(TheNewswire)
New Zone Discovered 5 kilometres Eastof Samapleu deposit
Highlights
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- Ivanhoe Electric Inc. continueswith Earn-in agreement
- Ivanhoe Electric commits anadditional CAD$1.1M into Sama Nickel Corporation
- Discovery of a new zone at Grata 5km East of Samapleu deposit
- Hole YE47- 361408b intersected 45 metres of highlydisseminated sulphides including 1.15 metres of massive sulphide atYepleu deposit.
Montreal, Quebec - TheNewswire - Sept 02, 2021 - Sama ResourcesInc. (“Sama” or the “Company”)(TSXV:SME ) ( OTC:SAMMF) ispleased to announce that Ivanhoe Electric Inc. (“ IVNE ”) through its subsidiary, HPX Ivory Coast Holdings Inc. (“ HPX-CI” ), willcontinue with the original Earn-In agreement aiming at acquiring 60%of Sama Nickel Corporation Inc. (“ SNC ”).
On August 27, 2021, IVNE transferred an additionalCDN$1.1M to SNC which increased IVNE’s investment into the Companyto CDN$15.52M from March 2019 to date. With this transfer, IVNE hasmet the Joint Venture Agreement (“ JV ”) firstinvestment threshold of CDN$15M, which will give HPX-CI a 30%ownership in SNC.
“We are very pleased to continue our partnership withIvanhoe Electric. They have been an incredible partner working handin hand in unlocking the potential our Ivorian assets. Our technicalunderstanding of the project along with our extensive geological andgeochemical understanding of the area leads us closer to our ultimategoal of unlocking a world-class discovery. Furthermore, thepartnership has afforded the Company to maintain a near zero dilutionrate for nearly four years while simultaneously advancing the assetsin a strategic and systematic manner. We continue to strive toadvance the Ivorian assets in a meaningful way while maintaining ournear zero dilution mandate.” stated Dr. Marc-Antoine Audet,President & CEO of Sama Resources Inc
“Since we signed our JV agreement in 2018, we havebeen very pleased that our Typhoon™ technology has been able toguide drilling to these repeated nickel intersections. We look forwardto continuing to work with the SAMA team on better understanding thegeological model to drive further improvements in both grade andthickness of massive sulphides in the continued drill program. We willalso be working on the ongoing economic evaluation of the Samapleudeposit.” stated Eric Finlayson, President of IvanhoeElectric.
Additionally, the Company confirms the 2009’s JVagreement between SODEMI ( Société pour le Développement Minier de la Côted’Ivoire ) and SNC remains unchanged. IVNE( see News Release datedOctober 23, 2017 ) agreed, despite the Earn-InAdjustment Condition of acquiring the 33 1/3% SODEMI’s interest inexploration permits (“PR”) PR 838 and PR 839 having not been met,IVNE will proceed with Phase 2 Earn-In Interest of an additionalCAD$10M. The Phase 2 Earn-In Interest of CAD$10M will, atcompletion, give IVNE (HPX-CI) a 60% ownership interest in SNC.
Grata: New mineralised Sector
Sama is pleased to announce the discovery of a newmineralised sector located 5 kilometers (“km”) East of Samapleudeposit returning a sequence of 310 meters (“m”) of pyroxenite andgabbro part of the Yacouba mafic-ultramafic complex out of which 147 mof disseminated and several intersects of semi-massive sulfide mineralisation. Figure 1 and Table 1 aresummarizing the finding. True width is unknown.
Additional drilling will follow-up on this newlydiscovered sector.
At Samapleu and at the Grata’s newly discoveredsector, the Company is searching for massive sulphide veins and lensesthat could have accumulated in traps and embayment’s at depth alongthe feeder system of the large Yacouba intrusive complex.
Figure 1: Newly discovered sector at Grata propertylocated 5 km East of Samapleu. Hole SM20-070410 returned a combined147 m of sulphide mineralisation including a combined 56m grading0.39%Ni, 0.45% Cu and 0.33 g/t Pd.
Yepleu: Dynamic magmatic system
At the Yepleu sector, hole YE47- 361408b drilled at the third priority target returned 45m of disseminated andsemi-massive sulphide material including 1.15m @ 1.40% Ni. HoleYE38-626778 drilled 600 m NNE of the YE47-361408b, returned 16mgrading 0.49%Ni including 4.25 m at 1.01% Ni.
Figures 2 and Table 1 are summarizing finding for thefirst three holes drilled this year at Yepleu.
Table 1: Assays results for holes drilled at Samapleu,Grata and Yepleu
At Yepleu, Sama is searching for the same types ofaccumulations as at Samapleu but within a more dynamic magmaticsystem. Yepleu is considered to be the centre of the intrusive feedersystem with evidence of multiple magma injections generating a largevolume of host rock assimilation.
At Yepleu and Grata, the intersected mineralizationare characterized by aggregates of the nickel,copper and iron sulphides – pentlandite, chalcopyrite andpyrrhotite, respectively. Pentlandite occurstogether with pyrrhotite, while the chalcopyriteis either mixed with the pentlandite and pyrrhotite or occurs asmillimetric to centimetric sulphide veins/accumulations. The texturesof the sulphide mineralization vary from disseminated to semi-massiveand massive.
Figure 2: Cross-section at Yepleu showing drill resultsfor the first three holes drilled in 2021.
Co re logging and sampling wasperformed at Sama’s facility at the Samapleu and Yepleu fieldfacilities. Sample preparation was conducted at the Bureau Veritas Mineral Laboratory’s facility inAbidjan . Sample pulps weredelivered to Activation Laboratories Ltd,Ancaster, Thunder Bay, Canada, for assaying. All samples were assayed for Ni, Cu, Co, Pt, Pd,Au, Fe and S.
The technical information in this release has beenreviewed and approved by Dr. Marc-Antoine Audet, P.Geo and Presidentand CEO of Sama, and a ‘qualified person’, as defined by NationalInstrument 43-101 Standards of Disclosure for Mineral Projects.
ABOUT SAMA RESOURCES INC.
Sama is a Canadian-based mineral exploration anddevelopment company with projects in West Africa. On March 19, 2021Sama formalised a Joint Venture Agreement Ivanhoe electric Inc, aprivate mineral exploration company in which mining entrepreneurRobert Friedland is a significant stakeholder, in order to develop itsIvorian Nickel-Copper and Cobalt project in Côte d’Ivoire,West-Africa. For more information about Sama, please visit Sama’swebsite at http://www.samaresources.com .
ABOUT IVANHOE ELECTRIC INC.
Ivanhoe Electric Inc. is a privately-owned company focused on makingtechnology-enabled metals discoveries for the electrification ofeverything. The Company deploys proprietary and disruptive technologythat de-risks mineral and water discoveries. Ivanhoe Electric isfocused on “electric metals” (copper, nickel, gold and silver)mining assets for the electric revolution and is led by Chairman andChief Executive Officer Robert Friedland. For further information,please visit www.ivanhoeelectric.com .
FOR FURTHER INFORMATION, PLEASECONTACT:
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
Neither the TSXV nor its RegulationServices Provider (as that term is defined in the policies of theTSXV) accepts responsibility for the adequacy or accuracy of thisrelease.
Forward-Looking Statements
Certain of the statements made and informationcontained herein are "forward-looking statements" or“forward-looking information” within the meaning of Canadiansecurities legislation. Forward-looking statements and forward-lookinginformation such as “will”, could”, “expect”,“estimate”, “evidence”, “potential”, “appears”,“seems”, “suggest”, are subject to a variety of risks anduncertainties which could cause actual events or results to differfrom those reflected in the forward-looking statements orforward-looking information, including, without limitation, theability of the company to convert resources in reserves, its abilityto see through the next phase of development on the project, itsability to produce a pre-feasibility study or a feasibility studyregarding the project, its ability to execute on its development plansin terms of metallurgy or exploration, the availability of financingfor activities, risks and uncertainties relating to the interpretationof drill results and the estimation of mineral resources and reserves,the geology, grade and continuity of mineral deposits, the possibilitythat future exploration, development or mining results will not beconsistent 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 orother unanticipated difficulties with or interruptions in explorationor development, the potential for delays in exploration or developmentactivities, the inherent uncertainty of cost estimates and thepotential for unexpected costs and expenses, commodity pricefluctuations, currency fluctuations, expectations and beliefs ofmanagement and other risks and uncertainties.
In addition, forward-looking statements andforward-looking information are based on various assumptions. Shouldone or more of these risks and uncertainties materialize, or shouldunderlying assumptions prove incorrect, actual results may varymaterially from those described in forward-looking information orforward-looking statements. Accordingly, readers are advised not toplace undue reliance on forward-looking statements or forward-lookinginformation. Except as required under applicable securitieslegislation, the Company undertakes no obligation to publicly updateor revise forward-looking statements or forward-looking information,whether as a result of new information, future events orotherwise.
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