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Message: Sama Announces the Grant of the New Samapleu Exploration Permits together with the Highly Prospective Zoupleu License

Sama Announces the Grant of the New Samapleu Exploration Permits together with the Highly Prospective Zoupleu License

posted on Aug 08, 2019 07:44AM

 

2019-08-08 07:09:02 AM ET (GlobeNewswire)
   
   

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to announce that the former Samapleu exploration permit (Permit de Recherche ("PR") which expired in June 2018 has been replaced by two new PRs called Samapleu East (PR 839) and Samapleu West (PR 840).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 ("km")

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 km. The Zoupleu permit was acquired through the 100% Sama owned subsidiary Societe Miniere 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 Cote d'Ivoire.

These new PRs bring the total land package to 832 kmin the Republic of Cote 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 km 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 Societe maniere 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.

Figure 1: Sama's land package in the Republic of Cote d'Ivoire, West Africa.

https://www.globenewswire.com/NewsRoom/AttachmentNg/b77025fe-20ec-4495-8775-c6baa0457e28

In May and June 2019, the Company proceeded with Typhoon(TM) electromagnetic ("EM") geophysical surveys at the Yepleu area, within the Zeregouine 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.

About HPX

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 Cote d'Ivoire Nickel-Copper and Cobalt project in Cote 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

OR

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.

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