(TheNewswire)
Montreal, Q C - TheNewswire - June 28, 2023 - SamaResources Inc. (“ Sama ” or the “ Company ”) (TSX-V:SME ) ( OTC:SAMMF) is pleased to provide anupdate on its previously-announced spin-out transaction (the“ Spin-Out ”) of SRQ Resources Inc. (“ SRQ ”), awholly-owned subsidiary of Sama.
Valuation Report
The Company announces today the dissemination of avaluation report (the “ Valuation Report ”) prepared by SLRConsulting (Canada) Ltd. (“ SLR”) in support of the proposed listing bySRQ on the TSX Venture Exchange (the “ TSX-V ”). TheValuation Report follows the guidelines of TSX-V Appendix 3G(“ Appendix 3G ”), which incorporates most aspects of CIMVAL Standards and Guidelines forValuation of Mineral Properties dated November 29, 2019 (“ CIMVAL ”).
The Valuation Report covers the six mineral propertiesto be held by SRQ in connection with the Spin-Out, namely Lac Jim, LacMontmord, Lac Picanoc, Northfield, Lac Brennan, and Lac Brûlé (the“ Properties ”). As detailed in the Valuation Report, the Lac Brûléproperty stands out as the most advanced target, and represents asignificant portion (76%) of the area of the overall landholdings tobe held by SRQ.
SLR, following the CIMVAL guidelines for mineralproperties, conducted a review of the six Properties held by SRQ toassess their suitability for the three primary approaches to mineralproperty valuation. For the valuation of the Properties, which are allat the exploration stage, SLR used the market approach (comparabletransaction analysis) and the cost approach (appraised value method)in accordance with Appendix 3G.
Per the Valuation Report, the market approachconsidered multiple market transactions in Central to Eastern Canada,resulting in a range of $/ha values and a market value range of $1.04million to $2.03 million for the Properties. The cost approachutilized the appraised value method, considering past explorationexpenditures adjusted to their present-day values, with the totalpresent-day expenditures associated with the Properies amounting to$1.05 million.
In order to tailor the valuation methods to each of theProperties, variable weights were assigned to the market approach andcost approach based on SLR's assessment of their reliability andability to capture the exploration concept and results. The resultingAppendix 3G value range for the Properties is $1.02 million to $1.73million as of the valuation date of April 30, 2023.
The Valuation Report relies on technical informationfrom the most recent National Instrument 43-101 (“ NI 43-101 ”)technical reports on the Lac Brûlé property. Specifically, theValuation Report relies on a technical report with an effective dateof June 27, 2023 prepared by Goulex Inc. and entitled “Lac Brûlé,Cantons Nivernais et Esgriseilles, Outaouais, PQ, NI 43-101 TechnicalReport”. For certain aspects of the Lac Brennan property, theValuation Report relies on a technical report dated November 22, 2007,prepared by Geostat Systems International Inc. and entitled“Technical Report Resources Estimation November 2007 on the VulcainProperty, Hainault Township, Outaouais”.
A complete copy of the Valuation Report is available onthe Company’s profile at www.sedar.com . The NI 43-101technical report for the Lac Brûlé property will also be filed onSEDAR within 45 days of this press release, in accordance with NI43-101, and a summary of the Properties will be included in thelisting application of SRQ prepared in accordance with TSX-V Form2B.
The Spin-Out remains subject to (i) Sama obtaining afinal order from the Superior Court of Québec, (ii) TSX-V approval,(iii) shareholder approval, and (iv) other conditions customary intransactions of this nature.
Precision on the PrincipalSecurityholders of SRQ
The Company would also like to provide additionaldetails regarding the principal securityholders of SRQ following theclosing of the Spin-Out, to clarify what was disclosed in themanagement information circular of the Company dated May 29, 2023. Tothe knowledge of the Company's directors and officers, no person orcompany will beneficially own, directly or indirectly, votingsecurities of the Company carrying 10% or more of the voting rightsattached to any class of voting securities of SRQ at the closing ofthe Spin-Out, except for IVNE Ivory Coast Holdings Inc.(“ IVNE ”), which is expected to own approximately 22.78% ofSRQ’s common shares, reflecting the same ownership percentage itcurrently holds in the Sama’s common shares. IVNE is a subsidiary ofIvanhoe Electric Inc., a publicly traded company listed on the TorontoStock Exchange and NYSE American (NYSE American: IE, TSX: IE).
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 are flanked to the westby the Ivorian and Guinean borders . Sama’s projects are locatedadjacent to the large world-class nickel-cobalt laterite deposits ofSipilou and Foungouesso, forming a 125 km-long new Base Metal Camp inWest Africa.
Sama owns 70% interest in the Samapleu nickel-copperproject in Côte d’Ivoire with its joint venture partner IvanhoeElectric owning 30%. Ivanhoe Electric has the option to purchase up toa 60% interest in the project.
For more information about Sama, please visit Sama’swebsite at www.samaresources.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 andinformation contained 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, thecompletion of the conditions of the Arrangement, the listing of SRQ onthe TSX-V, the proposed board of directors and management team of SRQ,the effects of the Arrangement on the Company and SRQ, the ability ofSRQ to convert resources in reserves, its ability to see through thenext phase of development on the project, its ability to produce apre-feasibility study or a feasibility study regarding the project,its ability to execute on its development plans in terms of metallurgyor exploration, the availability of financing for activities, risksand uncertainties relating to the interpretation of drill results andthe estimation of mineral resources and reserves, the geology, gradeand continuity of mineral deposits, the possibility that futureexploration, development or mining results will not be consistent withSRQ’s expectations, metal price fluctuations, environmental andregulatory requirements, availability of permits, escalating costs ofremediation and mitigation, risk of title loss, the effects ofaccidents, equipment breakdowns, labour disputes or otherunanticipated difficulties with or interruptions in exploration ordevelopment, the potential for delays in exploration or developmentactivities, the inherent uncertainty of cost estimates and thepotential for unexpectedcosts and expenses, commodity price fluctuations, currencyfluctuations, expectations and beliefs of management and other risksand uncertainties.
In addition, forward-lookingstatements and forward-looking information are based on variousassumptions. Should one or more of these risks and uncertaintiesmaterialize, or should underlying assumptions prove incorrect, actualresults may vary materially from those described in theforward-looking information or forward-looking statements.Accordingly, readers are advised not to place undue reliance onforward-looking statements or forward-looking information. Except asrequired under applicable securities legislation, the Companyundertakes no obligation to publicly update or revise forward-lookingstatements or forward-looking information, whether as a result of newinformation, future events or otherwise.
Neither the TSX-V nor its RegulationServices Provider (as that term is defined in the policies of theTSX-V) accepts responsibility for the adequacy or accuracy of thisrelease.
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