Sama Resources Reports Significant Increase in Mineral Resource Estimate at the Samapleu Nickel-Copper-Palladium Deposits
August 12, 2013 (Source: Marketwired) — Sama Resources Inc. (TSX VENTURE:SME)- Highlights
- The inferred mineral resource at the Samapleu Main and Samapleu Extension 1 deposits have increased by 231% since the maiden mineral resource of June 2012.
- The strike of the surface exposure at Samapleu Extension 1 extends northeast- southwest and has been mapped for 2.1 kilometers.
- Approximately 50% of the surface exposure defined to date remains to be drill tested.
Sama Resources Inc. (“Sama” or the “Company“) is pleased to announce that the National Instrument 43-101 (“NI 43-101”) compliant mineral resource estimate at the Company’s Samapleu Nickel-Copper-Palladium deposits in Cote d’Ivoire, West Africa (the “Samapleu Project“) has significantly increased since the June 2012 maiden mineral resource estimate (“2012 Resource Estimate”). The revised mineral resource estimate includes an indicated mineral resource of 14.1 million tonnes grading 0.24% nickel and 0.20% copper and containing 74.5 million pounds of nickel and 61.2 million pounds of copper, together with an inferred mineral resource of 26.5 million tonnes grading 0.24% nickel and 0.18% copper and containing 134 million pounds of nickel and 107.2 million pounds of copper for both the Samapleu Main and the Samapleu Extension 1 deposits.
Indicated and Inferred mineral resources have increased by 13% and 231% respectively when compared to the 2012 Resource Estimate (please refer to June 21, 2012 Press Release).
Table 1: Samapleu Project Mineral Resources at 0.10% nickel cut-off grade, August 2013.
|(,000) t||(,000) Lbs||(,000) Lbs|
|1.||Results are presented in situ.|
|2.||Block bulk densities were interpolated from specific gravity measurements taken from core samples.|
|3.||1m composites were used during interpolation.|
“We are pleased with this significant mineral resource increase which we consider is a clear indication that the potential of the property is extensive“, commented Dr. Marc-Antoine Audet, President and CEO of Sama.
The mineral resource estimate for a cut-off of 0.1% was based on 110 boreholes for a total of 17,273 metres (“m”) and includes the Samapleu Main deposit and part of the Samapleu Extension 1 deposit, 1.3 kilometres (“km”) distance. The Samapleu Main deposit was drilled on 25 m x 50 m centres while the Samapleu Extension 1 deposit was drilled on 25 m x 25 m and 50 m x 50 m centres.
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Since the 2012 Resource Estimate, a total of 2,069 additional samples were added to the database, which represent 28% of the sample database. Of these additional samples, 520 samples come from 6 boreholes drilled at the Samapleu Extension 1 deposit and one borehole drilled at the Samapleu Main deposit in 2012. The remaining 1,549 additional samples, collected from 61 boreholes at both deposits, are from previously unsampled intervals due to low percentage of visible sulphide (from trace to 5%). In the 2012 Resource Estimate, these non-sampled intervals were considered as having no value.
Mineralization is seen as predominantly disseminated sulphides within host ultramafic sequences, dominated by pyroxenite, with lenses of semi-massive and massive sulphide mineralization locally remobilized by tectonics. Both deposits remain open below 200 m from surface. The strike of the surface exposure at the Samapleu Extension 1 deposit extends northeast-southwest and has been mapped and sampled for 2.1 km. Approximately 50% of the surface exposure defined to date remains to be drill tested.
Sama wishes to emphasize that the mineral resources outlined herein excludes the northeastern end of the Samapleu Extension 1 deposit where eight boreholes were drilled since January 2013 (please refer to June 18, 2013 press release).
Resource Estimate Authorship and Methodology
A 3D block model was created for each sector; estimation was conducted using Gemcom software. The mineral resources were estimated using Ordinary Kriging. Blocks were determined 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 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 lithological units, alteration, and mineralization. Continuity directions were assessed based on the orientation of wireframes, composites and the spatial distribution of the element in question. Variograms were generated for principal variables of Nickel, Copper, Cobalt, Palladium, Platinum and Gold, based on 1m downhole composites.
The Samapleu Projects 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, Ph.D, P.Geo. and Mr. Pierre Jean Lafleur, Eng., a Gemcom software expert. Both Dr. Ayad, Ph.D, P.Geo and Mr. Lafleur, Eng. are “independent” of the Company within the context 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. Ayad, Ph.D, P.Geo. validated the Samapleu block model using summary statistics checking for global estimation bias, drift analysis, and visual inspection. He visited the property from April 19, 2012 to April 22, 2012. He reviewed and compiled data on core logging, QA/QC, density measurements, sampling procedure, assays results and drilling database with assay certificate crosschecks to assure the data integrity for the mineral resource update. He has also reviewed the data from drilling completed since March 2010.
Both Dr. Ayad, Ph.D, P.Geo, and Mr. Lafleur, Eng. consider that Sama applied a degree of care and diligence in monitoring the sample results for the Samapleu Project in keeping with accepted industry standards, and the QA/QC procedures and protocols employed were compliant in assuring that the sample data is appropriate for use in mineral resource estimations.
Both Dr. Ayad, Ph.D, P.Geo and Mr. Lafleur, Eng. are not aware of any environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant issues that may materially affect this estimate of mineral resources.
Qualified Persons Statement
Dr. Ben Ayad Ph.D, P.Geo. is a registered member of the “Ordre des Geologues du Quebec”,No. 1273 and Mr. Pierre Jean Lafleur, Eng. is a registered member of the “Ordre de Ingenieurs du Quebec”, No. 39862. Both Dr. Ayad, Ph.D, P.Geo and Mr. Lafleur, P.Eng have more than 25 years of relevant experience each 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.
The Samapleu Project
The Samapleu Project is currently in a relatively advanced exploration phase. Future exploration will be managed by a joint venture currently controlled as to 66 2/3% by Sama Nickel Corporation, a wholly-owned subsidiary of the Company, and as to 33 1/3% by Societe pour le Developpement Minier de Cote d’Ivoire.
Dr. Phillip Mackey, P.Eng., a metallurgical consultant, and Dr. M.A. Ben Ayad, P.Geo, consulting geologist, are Independent Qualified Persons in the context of NI 43-101, and have approved the technical information contained in this news release.
Further details will be available in the NI 43-101 technical
report being prepared by GENIVAR Inc., 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.
Neither 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.
Cautionary Note to U.S. Investors
Unless otherwise indicated, all reserve and resource estimates included in this news release have been prepared in accordance with Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI 43-101”) and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards for Mineral Resources and Mineral Reserves (“CIM Definition Standards”). NI 43-101 is a rule developed by the Canadian Securities Administrators which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ significantly from the requirements of the United States Securities and Exchange Commission (“SEC”), and reserve and resource information contained in this news release may not be comparable to similar information disclosed by U.S. companies. In particular, and without limiting the generality of the foregoing, the term “resource” does not equate to the term “‘reserves”. Under U.S. standards, mineralization may not be classified as a “reserve” unless the determination has been made that the mineralization could be economically and legally produced or extracted at the time the reserve determination is made. The SEC’s disclosure standards normally do not permit the inclusion of information concerning “measured mineral resources”, “indicated mineral resources” or “inferred mineral resources” or other descriptions of the amount of mineralization in mineral deposits that do not constitute “reserves” by U.S. standards in documents filed with the SEC. U.S. investors should also understand that “inferred mineral resources” have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. It cannot be assumed that all or any part of an “inferred mineral resource” will ever be upgraded to a higher category. Under Canadian rules, estimated “inferred mineral resources” may not form the basis of feasibility or pre- feasibility studies except in rare cases. Investors are cautioned not to assume that all or any part of an “inferred mineral resource” exists or is economically or legally mineable. Disclosure of “contained ounces, pounds, or tonnes” in a resource statement is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute “reserves” by SEC standards as in-place tonnage and grade without reference to unit measures. The requirements of NI 43- 101 for identification of “reserves” are also not the same as those of the SEC, and reserves as and when reported by Sama Resources Inc. in compliance with NI 43-101 may not qualify as “reserves” under SEC standards. Accordingly, information concerning mineral deposits set forth herein may not be comparable to information made public by companies that report in accordance with United States standards.
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.
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