Sama Resources Intersects 29.0 Metres at 1.67% Nickel and 0.14% Cobalt at Its Newly Discovered Gogota Nickel Cobalt Laterite ...
August 14 2012 - 6:00AM
Marketwired Canada
Sama Resources Inc. ("Sama" or the "Company") (TSX VENTURE:SME) is pleased to
announce assay results for the first 4 holes out of 15 drilled to date at the
Company's newly discovered nickel-cobalt rich laterite deposit (the "Gogota
Deposit"), within its "Lola Project" in eastern Guinea, West Africa, located
adjacent to Sama's Samapleu Project across the border in Cote d'Ivoire.
"These first nickel-cobalt drill results from Sama's newly discovered Gogota
Deposit within Sama's Lola Project in eastern Guinea are very encouraging.
Results indicate the possibility of finding additional high-grade nickel-cobalt
limonite and/or high-grade nickel saprolite within 27 prospective laterite
plateaus recently discovered and identified to date by Sama," commented Dr.
Marc-Antoine Audet, President and CEO of Sama. "Exploration is continuing in
order to find additional prospective laterite plateaus and to identify new
nickel-copper sulphide mineralization as previously found in Sama's adjacent
Samapleu Project in Cote d'Ivoire," Dr. Audet added.
In April 2012, the Company commenced a 24 core borehole drilling program, based
on a 400 metre ("m") by 400 m grid for approximately 1,500 m, at its newly
discovered Gogota Deposit. Assay results for 4 of the 15 holes drilled to date
have been received. Drilling is ongoing at the Gogota Deposit. Table 1 below
shows mineral intercepts for these first 4 drill holes.
Since the start of the regional exploration program at the Lola Project in April
2011, a total of 27 new prospective laterite plateaus have been identified. The
combined surface area for these 27 laterite plateaus is 7.8 square kilometres.
Drilling was performed using 2 Jacro 175 core drill rigs owned by Sama. Core
logging and sampling were performed at Sama's facility in Gogota village. Sample
preparations were performed by Bureau Veritas Mineral Laboratory's facility in
Abidjan, Cote d'Ivoire ("BVML"), and then dispatched by BVML directly to their
assay laboratory, Ultra Trace Pty, in Perth, Australia. All samples are assayed
for nickel, cobalt and all major oxides using peroxide fusion XRF. Scandium has
been determined by inductively coupled plasma optical emission spectrometry.
Table 1: Mineral intercepts for the first 4 holes drilled at the Gogota
Deposit. Intercepts were defined using 1.0% nickel cut-off grades.
----------------------------------------------------------------------------
Assay Results
Length From To Using 1.0% Nickel
Borehole Sequence m m m Cut-off Grade
----------------------------------------------------------------------------
GG34-800400 1 36.0 16.0 27.0 11.0m @ 1.49% Nickel ("Ni"),
0.10% Cobalt ("Co"), 34.0% Iron
("Fe"), 33 grams per tonne
("gr/t")Scandium ("Sc")
GG34-800800 2 30.5 5.5 27.5 22.0m @ 1.43% Ni, 0.14% Co, 48%
Fe, 32 gr/t Sc
GG34-800200 3 41.5 8.0 37.0 29.0m @ 1.67% Ni, 0.14% Co, 36%
Fe, 29 gr/t Sc
Including: 9.6m @ 2.16% Ni and 10% Fe
GG35-400600 4 30.5 8.0 23.5 15.5m @ 2.39% Ni, 0.08% Co, 34%
Fe, 22 gr/t Sc
Including: 9.0m @ 2.89% Ni and 22% Fe
GG35-400800 5 28.5 Results pending
GG45-400200 6 18.0 Results pending
GG44-800400 7 35.0 Results pending
GG25-400200 8 23.5 Results pending
GG25-400400 9 45.5 Results pending
GG25-400600 10 24.0 Results pending
GG25-400800 11 28.0 Results pending
GG35-400200 12 26.0 Results pending
GG35-400400 13 16.0 Results pending
GG35-800400 14 19.0 Results pending
GG24-800800 15 31.0 Results pending
----------------------------------------------------------------------------
The exploration licenses for the Lola Project in Guinea are exclusively held by
a wholly-owned branch office of Sama. The Samapleu Project in Cote d'Ivoire is
currently in its exploration phase. Future production will be managed by a joint
venture controlled 66 2/3% by Sama Nickel Corporation, a wholly-owned subsidiary
of the Company, and 33 1/3% by SODEMI.
The exploration and drill program at Sama's Gogota Deposit was designed by Dr.
Marc-Antoine Audet, P.Geo and President and CEO of Sama. The technical
information in this release has been reviewed and approved by Dr. Marc-Antoine
Audet, P.Geo, President and CEO of Sama and a 'qualified person', as defined by
National Instrument 43-101, Standards of Disclosure for Mineral Projects.
For more information, please visit Sama's website at www.samaresources.com.
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 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, 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 is 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.
Sama Resources (TSXV:SME)
Historical Stock Chart
From Jun 2024 to Jul 2024
Sama Resources (TSXV:SME)
Historical Stock Chart
From Jul 2023 to Jul 2024
