Press release from Marketwire
Sama Resources Announces First Mineral Resource Estimate for the Samapleu Nickel-Copper Deposits, Cote d'Ivoire, West Africa
Thursday, June 21, 2012
Sama Resources Announces First Mineral Resource Estimate for the Samapleu Nickel-Copper Deposits, Cote d'Ivoire, West Africa07:00 EDT Thursday, June 21, 2012VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 21, 2012) -Sama Resources Inc.(TSX VENTURE:SME) ("Sama" or the "Company") is pleased to announce a National Instrument 43-101, Standards of Disclosure for Mineral Projects ("NI 43-101") compliant mineral resource estimate at the Company's Samapleu Nickel ("Ni") + Copper ("Cu") + Platinum Group Elements ("PGE") deposits in Côte d'Ivoire, West Africa (the "Samapleu Project"). This maiden mineral resource includes an indicated mineral resource of 12.5 million tonnes ("Mt") grading 0.24% Ni and 0.23% Cu and containing 66.4 million pounds ("Mlb") of Ni and 61.0 Mlb of Cu, together with an inferred mineral resource of 8 Mt, grading 0.23% Ni and 0.17% Cu and containing 41.2 Mlb of Ni and 30.5 Mlb of Cu. Continued drilling along strike and at depth at both deposits, together with regional exploration for additional Ni-Cu and PGE mineralization, will be carried out by the Company. The Company's exploration work has been substantially helped by the recently completed $4.4M financing with MMR Exploration Limited, a subsidiary of Minmetals Resources Limited (HKSE:1208) (see Sama's news release dated May 23, 2012)."We are pleased with this maiden mineral resource calculation. By completing this early resource estimate, Sama is satisfying its ongoing requirements for advancement of the project under its agreement with the Ivorian government," commented Dr. Marc-Antoine Audet, President and CEO of Sama. "We are pleased to fulfill our partner's request for an early in-house mineral resource estimate based on the limited work to date and to start evaluating the viability of a modest scale production scenario, providing much needed revenue in a region that is in great need of economic development," Dr. Audet added.Based on the mineral resource estimate, it is the Company's intention to shortly commence work on a Preliminary Economic Assessment ("PEA") on the viability of a mining and processing operation at the Samapleu Project. The PEA will investigate the viability of a modest opencast mining operation, with processing through an upgrading circuit followed by conventional flotation, producing a Ni+Cu concentrate. It is proposed that the concentrate be delivered using the existing highway network to the port of San Pedro, located 550 kilometres ("km") south of the Samapleu Project, for shipment to a custom smelter.Metallurgical tests performed at Société Générale de Surveillance's ("SGS") facilities in Vancouver, BC, and in Lakefield, Ontario, Canada, (see Sama's news release dated May 1, 2012), have demonstrated the high upgrading potential of the mineralized material prior to the flotation circuit with the ability of producing an 18.5% Ni+Cu sulphide concentrate with a recovery at the flotation stage of 89% on Cu and 75% on Ni, along with Cobalt and quantities of PGE. Metallurgical tests have also demonstrated that the mineralized material can produce a high quality concentrate very low in gangue oxides like MgO and Al2O3 and with extremely low levels (< 5-10 parts per million) of deleterious minor elements. Additional metallurgical tests on a larger bulk sample, including heavy media separation, flotation and production of a concentrate, are planned for early July 2012 at the Centre de Technologie Minérale et de Plasturgie of Thetford Mines, Québec, Canada, aiming at testing mineralized material with the same average composition to the mineral resource.Mineralization, which corresponds to sulphide disseminations in the whole ultramafic sequences, mainly in pyroxenite, with locally tectonic remobilizations (some of the semi-massive and massive sulphide lenses) remains open at depth for the 2 deposits below 200 metres ("m") from surface. The Samapleu Extension 1 mineralized strike extends toward the northeast and the southwest. The compilation work highlights the high prospective potential of the whole area surrounding the known intersections and at a regional scale.The mineral resource estimate is based on 102 boreholes for a total of 15,849 m and 5,722 samples and includes the Samapleu Main and Samapleu Extension 1 deposits, distant by 1.3 km from each other. The Samapleu Main deposit was drilled mostly on a 25 m x 50 m drill pattern while the Samapleu Extension 1 deposit was mostly drilled on 25 m x 25 m and 50 m x 50 m grid spacing. Mineral resources for these deposits are reported using a 0.10% cut-off grade of Ni (Table 1).Table 1: Samapleu Project Mineral Resources at 0.10% Ni cut-off grade, June 21, 2012.ClassificationTonnes(,000) tContainedNitContainedCutNi%Cu%Co%Pt g/tPd g/tAu g/tRh g/tMeasured---Indicated12,46730,18027,7380.24 0.220.0150.1070.2980.0350.010Inferred7,98618,72013,8440.23 0.170.0150.0800.3130.0230.011 NOTES: Results are presented in situ.Block bulk densities were interpolated from specific gravity measurements taken from core samples.1m composites were used during interpolation.The Environmental Baseline Study is currently ongoing under the independent supervision of SGS of Abidjan, Côte d'Ivoire.Resource Estimate Authorship and MethodologyA 3D block model was created for each sector; estimation was conducted using Gemcom software. The mineral resources were estimated using Ordinary Kriging. All of the blocks were estimated using a minimum of 2 and a maximum of 12 composites with a sample search ellipse 10 m x 30 m x 75 m oriented specifically for each deposit as follows:Main : 120/30/0 (Z, X, Z) Extension 1: 45/15/0 (Z, X, Z) A geological code system has been introduced and assigned to the various lithologies. Continuity directions were assessed based on the orientation of wireframes, composites and the spatial distribution of the element. Variography was generated for all principal variables; Ni, Cu, Co, Pd, Pt and Au based on the 1m down-hole composites. Mineral resource estimates extend from surface, just below the weathered material, to a maximum depth of approximately 250 m from surface. Mineralization remains open at depth at both, the Main and Extension 1 deposits.The Samapleu Project tridimensional block models were created by Sama's qualified geologist, Dr. Marc-Antoine Audet, P.Geo. and were reviewed and controlled by Dr. M.A. Ben Ayad, P.Geo., and Mr. Pierre Jean Lafleur, P.Eng., a Gemcom software expert. Both Dr. Ben Ayad and Mr. Lafleur are "independent" within the meaning of NI 43-101. The mineral resource estimate has been classified and reported in accordance with the CIM guidelines (CIM 2005) and NI 43-101.Dr. Ben Ayad visited the property for personal inspection from April 19th to April 22nd, 2012. Dr. Ben Ayad reviewed and compiled information on logging, QA/QC, densities, sampling, assays results and drilling database with assay certificate crosschecks to assure the data integrity for the mineral resource update. He also reviewed the data from the drilling completed since March 2010.Procedures and parameters used for estimating the mineral resource were discussed on the site and at the Sama office in Montreal regarding the database and parameters upon which the mineral resource estimate has been based.Dr. Ben Ayad considers that Sama applied a reasonable degree of care and diligence in monitoring the sample results for the Samapleu Project and, in general, the QA/QC procedures and protocols employed are rigorous enough to ensure that the sample data is appropriate for use in mineral resource estimations. The Samapleu Project's mineral resource database meets industry standards and complies with the CIM codes for public reporting.The most likely cut-off grade of Ni for these deposits is not known and will need to be confirmed by the appropriate economic studies.Dr. Ben Ayad and Mr. Lafleur are not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues that may materially affect the estimate of mineral resources.Competent Persons StatementDr. Ben Ayad is a registered member of the "Ordre des Géologues du Québec" and Mr. Pierre Jean Lafleur is a registered member of the "Ordre de Ingenieurs du Quebec". Both Dr. Ben Ayad and Mr. Lafleur have more than 25 years of relevant experience with the style of mineralization and type of deposit under consideration and the activity which they are undertaking to qualify as "Qualified Persons" as defined by NI 43-101.Regional Exploration is OngoingRegional exploration for additional Ni-Cu and PGE mineralization and for Massive Chromite occurrences is ongoing. At a local scale, prospection for Chromites allowed the realization of a first drill hole (see Sama's news releases dated December 06, 2011, February 14, 2012 and April 11, 2012). One borehole, drilled vertically at the location called Bounta North, 5 km south of the Samapleu Project, where the first Massive Chromite occurrences were found, was terminated at 43 m (reaching depth capacity with the Company's own man portable Jacro 175 drilling rig) in partially weathered Dunite enriched with veins of Garnierite. The ultramafic rock type Dunite is the host rock for most of the Chromites mineralization found worldwide and related to layered complexes. Garnierite is often seen in weathered Dunite as the result of a secondary generation of talc-serpentine veins enriched in Ni. In this case, a handheld Niton XRF portable analyzer returned up to 19% Ni in the Garnierite. The Company has purchased a D7G bulldozer in order to facilitate access to the Bounta North area where a more powerful drilling rig is necessary for proper investigation of the Chromites as well as the Ni+Cu sulphide potentials at depth.The Samapleu ProjectThe Samapleu Project is currently in a relatively advanced exploration phase. Future exploitation will be managed by a joint venture currently controlled 66 2/3% by Sama Nickel Corporation, a wholly-owned subsidiary of the Company, and 33 1/3% by Société pour le Développement Minier de Côte d'Ivoire.Dr. Marc-Antoine Audet, P.Geo., President and CEO of Sama, Dr. Phillip Mackey, P.Eng., a metallurgical consultant, and Dr. M.A. Ben Ayad, P.Geo., consulting geologist, each a Qualified Person as that term is defined under NI 43-101, have approved the technical information contained in this news release.Further details will be available in the NI 43-101 technical report, which will be posted on SEDAR (www.sedar.com), within 45 days from the date of this release.The reader is invited to review Sama's updated compilation on its website at http://www.samaresources.com/i/pdf/Sama_Corporate_Presentation.pdf for more details. Forward-Looking Statements: Certain of the statements made and information contained herein are "forward-looking statements" within the meaning of Canadian securities legislation or "forward-looking information" within the meaning of the Ontario Securities Act and the Securities Act (British Columbia). This includes statements concerning the Company's plans at its mineral properties, which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company, or industry results, to vary or be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or forward-looking information. Information regarding drilling results may also be deemed to be forward-looking statements or forward-looking information in that they reflect a prediction of what may be found to be present when and if a project is actually developed.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.FOR FURTHER INFORMATION PLEASE CONTACT: Dr. Marc-Antoine AudetSama Resources Inc.President and CEO(514) 726-4158ORMr. Matt JohnstonSama Resources Inc.(604) 443-3835 or Toll Free: 1 (877) 792-6688, Ext. 4(604) 682-3860 (FAX)www.samaresources.comNeither 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.