Sama Initiates Second Drill Hole at Yepleu and receives FINRA approval on US Listing
MONTREAL, Jan. 08, 2019 (GLOBE NEWSWIRE) -- Sama Resources Inc. (“Sama” or the “Company”) (TSX-V: SME | OTC.PK: SAMMF) is pleased to announce it has commenced the second deep exploration drill hole as part of a 6,000-meter (“m”) drilling program launched in mid-November 2018. The program is designed to test high-conductivity targets defined by the Phase 1 Typhoon™ (“Typhoon”) electromagnetic geophysical survey at the 100%-owned Yepleu property at the Company’s Nickel-Copper-Cobalt-Palladium Project in Côte d’Ivoire, West Africa.
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The second drill hole is targeting an electromagnetic response located 3.1-kilometer south-west from the first hole (YE29-556043). The Typhoon response begins at approximately 750m from surface, with a core at 950m, and appears to be open at depth. Drill hole YE29-556043 intersected sulfide mineralization showing up to 5.18% copper and up to 3.56% nickel (results obtained using the Niton XRF Analyzer, Ref: Press Release December 12, 2018).
2019 Yepleu drilling program
The drilling program is targeting conductivity anomalies potentially indicative of semi-massive and massive polymetallic sulphides located between 600m and 900m from surface. Capital Drilling Côte d’Ivoire Limited has been selected for executing this initial drilling program.
The Company’s exploration objective is to delineate massive sulphide reservoirs that could be the source of high-grade nickel-copper-cobalt-palladium lenses intersected in shallower drill holes at the Samapleu deposits.
The Samapleu mineralization is similar to layered, pipe-like or conduit‐hosted nickel deposits elsewhere in the world. These rare types of intrusions host the world’s largest nickel‐copper deposits such as Jinchuan (515 million tonnes (“Mt”) at 1.06% nickel), Voisey’s Bay (137Mt at 1.68% nickel), Kabanga (52Mt at 2.65% nickel), Eagle (4.5Mt at 3.33% nickel), Eagle Nest (20Mt at 1.68% nickel), Kalatongke (24Mt at 0.68% nickel), and N’komati (2.8Mt at 2.08% nickel).
Sama discovered the nickel-copper-cobalt-palladium mineralization when it discovered the Yacouba layered complex of mafic and ultramafic rock. This layered complex was created approximately 2.1 billion years ago by the intrusion of magma through the Man Shield. The Yacouba complex can be traced over a strike length of more than 30 kilometers within Sama’s properties in Côte d’Ivoire.
Sama commences trading on the US OTC Markets Group Pink Sheets platform
Sama also confirms that, effective December 4, 2018, the Company received FINRA approval for the Company’s shares to begin trading on the OTC Markets Group Pink Sheets platform under the ticker symbol “SAMMF”. Sama’s quotation on the OTC Pink is intended to begin the first step towards increasing the Company’s exposure to the U.S. markets.
About HPX
HPX is a privately-owned, metals-focused exploration company deploying proprietary in-house geophysical technologies to rapidly evaluate buried geophysical targets. The HPX technology cluster comprises geological and geophysical systems for targeting, modelling, survey optimization, acquisition, processing and interpretation. HPX has a highly experienced board and management team led by Chief Executive Officer Robert Friedland; President Eric Finlayson, a former head of exploration at Rio Tinto; and board member Ian Cockerill, a former Chief Executive Officer of Gold Fields Ltd. For further information, please visit www.hpxploration.com.
About Sama Resources Inc.
Sama is a Canadian-based mineral exploration and development company with projects in West Africa. On October 23, 2017, Sama announced that it had entered into a binding term sheet in view of forming a strategic partnership with HPX TechCo Inc., a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder, in order to develop its Côte d’Ivoire 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.
The technical information in this release has been reviewed and approved by Dr. Marc-Antoine Audet, 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.
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.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
SAMA RESOURCES INC./RESSOURCES SAMA INC.
Dr. Marc-Antoine Audet, President and CEO
Tel: (514) 726-4158
OR
Mr. Matt Johnston, Corporate Development Advisor
Tel: (604) 443-3835
Toll Free: 1 (877) 792-6688, Ext. 5
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 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 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.
A photo accompanying this announcement is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/bc07e351-1c0a-4771-98a2-3eb6a687335e
