Sama Resources Announces the Grant of the New Samapleu Exploration Permits together with the Highly Prospective Zoupleu License
TSX VENTURE: SME
MONTREAL, Aug. 08, 2019 (GLOBE NEWSWIRE) -- Sama Resources Inc. (“Sama” or the “Company”) (TSX-V: SME | OTC.PK: SAMMF) is pleased to announce that the former Samapleu exploration permit (Permit de Recherche (“PR”) which expired in June 2018 has been replaced by two new PRs called Samapleu East (PR 839) and Samapleu West (PR 840). Both PRs cover approximately 318 square kilometers (“km2”)
Sama has also obtained a new PR called “Zoupleu” contiguous to the aforementioned Samapleu PR’s to expand its exploration activities for base metals with an additional 135 km2. The Zoupleu permit was acquired through the 100% Sama owned subsidiary Société Minière du Tonkpi (“SMT”).
These three newly acquired PRs are valid for a first period of 4 years with possible renewal periods totalling up to 12 years. Two other PR applications remain in progress with the Department of Mines in Côte d’Ivoire.
These new PRs bring the total land package to 832 km2 in the Republic of Côte d’Ivoire, West Africa (Figure 1).
Sama Land Package:
Samapleu Permits: On January 15, 2009, Sama entered into a Syndicate Agreement (“SA”) with SODEMI, a parastatal organization, whereby Sama will explore for base Metals within the former Samapleu Permit No. 123 encompassing approximately 446 km2 and held by SODEMI. The same SA will apply to the two new Samapleu East and Samapleu West permits.
The Zoupleu Permit is 100% owned by Société manière du Tonkpi SARL, a fully owned subsidiary of the Company. The Zoupleu Permit is located adjacent to the both new Samapleu permit (Figure 1). Sama believes that ultramafic sequences of the recently outlined large Yacouba Layered Complex which hosts the Yepleu and Samapleu Nickel-Copper-Palladium deposits and occurrences, are extending within the Zoupleu Permit and as such represent a prime target for nickel-copper-palladium mineralization.
In May and June 2019, the Company proceeded with Typhoon™ electromagnetic (“EM”) geophysical surveys at the Yepleu area, within the Zérégouiné permit (Figure 1). The heavy rain season together with frequent thunder storms has considerably impacted progress. Despite these unavoidable delays, the Phase 2 Typhoon program will continue during the fall of 2019 covering areas at Yepleu, Grata and Samapleu.
Sama has also entered into a Convertible Debt Agreement (“Debt Agreement”) with SRG Mining Inc. (“SRG”) whereby Sama makes available to SRG a credit facility of up to US$5,000,000, bearing a 10% per annum interest rate which will be repayable in 12 months in cash or shares with a conversion price of $0.91 per SRG share at the election of Sama, as well as a bridge loan of C$1,000,000, bearing a 10% per annum interest rate and repayable in 12 months.
In relation to the Debt Agreement, SRG is relying on the exemptions set forth in sections 5.5(b) and 5.7(1)(a) of Regulation 61-101 respecting Protection of Minority Security Holders in Special Transactions.
The Debt Agreement remains subject to the approval of the TSX Venture Exchange.
HPX is a privately-owned, metals-focused exploration company deploying proprietary in-house geophysical technologies to rapidly evaluate buried geophysical targets. The HPX technology cluster comprises geological and geophysical systems for targeting, modelling, survey optimization, acquisition, processing and interpretation. HPX has a highly experienced board and management team led by Chief Executive Officer Robert Friedland and President Eric Finlayson, a former head of exploration at Rio Tinto. For further information, please visit www.hpxploration.com.
About Sama Resources Inc.
Sama is a Canadian-based mineral exploration and development company with projects in West Africa. On October 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 Côte d’Ivoire Nickel-Copper and Cobalt project in Côte d’Ivoire, West-Africa. For more information about Sama, please visit Sama’s website at http://www.samaresources.com.
The technical information in this release has been reviewed and approved by Dr. Marc-Antoine Audet, P.Geo and President and CEO of Sama, and a ‘qualified person’, as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.
FOR FURTHER INFORMATION, PLEASE CONTACT:
SAMA RESOURCES INC./RESSOURCES SAMA INC.
Dr. Marc-Antoine Audet, President and CEO
Tel: (514) 726-4158
Mr. Matt Johnston, Corporate Development Advisor
Tel: (604) 443-3835
Toll Free: 1 (877) 792-6688, Ext. 5
Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.
Certain of the statements made and information contained herein are "forward-looking statements" or “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking statements and forward-looking information such as “confirm”, “evidence”, “potential”, “validate”, “appears”, “seems”, “suggest”, 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.