MONTREAL, Nov. 08, 2017 (GLOBE NEWSWIRE) -- Sama Resources Inc. (“Sama” or the “Company”) (SME.V) today announced that it has commenced a 3,000-line/kilometer airborne helicopter time domain electromagnetic and magnetic survey (“HTEM Survey”) over the Samapleu and Yepleu areas on the Company’s Côte d’Ivoire Nickel-Copper-Cobalt-palladium Project in Côte d’Ivoire, West Africa. The HTEM Survey will be flown over the area at 200-meter line spacing and is being carried out by Geotech Ltd., Canada, using their Versatile Time-Domain Electromagnetic (VTEM) geophysical system.
The HTEM Survey will assist Sama with its geological interpretation of the entire Samapleu and Yepleu project areas. The HTEM Survey is aimed at targeting new sectors with the potential for additional nickel‑copper sulphide mineralization from the surface to several hundred meters at depth.
palladium lenses intercepted in shallower boreholes at the Samapleu deposits." data-reactid="13">The Company’s exploration objective is to delineate massive sulphide reservoirs that could be the source of high-grade nickel–copper-palladium lenses intercepted in shallower boreholes at the Samapleu deposits.
The Samapleu mineralization is typical of a layered, pipe-like Intrusion or conduit‐hosted nickel deposits. These rare types of intrusions host the world’s largest nickel‐copper deposits such as: Jinchuan (515 million tonnes (“Mt”) at 1.06% nickel), Voisey’s Bay (137Mt at 1.68% nickel), Kabanga (52Mt at 2.65% nickel), Eagle (4.5Mt at 3.33% nickel), Eagle Nest (20Mt at 1.68% nickel), Kalatongke (24Mt at 0.68% nickel), and N’komati (2.8Mt at 2.08% nickel).
Sama discovered the nickel-copper-cobalt mineralization when it discovered the Yacouba layered complex of mafic and ultramafic rock. This layered complex was created approximately 2.1 billion years ago by the intrusion of magma through the Man Shield. The Yacouba complex can be traced over a strike length of more than 30 kilometers within Sama’s properties in Côte d’Ivoire.
Sama Retains Market-Making Services
The Company has, subject to regulatory approval, retained the services of Venture Liquidity Providers Inc. (“VLP”) to initiate its market-making service to aid in maintaining an orderly trading market for the common shares of the Company.
The market-making service will be undertaken by VLP through a registered broker, W.D. Latimer Co. Ltd., in compliance with the applicable policies of the TSX Venture Exchange and other applicable laws. For its services, the Company has agreed to pay VLP $5,000 per month for a period of 12 months. The agreement may be terminated at any time by the Company or VLP. The Company and VLP act at arm's length, and VLP has no present interest, directly or indirectly, in the Company or its securities. The finances and the shares required for the market-making service are provided by W.D. Latimer. The fee paid by the Company to VLP is for services only.
VLP is a specialized consulting firm based in Toronto providing a variety of services focused on TSX-V-listed issuers.
Sama Engages Hybrid Financial Ltd. for Investor Relations Activities
The Company has, subject to regulatory approval, engaged the services of Hybrid Financial Ltd. (“Hybrid”) for strategic investor relations initiatives. The initiatives will include marketing, distribution and branding services for the Company with a specific focus on elevating the Company’s profile via investment advisers in Canada and United States.
Pursuant to the agreement, Hybrid will receive a monthly retainer of $14,000. The agreement commenced on November 1, 2017, for an initial term of three months, following which the agreement may be renewed by the Company on a month-to-month basis. The agreement is subject to the approval of the TSX Venture Exchange.
Hybrid Financial Inc. does not have any interest, directly or indirectly, in the Company or its securities, or any right or intent to acquire such an interest.
About Hybrid Financial
Launched in 2011, Hybrid Financial has a team of 55 professionals with operations in Toronto and Montréal with a proprietary database of over 300,000 US and Canadian brokers.
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.
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.
FOR ADDITIONAL INFORMATION, PLEASE CONTACT:
SAMA RESOURCES INC./RESSOURCES SAMA INC.
Dr. Marc-Antoine Audet, President and CEO
Tel: (514) 726-4158
OR
Mr. Matt Johnston, Corporate Development Advisor
Tel: (604) 443-3835
Toll Free: 1 (877) 792-6688, Ext. 5
Forward-Looking Statements
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 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.