VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 14, 2012) - Sama Resources Inc. (TSX VENTURE:SME) -
- Discovered Massive Chromite Occurrences: High Cr 2 O 3 , low MgO, low sulphur and phosphorus
- Ground geophysical surveys ongoing
- Drilling to start shortly.
Sama Resources Inc. ("Sama" or the "Company") is pleased to announce the first set of assay results from surface samples collected at the newly discovered "Bounta Massive Chromite occurrences" at the Samapleu project in Côte d'Ivoire.
These Massive Chromite ("Cr") occurrences, in addition to having significant potential by themselves as possible candidates for direct shipping economic material, are indicative of a highly favourable geological environment for additional Samapleu nickel ("Ni")-copper ("Cu") style mineralization. Field evidence collected so far suggest a stratiform origin for these Massive Chromites which belong to the magmatic Cr-Ni-Cu-platinum group elements deposit type associated with layered mafic to ultramafic intrusions. Based on the International chrome ore market price, direct shipping ore of 42-44% Cr2O3 grade material shipped to China can fetch up to $215 to $230/tonne of ore.
Mintek Research Laboratory from South Africa has reported XRF assay results for two surface chromite samples collected at the Bounta North and Bounta South Massive Chromite occurrences. The less weathered surface sample from Bounta South showed 40.6% Cr2O3 with 15% Al2O3, 7.4% MgO and 0.54% SiO2. Sulphur and phosphorus are negligible with 0.01% and below detection limit respectively, refer to Table I.
Due to the tropical weathering action, the more weathered surface samples collected at Bounta North, 10 kilometres from Bounta South, contained 36.85% Cr2O3 with, as expected, higher iron oxide content. A handheld Niton XRF portable analyzer returned up to nearly 50% Cr2O3 on less weathered surface samples (see Table 2). Niton portable analyzer results will be followed up by standard assay techniques.
Detailed mineralogical studies performed at the University of Franche Comté, France, show that due to weathering or alteration action occurring near the surface, the chromite crystals in these surface samples have been partially replaced with iron oxides, thus locally increasing the Fe2O3 content and reducing the Cr2O3 content of these weathered samples compared with what would be expected from deeper un-weathered samples.
Four specific massive chromite occurrences have been outlined so far along the 19 km long highly prospective Bounta-Gangbapleu ridge. The true thickness of these massive chromite layers is still to be established. At the Bounta North occurrence, the geological mapping suggests the presence of several sub-parallel layers of massive chromite outcropping over a thickness greater than 100 metres.
The Bounta South occurrence showed evidence of a massive chromite layer of 12 metres thick. Trenching is ongoing at each location in order to expose full sequences including members of the host complex. Regional surface prospection is continuing actively. Detailed Induced Polarization geophysical and surface magnetometic surveys are ongoing at the Bounta North Massive Chromites occurrence. Drilling is required to evaluate the potential importance of the new chromite discoveries. Drilling is due to start as soon as possible.
Table 1: XRF assay results from Mintek on 2 surface samples: Bounta North and Bounta South Massive Chromite. Samples were collected from surface and are partially weathered (%).
|Bounta S.||Partially weathered||40.60||26.90||7.40||15.00||0.54||<0.2||0.26||0.10||<0.05||0.01|
|Bounta N.||Weathered sample||36.85||35.65||6.46||15.45||0.56||<0.2||0.25||0.15||<0.05||0.02|
Table 2: Niton portable XRF analyzer used on partially weathered surface grab samples at the Bounta North and Bounta South Massive Chromites (%). These XRF results are an indicator of grade; assays will be required.
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 details about showings, deposits and locations.
The Samapleu project in Côte d'Ivoire is currently in its exploration phase. Future production will be managed by a joint venture controlled 66 2/3% by Sama Nickel Corporation, a wholly-owned subsidiary of the Company, and 33 1/3% by Société pour le Développement Minier de Côte d'Ivoire.
The Company also announces that it has granted a total of 400,000 incentive stock options to a consultant of the Company pursuant to its Stock Option Plan and certain vesting provisions. These options will be exercisable at a price of $0.35 per share and will expire on February 12, 2017. The grant of the stock options is subject to regulatory approval.
This news release was prepared by Dr. Marc-Antoine Audet, P.Geo., President and CEO of Sama, and by Dr. Phillip Mackey, P.Eng., a metallurgical consultant, both acting as Qualified Persons under National Instrument 43-101, Standards of Disclosure for Mineral Projects.
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 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, 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 is 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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