt Pd. Results for hole GR-06D are still pending.

Hole GR-08 returned 297.64m at 0.24% Ni, 0.20% Cu, 0.23 gpt Pd including 2.85m @ 1.68% Ni, 1.28% Cu and 1.12 gpt Pd, 4.25m @ 0.82% Ni, 0.55% Cu and 0.56 gpt Pd and 2.65m @ 1.47% Ni, 1.82% Cu and 1.19 gpt Pd. Hole GR-11 returned 212 m at 0.28% Ni, 0.30% Cu and 0.32 gpt Pd including 8.20m @ 0.84% Ni, 1.10% Cu and 1.24 gpt Pd, with several narrow massive and semi-massive stringers scattered along the mineral interval.

All measurements are core length.

The mineralization at Grata is similar in composition to the Samapleu deposit (“Samapleu”) but shows a larger proportion of chalcopyrite and therefore a higher Cu to Ni ratio. This relationship between Cu and Ni is particularly evident in the GR-06 mineralized zones (Figure 3).

The Company is looking at increasing mineral resources at Samapleu and Grata for a future surface mining operation as well as searching for massive sulphide veins and lenses that could have accumulated at depth in traps and embayments along the feeder system of the Yacouba UM Intrusive Complex.

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Figure 1: Newly discovered zone at Grata is located 5 km east of Samapleu showing results for GR-06B, -06C, -08 and -11.

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Figure 2: Cross-section SW-NE at Grata showing results to date for the 2021-22 drilling campaign, Assay results for 11 holes are still pending. The GR-08 hole remained within the Yacouba UM complex for 297 m with mineralization ranging from disseminated to numerous intervals of massive to semi-massive Ni-Cu rich sulphide veins and stringers.

Table 1: Summary of 2021-22 drilling program at Grata (all intersections are in core lengths)

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Core logging and sampling was performed at Sama’s Samapleu and Yepleu field facilities. Sample preparation was conducted at the Bureau Veritas Mineral Laboratory in Abidjan. Sample pulps were delivered to Activation Laboratories Ltd, Ancaster and Thunder Bay, Ontario, Canada, for assaying. All samples were assayed for Ni, Cu, Co, Pt, Pd, Au, Fe and S.

The technical information in this release has been reviewed and approved by Dr. Marc-Antoine Audet, Ph.D Geology, P.Geo and President and CEO of Sama, and a ‘qualified person’, as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

Seahawk Gold Corp.

The Company wishes to announce the termination of the previously announced agreement with Seahawk Gold Corp. (“Seahawk”) to complete an acquisition of the Company’s subsidiary, Sama Resources Development Corp. (Cayman). The termination was agreed to by both Sama and Seahawk.

ABOUT SAMA RESOURCES INC.

Sama is a Canadian-based mineral exploration and development company with projects in West Africa and now in Canada.

On March 19, 2021 Sama formalised a Joint Venture Agreement Ivanhoe Electric Inc, a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder, in order to develop its Ivorian Nickel-Copper and Cobalt project in Côte d’Ivoire, West-Africa. For more information about Sama, please visit Sama’s website at http://www.samaresources.com.

ABOUT IVANHOE ELECTRIC INC.

Ivanhoe Electric Inc. is a privately-owned company focused on making technology-enabled metals discoveries for the electrification of everything. The Company deploys proprietary and disruptive technology that de-risks mineral and water discoveries. Ivanhoe Electric is focused on “electric metals” (copper, nickel, gold and silver) mining assets for the electric revolution. For further information, please visit www.ivanhoeelectric.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.

Forward-Looking Statements

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 “will”, could”, “expect”, “estimate”, “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 ability of the company to convert resources in reserves, its ability to see through the next phase of development on the project, its ability to produce a pre-feasibility study or a feasibility study regarding the project, its ability to execute on its development plans in terms of metallurgy or exploration, 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.