(TheNewswire)
Montréal, Quebec – TheNewswire - March 23rd, 2021 – Sama ResourcesInc. (“Sama” or the “Company”)(TSXV:SME ) | ( OTC:SAMMF) is pleased to announce thatit has commenced a 5,000 metre (“m”) diamond drilling program at Samapleuand Yepleu as part of its work program for Q1 and Q2 of2021 .
Additionally, the Company has formalized, finalized andexecuted the earn-in and joint venture agreement (the “Agreement”)with HPX Ivory Coast Holdings Inc. (“HPX”) first announced onOctober 23, 2017. HPX is a subsidiary of HPX TechCo a private mineralexploration company in which mining entrepreneur Robert Friedland is asignificant stakeholder. Under the Agreement, HPX may acquire atotal of up to a 60% interest in Sama’s interest in the Côte d’Ivoire project portfolio, including the Samapleu,Bounta and Yepleu projects, by funding exploration expenses throughtotal investments of up to CAD$30,000,000.
To date HPX has invested CAD$12,200,000 and the balanceof the CAD$18,000,000 commitment will be funded on a cash call basisat the discretion of HPX. In total, the Company has completed54,000m of drilling since 2010 and delivered a positive PreliminaryEconomic Assessment for the Samapleu deposits in May 2020:
“ HPX’scontinued financial and technical support of the Company’s Côted’Ivoire project portfolio, along with Sama’s equity position inSRG Mining Inc. (TSX-V: SRG - ~32% of the issuer) and the prospectsof an additional value driver with the new gold prospects in Liberiahave afforded Sama shareholders with a vehicle that has demonstratednearly zero dilution on a fully diluted basis since October of 2017and continues to give shareholders exposure to what we all believe isone of the most prolific Nickel, Copper, Palladium systems discoveredover the past 10 years. It is now our objective to unlock the valueof the enormous system while continuing a minimal dilution mandate toour loyal shareholder base. ” Stated Dr.Marc-Antoine Audet President, CEO & Director of Sama ResourcesInc.
Readers are invited to view the updated CorporatePresentation showing exploration progress proposal for the H1 2021:
https://samaresources.com/i/pdf/Sama_Corporate_Presentation.pdf
The Company owns 3 drill rigs that will be used tocomplete the Q1 and Q2 2021 diamond drilling campaign.
ABOUT SAMA RESOURCES INC.
Sama is a Canadian-based mineral exploration anddevelopment company with projects in West Africa. On October 23, 2017,Sama announced that it had entered into a binding term sheet in viewof forming a strategic partnership with HPX TechCo Inc., a privatemineral exploration company in which mining entrepreneur RobertFriedland is a significant stakeholder, in order to develop its Côted’Ivoire Nickel-Copper-Palladium project in Côte d’Ivoire,West-Africa. For more information about Sama, please visit Sama’swebsite at http://www.samaresources.com .
About HPX
HPX is a privately-owned, metals-focused exploration company deployingproprietary in-house geophysical technologies to rapidly evaluateburied geophysical targets. The HPX technology cluster comprisesgeological and geophysical systems for targeting, modelling, surveyoptimization, acquisition, processing and interpretation. HPX has ahighly experienced board and management team led by Chief ExecutiveOfficer Robert Friedland and President Eric Finlayson, a former headof exploration at Rio Tinto. For further information, please visit www.hpxploration.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 “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, theavailability of financing for activities, risks and uncertaintiesrelating to the interpretation of drill results and the estimation ofmineral resources and reserves, the geology, grade and continuity ofmineral deposits, the possibility that future exploration, developmentor mining results will not be consistent with the Company'sexpectations, metal price fluctuations, environmental and regulatoryrequirements, availability of permits, escalating costs of remediationand mitigation, risk of title loss, the effects of accidents,equipment breakdowns, labour disputes or other unanticipateddifficulties with or interruptions in exploration or development, thepotential for delays in exploration or development activities, theinherent uncertainty of cost estimates and the potential forunexpected costs and expenses, commodity price fluctuations, currencyfluctuations, expectations and beliefs of management and other risksand 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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