(TheNewswire)
Metallurgical Copper Recovery up to88% in a 26% Copper Grade Concentrate and up to 72% Nickel Recovery ina 13% Nickel Grade Concentrate
Highlights
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Using an NSR cut-off-value ofUSD$16.34/tonne, the inferred and indicated mineral resource estimatesnow stand at 102 million tonnes and 15.0 million tonnesgrading 0.25% nickel
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Mineralized material is amenable toproduce a 26% copper concentrate at up to 88% copper recovery and a13% nickel concentrate at up to 72% nickel recovery.
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60% of the palladium is recovered tothe copper and nickel concentrates. The palladium grades are expectedto yield attractive payment terms from smelters.
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A Revised Preliminary EconomicAssessment for an open-pit production scenario at the Samapleu andGrata deposits will be produced by year-end.
Montreal, Q C - TheNewswire - June 27, 2023 - Sama Resources Inc. (“ Sama ” or the “ Company ”) (TSX-V:SME ) ( OT C :SAMMF) is pleased to announce an increase inIndicated and Inferred mineral resources at its Samapleu and Gratanickel (“ Ni ”), copper (“ Cu ”), Cobalt (“ Co ”) and platinumgroup elements (“ PGE ”) project in Côte d’Ivoire, WestAfrica. The latest mineral resource estimate reflects the outstandingprogress made by the Company's dedicated exploration team.
The updated Mineral Resource Estimate has an effectivedate of June 16, 2023, and incorporates drilling carried out at theSamapleu and Grata deposits from 2010 until mid-2022.
For the Samapleu-Grata deposits combined, InferredResources total 101.9 million tonnes (“ Mt ”) averaging0.25% Ni for 558.6 million pounds (“ Mlbs ”) of Ni metal,0.23% Cu for 526.8 Mlbs of Cu metal, 0.01% Co for 33.4 Mlbs of cobalt(“ Co ”) metal, 0.29 g/t Pd for 939,400 ounces of palladium(“ Pd ”) and 0.1 g/t Pt for 311,400 ounces of platinum(“ Pt ”) .
The combined Indicated Resources total 14.99 Mtaveraging 0.25% Ni for 81.6 Mlbs of Ni metal, 0.22% Cu for 72.9 Mlbsof Cu metal, 0.02% Co for 5.5 Mlbs of Co metal, 0.31 g/t Pd for149,400 ounces of Pd and 0.1 g/t Pt for 49,500 ounces of Pt.
The addition of the Grata mineralization doubled themineral resources compared with the 2020 PEA (Tables 1 &2).
A summary of the Mineral Resources is provided in Error:Reference source not found 1 & 2. Table 3provides a sensitivity analysis of mineral resources using various NetSmelter Return (“ NSR ”) cut-off values.
“ We arethrilled to announce such remarkable growth in our mineral resourcesat our Samapleu- Grata nickel and copper project. This achievement isa testament to the hard work and dedication of our exploration team,as well as the vast potential of our project. Together with ourpartner Ivanhoe Electric, we remain committed to advancing ouroperations responsibly and to producing a Revised Preliminary EconomicAssessment for the combined Samapleu-Grata open-pitpotential, ” said Dr. Marc-Antoine Audet,President and Chief Executive Officer of Sama Resources.“ There are up to twentyadditional untested targets showing similar geophysical signatures toSamapleu and Grata within our land package that need to beinvestigated .”
Sama is advancing exploration and developmentactivities with a primary goal of expanding mineral resources andconducting further technical studies. The Company strategy encompassessustainable mining practices, fostering positive relationships withlocal communities, and adhering to the highest environmentalstandards.
Table 1: Samapleu & Grata Deposits Mineral ResourceStatement
Table 2: Samapleu and Grata deposits In-situ Metalwithin Pit Shells
Mineral Resource StatementNotes: | ||||||||
1. CIM definition standards werefollowed for the resource estimate. | ||||||||
2. The 2023 resource models usedordinary kriging (OK) grade estimation within a three-dimensionalblock model with mineralized domains definedby wireframed solids. | ||||||||
3. Mineral resources are constrainedwithin pit shells | ||||||||
3. Open pit NSR cut-off of $16.34/tmilled is based on the cost/tonne milled for incremental mining,processing, processing, G&A andsustaining capital of a WMF | ||||||||
4. The NSR used for reporting isbased on the following: | ||||||||
a. Long-term metal prices ofUS$8.70/lb Ni, US$3.75/lb Cu, US$1,140/oz Pt, US$1,300/oz Pd,US$1,690/oz Au, US$25.10/lb Co | ||||||||
b. Metallurgical recoveries arebased on grade recovery curves for the various elements in a copperconcentrate. and nickel concentrate | ||||||||
c. Bulk density was determined by aregression formula based on iron (Fe) for each lithology with eachdeposit | ||||||||
d. Mining cost of US$4.08/t minedincludes saprolite removal, incremental mining by bench and sustainingcapital | ||||||||
5. Mineral Resources that are notmineral reserves do not have economic viability. Numbers may not adddue to rounding. |
Modeling was performed using Datamine Studio RMsoftware, with grades estimated using ordinary kriging (OK)interpolation methodology. Samples were composited at 3.0 metre downhole. Assessment of the raw samples indicated a variety of cappinglevels for each element by domain and deposit. Block grades wereestimated on a multi pass basis with a minimum and maximum number ofcomposites and maximum number of composites per drillhole required foreach estimation pass. Block size is 10 metres (x) by 10 metres (y) by10 metres (z) with up to three sub-blocking divisions comprising aminimum block size of 1.25 metres (x, y, and z). Additionalinformation about the Mineral Resource modeling methodology will bedocumented in the upcoming NI 43-101 technical report (the"Technical Report").
Figure 2 below shows optimised pit layouts at theSamapleu Main, Extension, and Grata deposits. Figures 3 to 5 aregeological sections showing grade distribution together with optimizedopen-pit outlines.
Table 3: Sensitivity analysis onmineral resources using various NSR cut-off values.
2023 Metallurgical test work
As previously announced in our March 6,2023 newsrelease , metallurgical test work on composites from the Samapleu and Gratadeposits completed by BlueCoast Research Ltd (“ BCR ”), a leading metallurgical testing andconsulting company based in Parksville, British Columbia, shows that copper flotation is yielding 83-88% Cu recoveryto concentrates assaying 26-27% Cu together with Ni flotation yielding67-72% Ni recovery to concentrates assaying 13% Ni. Cobalt recoverieswere 51% and 61% for the Samapleu Main and Grata composites,respectively.
The metallurgical test work also demonstrates that 60% of thepalladium was recovered to the Cu and Ni concentrates, the majoritybeing recovered to the Ni concentrate. The palladium grades areexpected to yield attractive payment terms from smelters . Platinum grades should, in most cases, be high enough toattract some payment, with recoveries to the concentrates of 47% and62% from the Samapleu and Grata composites, respectively. Gold mayalso attract a small payment from the copper concentrate.
Figure 1: 2013 HTEM & 2018 VTEM conductivityresponses outlining numerous additional target/prospective areas forfollow-up exploration work.
Figure 2: Surface plan showing optimised pits forSamapleu and Grata deposits.
Figure 3: Cross-section 1 25-metre-thick cross-sectionthrough the Main Deposit geological model and the ordinary kriging(OK) nickel (%) block model, overlain by downhole assay data, and theoptimized pit shell.
Figure 4: Cross-section 2 25-metre-thick cross-sectionthrough the Extension Deposit geological model and the ordinarykriging (OK) nickel (%) block model, overlain by downhole assay data,and the optimized pit shell.
Figure 5: Cross section 3 25-metre-thick cross-sectionthrough the Grata Deposit geological model and the ordinary kriging(OK) nickel (%) block model, overlain by downhole assay data, and theoptimized pit shell.
QUALITY CONTROL AND ASSURANCE
All scientific and technical information in thisrelease has been reviewed and approved by Todd McCracken, P.Geo.,Director – Mining & Geology – Central Canada, BBAInternational Inc., the qualified person (QP) and Dr. Marc-AntoineAudet, Ph.D. Geology, P.Geo. and President and CEO of Sama, thequalified person (QP) under the definitions established by NationalInstrument 43-101.
The Qualified Persons have reviewed and verified thatthe technical information with respect to the Revised Mineral Estimatecontained in this press release is accurate and has approved thewritten disclosure of such information. For readers to fullyunderstand the information in this press release, they should read theTechnical Report in its entirety when it is available on SEDAR,including all qualifications, assumptions and exclusions that relateto the information to be set out in the Technical Report. TheTechnical Report is intended to be read as a whole, and sectionsshould not be read or relied upon out of context.
QUALIFIED PERSON
The resource estimate was prepared by Mr. ToddMcCracken, P.Geo, of BBA International Inc. in accordance withNational Instrument 43-101 Standards of Disclosure for MineralProjects. The resource classification follows the CIM definition forclassification of Indicated and Inferred Mineral Resources. Thecriteria used by the QP for classifying the estimated mineralresources are based on confidence and continuity of geology andgrades.
An NI 43-101 compliant Technical Report will be filedon SEDAR within 45 days of this press release.
About Sama Resources Inc .
Sama is a Canadian-based, growth-oriented resourcecompany focused on exploring the Samapleu nickel-copper project inCôte d’Ivoire, West Africa. The Company is managed by experiencedindustry professionals with a strong track record of discovery. Samais committed to developing and exploiting the Samapleu Nickel-Copperand Platinum Group Element Resources.
Sama’s projects are located approximately 600 kmnorthwest of Abidjan in Côte d’Ivoire and areflanked to the west by the Ivorian and Guinean borders . Sama owns a 70% interest in the Samapleu Nickel CorporationInc., with its joint venture partner Ivanhoe Electric owning 30%.Ivanhoe Electric has the option to earn up to a 60% interest inSamapleu Nickel Corporation Inc.
For more information about Sama, please visit Sama’swebsite at www.samaresources.com .
About Ivanhoe Electric Inc.
Ivanhoe Electric is an American technology and mineralexploration company that is re-inventing mining for theelectrification of everything by combining advanced mineralexploration technologies, renewable energy storage solutions andelectric metals projects predominantly located in the United States.For more information, visit www.ivanhoeelectric.com
CONTACT INFORMATION
Dr. Marc-Antoine Audet, President and CEO
Tel: (514) 726-4158
Mr. Matt Johnston, Corporate Development Advisor
Tel: (604) 443-3835 or (877) 792-6688, Ext. 5
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.
Neither the TSXV nor its Regulation Services Provider(as that term is defined in the policies of the TSXV) acceptsresponsibility for the adequacy or accuracy of this release.
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