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Sama Gets a Little Re-branding with it’s Ivory Coast Project

Palladium is pretty hot right now which is no doubt how the Sampleu Nickel-Copper deposits suddenly became Nickel-Copper-Palladium deposits.

Disclaimer: This is an editorial review of a public press release and may include opinions or points of view that may not be shared by the owners of geologyforinvestors.com or the companies mentioned in the release. The editorial comments are highlighted so as to be easily separated from the release text.  Please view the full release here.

VANCOUVER, BRITISH COLUMBIA–(Marketwired – Sept. 5, 2013) – Sama Resources Inc./Ressources Sama Inc. (TSX VENTURE:SME)(“Sama” or the “Company”) reports that an independent National Instrument 43-101 compliant technical report (the “Report”) for its Samapleu Nickel-Copper-Palladium deposits in Côte d’Ivoire, West Africa (the “Samapleu Project”) has been filed today on SEDAR (www.sedar.com).

Read more about the Samapleu Project here.

The Report is titled “Technical Report on the Samapleu Nickel and Copper Deposits Côte d’Ivoire, West Africa” and was prepared by GENIVAR Inc., based in Montreal, Canada.

Palladium is pretty hot right now which is no doubt how the Sampleu Nickel-Copper deposits suddenly became “Nickel-Copper-Palladium deposits”. I guess you can’t blame them for trying. According to their technical report the palladium grade about 0.30 g/t.

It’s also worth noting that while just filed, the technical report was written in late 2012 when nickel prices were in the $8.00 range. As of this release nickel is trading at around $6.30/lb which also makes the palladium a little more interesting.

Report Highlights:

  • 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; and
  • 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;

The reader is invited to view Sama’s Technical Report at http://www.samaresources.com/i/pdf/43-101_Technical_Report_Samapleu_2013.pdf.

An average grade of 0.24% nickel is pretty low. The cut-off grade for the resource calculations was 0.10% nickel which is very low. It would have been nice to see a resource calculation that included a 0.2% or higher cut-off for comparison. Unfortunately for the authors of the report, the mines that were referenced in the report as examples for a 0.1% cut-off are now shut down. Oops.

Not that all is doom an gloom. There are some pretty interesting higher grade zones on the property and lots of room to continue exploration.

The complete Report is also available at www.sedar.com.

We've skipped some of the non-geological stuff. You can read it in here.

We've skipped some of the non-geological stuff. You can read it in here.

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 des Ingenieurs du Quebec”, No. 39862. Both Dr. Ayad, Ph.D, P.Geo and Mr. Lafleur, 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 and are “Qualified Persons” as defined by National Instrument 43-101 and approve the contents of this release.

Mr. Jean Corbeil, Eng. is a registered member of the “Ordre des Ingenieurs du Quebec”, No. 24968 and Mrs. Claire Hayek, Eng. is a registered member of the “Ordre des Ingenieurs du Quebec”, No. 5020255. Mr. Corbeil relevant experience includes several years of experience in West Africa and Mrs Hayek has 14 years of experience in mineral processing applications. Both Mr. Corbeil and Mrs. Hayek are “Qualified Persons” as defined by National Instrument 43-101 and approve the contents of this release.

Resignation of Director:

The Board of Directors of Sama announce with deep regret that it has accepted the resignation of Mr. Jens Eskeland-Hansen as a director of the Company effective immediately. Mr. Eskeland-Hansen is resigning for personal reasons related to his other professional obligations.

Management would like to thank Mr. Eskelund-Hansen for his many years of service as one of the founding directors of the Company and wish to express their gratitude for his valuable contributions derived from his deep knowledge of Africa.

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.

Forward-Looking Statements

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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