Sama Issues Clarifying News Release and Commences Drilling on the Nickel, Copper and PGE Bearing Yepleu Sector
MONTREAL, QUÉBEC--(Marketwired - Oct. 16, 2015) - Sama Resources Inc./Ressources Sama Inc. (TSX VENTURE:SME) ("Sama" or the "Company") today announced that as a result of a review by the British Columbia Securities Commission, it is issuing the following news release to clarify its disclosure. Sama also announces the commencement of a 2,000-meter drilling program at the nickel - copper and PGE bearing Yepleu sector in western Côte d'Ivoire.
The Company wishes to clarify that the technical report prepared by Genivar (now WSP) for the Samapleu Project and dated August 22, 2013, as currently filed, is non-compliant with the requirements of NI 43-101. Accordingly, the mineral resources are not supported by an NI 43-101 compliant technical report and should not be relied upon until a compliant technical report is filed. The Company's revised report, which is being prepared by WSP, will provide additional disclosure and comparatives with existing similar mining operations in order to justify the cut-off grade of nickel used for the mineral resources.
Sama's drilling program will focus on the high chargeability targets identified from the 2013 Helicopter Time Domain Electromagnetic survey ("HTEM"). The target zone is defined by tri-dimensional conductivity model ("CDI") with iso-contours of 75 to 100, which is up to four times more intense than previously tested in 2014. In 2014, shallow-hole testing on the near surface mineralisation returned intersects of up to 22.0 meters at 0.42% nickel, including 4.4 meters at 1.13% Ni (reference Sama's press release dated January 14, 2014).
Readers are invited to view an image of a cross-section showing the CDI generated from the HTEM survey by clicking on the following link: http://samaresources.com/i/projects/samapleu/Yepleudrillingprogramoctober2015.png
Drilling will be carried out using Sama's privately-owned rig.
For more information, please visit the Company's website at www.samaresources.com or click on the following link to access Sama's most recent corporate presentation.
The technical information in this release has been reviewed and approved by Dr. Marc-Antoine Audet, P.Geo and President and Chief Executive Officer, Sama Resources Inc., and 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.
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.
(October 16, 2015 - 6:35 PM EDT)
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