18:10:59 EST Sat 22 Jan 2022
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Sama Resources Inc
Symbol SME
Shares Issued 218,367,940
Close 2021-09-02 C$ 0.14
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Sama receives $1.1M from JV for Sama Nickel earn-in

2021-09-02 09:27 ET - News Release

Dr. Marc-Antoine Audet reports

IVANHOE ELECTRIC COMPLETES 30% EARN-IN OF IVORY COAST PROJECTS AND COMMENCES PHASE 2 EARN-IN AGREEMENT

Sama Resources Inc. has confirmed that Ivanhoe Electric Inc. (IVNE), through its subsidiary, HPX Ivory Coast Holdings Inc. (HPX-CI), will continue with the original earn-in agreement aiming at acquiring 60 per cent of Sama Nickel Corp. Inc. (SNC).

Highlights:

  • Ivanhoe Electric continues with earn-in agreement;
  • Ivanhoe Electric commits an additional $1.1-million into Sama Nickel;
  • Discovery of a new zone at Grata five kilometres east of Samapleu deposit;
  • Hole YE47-361408b intersected 45 metres of highly disseminated sulphides, including 1.15 metres of massive sulphide at Yepleu deposit.

On Aug. 27, 2021, IVNE transferred an additional $1.1-million to SNC, which increased IVNE's investment into the company to $15.52-million from March, 2019, to date. With this transfer, IVNE has met the joint venture agreement's first investment threshold of $15-million, which will give HPX-CI a 30-per-cent ownership in SNC.

"We are very pleased to continue our partnership with Ivanhoe Electric. They have been an incredible partner working hand in hand in unlocking the potential [of] our Ivorian assets. Our technical understanding of the project, along with our extensive geological and geochemical understanding of the area, leads us closer to our ultimate goal of unlocking a world-class discovery. Furthermore, the partnership has afforded the company to maintain a near-zero dilution rate for nearly four years while simultaneously advancing the assets in a strategic and systematic manner. We continue to strive to advance the Ivorian assets in a meaningful way while maintaining our near-zero dilution mandate," stated Dr. Marc-Antoine Audet, president and chief executive officer of Sama Resources.

"Since we signed our JV agreement in 2018, we have been very pleased that our Typhoon technology has been able to guide drilling to these repeated nickel intersections. We look forward to continuing to work with the Sama team on better understanding the geological model to drive further improvements in both grade and thickness of massive sulphides in the continued drill program. We will also be working on the ongoing economic evaluation of the Samapleu deposit," stated Eric Finlayson, president of Ivanhoe Electric.

Additionally, the company confirms the 2009 joint venture agreement between SODEMI (Societe pour le Developpement Minier de la Cote d'Ivoire) and SNC remains unchanged. IVNE (see news release dated Oct. 23, 2017) agreed, despite the earn-in adjustment condition of acquiring the 33-1/3rd-per-cent SODEMI's interest in exploration permits PR 838 and PR 839 having not been met, IVNE will proceed with phase 2 earn-in interest of an additional $10-million. The phase 2 earn-in interest of $10-million will, at completion, give IVNE (HPX-CI) a 60-per-cent ownership interest in SNC.

Grata -- new mineralized sector

Sama has discovered a new mineralized sector located five kilometres east of Samapleu deposit, returning a sequence of 310 metres of pyroxenite and gabbro part of the Yacouba mafic-ultramafic complex, out of which 147 metres of disseminated and several intersects of semi-massive sulphide mineralization. True width is unknown.

Additional drilling will follow up on this newly discovered sector.

At Samapleu and at the Grata newly discovered sector, the company is searching for massive sulphide veins and lenses that could have accumulated in traps and embayments at depth along the feeder system of the large Yacouba intrusive complex.

Yepleu -- dynamic magmatic system

At the Yepleu sector, hole YE47-361408b drilled at the third-priority target returned 45 metres of disseminated and semi-massive sulphide material, including 1.15 metres of 1.40 per cent nickel. Hole YE38-626778, drilled 600 metres north-northeast of hole YE47-361408b, returned 16 metres grading 0.49 per cent nickel, including 4.25 metres at 1.01 per cent nickel.

The attached table summarizes findings for the first three holes drilled this year at Yepleu.

At Yepleu, Sama is searching for the same types of accumulations as at Samapleu but within a more dynamic magmatic system. Yepleu is considered to be the centre of the intrusive feeder system, with evidence of multiple magma injections generating a large volume of host rock assimilation.

At Yepleu and Grata, the intersected mineralization is characterized by aggregates of the nickel, copper and iron sulphides -- pentlandite, chalcopyrite and pyrrhotite, respectively. Pentlandite occurs together with pyrrhotite, while the chalcopyrite is either mixed with the pentlandite and pyrrhotite or occurs as millimetric to centimetric sulphide veins/accumulations. The textures of the sulphide mineralization vary from disseminated to semi-massive and massive.

Core logging and sampling were performed at Sama's facility at the Samapleu and Yepleu field facilities. Sample preparation was conducted at the Bureau Veritas Mineral Laboratory's facility in Abidjan.

Sample pulps were delivered to Activation Laboratories Ltd. in Ancaster, Thunder Bay, Canada, for assaying.

All samples were assayed for nickel, copper, cobalt, platinum, palladium, gold, iron and sulphur.

The technical information in this release has been reviewed and approved by Dr. Marc-Antoine Audet, PGeo, president and chief executive officer of Sama, a qualified person as defined by National Instrument 43-101, Standards of Disclosure for Mineral Projects.

About Sama Resources Inc.

Sama is a Canadian-based mineral exploration and development company with projects in West Africa. On March 19, 2021, Sama formalized a joint venture agreement Ivanhoe Electric, a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder, in order to develop its Ivorian nickel-copper and cobalt project in Ivory Coast, West Africa.

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