19:46:11 EST Sat 22 Jan 2022
Enter Symbol
or Name
USA
CA



Sama Resources Inc
Symbol SME
Shares Issued 216,516,410
Close 2021-03-23 C$ 0.175
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Sama starts 5,000 m drill program at Samapleu, Yepleu

2021-03-23 07:07 ET - News Release

Dr. Marc-Antoine Audet reports

SAMA RESOURCES COMMENCES 5,000 METRE DIAMOND DRILLING PROGRAM AT SAMAPLEU AND YEPLEU

Sama Resources Inc. has commenced a 5,000-metre diamond drilling program at Samapleu and Yepleu as part of its work program for the first quarter and second quarter of 2021.

Additionally, the company has formalized, finalized and executed the earn-in and joint venture agreement with HPX Ivory Coast Holdings Inc. first announced on Oct. 23, 2017. HPX is a subsidiary of HPX TechCo, a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder. Under the agreement, HPX may acquire a total of up to a 60-per-cent interest in Sama's interest in the Cote d'Ivoire project portfolio, including the Samapleu, Bounta and Yepleu projects, by financing exploration expenses through total investments of up to $30-million.

To date HPX has invested $12.2-million and the balance of the $18-million commitment will be financed on a cash call basis at the discretion of HPX. In total, the company has completed 54,000 metres of drilling since 2010 and delivered a positive preliminary economic assessment for the Samapleu deposits in May, 2020.

"HPX's continued financial and technical support of the company's Cote d'Ivoire project portfolio, along with Sama's equity position in SRG Mining Inc. (about 32 per cent of the issuer) and the prospects of an additional value driver with the new gold prospects in Liberia have afforded Sama shareholders with a vehicle that has demonstrated nearly zero dilution on a fully diluted basis since October of 2017 and continues to give shareholders exposure to what we all believe is one of the most prolific nickel, copper, palladium systems discovered over the past 10 years. It is now our objective to unlock the value of the enormous system while continuing a minimal dilution mandate to our loyal shareholder base," stated Dr. Marc-Antoine Audet president, chief executive officer and director of Sama Resources.

The company owns three drill rigs that will be used to complete the Q1 and Q2 2021 diamond drilling campaign.

About Sama Resources Inc.

Sama is a Canada-based mineral exploration and development company with projects in West Africa. On Oct. 23, 2017, Sama announced that it had entered into a binding term sheet in view of forming a strategic partnership with HPX TechCo Inc., a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder, in order to develop its Cote d'Ivoire nickel-copper and cobalt project in Ivory Coast, West Africa.

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