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SAMA RES
Within striking distance of the massive sulphide reservoirs
(
MINING | SAMA RESOURCES
SOURCES
s hosting the Yacouba base metals complex in Côte d’Ivoire
After completing 4,000 metres of exploration drilling along 50 km of strike length at the Samapleu, Bounta and Yepleu projects in the first half of 2020, Sama Resources was required to temporarily suspend its campaign due to the escalation of the COVID-19 pandemic in Côte d’Ivoire. The projects are part of a geological intrusion - which Sama discovered back in 2010 - called the Yacouba Complex, which shows potential for hosting high grade nickel, copper, cobalt and platinum group elements (PGE) mineralisation in massive sulphide reservoirs at depth. Over the last decade, Sama has undertaken extensive geophysical and exploration drilling work at the projects, but is yet to detect the host mineralisation at depth that the company is certain exists and is responsible for the veins and lenses of highgrade material near surface at numerous locations across the complex. Sama’s president and CEO Marc-Antoine Audet has been pursuing the exact geological characteristics of a new base metals complex in the Archaean craton of the Birimian Greenstone Belt for over 25 years, since first arriving in Côte d’Ivoire in 1994 as part of a nickel laterite exploration team for former Canadian natural resources firm Falconbridge. Taking a measured view, the experienced geologist is calm about the prospects of a final breakthrough at Sama’s projects.
“We have not yet touched the mother lode that we are looking at, but that’s okay,” Audet says. “We are in a long process of exploring on the property; it’s a new discovery and it takes time and determination, which we have.” Patience is another quality that Sama has adopted during its time exploring Côte d’Ivoire, and it was required once again during the COVIDrelated pause to activities in the second half of last year. However, the company was able to restart in November 2020 with a downhole geophysics campaign in the holes that were drilled in the first part of the year. The downhole geophysics were completed using the Typhoon™ exploration system provided by Sama’s equipment partner and Robert Friedland-affiliated technology firm HPX TechCo. Typhoon™ is a powerful IP and EM tool that provides depth penetration up to five times deeper than other equipment.
MINING | SAMA RESOURCES
Turning on Typhoon™ Since partnering with HPX in October 2017, the technology has helped Sama identify a number of targets along the project strike length, with the latest downhole EM (DHTEM) survey delivering ‘extremely good results’ at the deep drill hole Yepleu and Bounta target zones, according to Audet. “We defined the highest ever anomaly since we started
SA M A RES O U R C ES AT A G L A N C E
STOCK TICKER: TSXV:SME, OTC.PK:SAMMF MARKET CAPITALISATION: US$30.4 million (as of May 10, 2021) j
MARC-ANTOINE AUDET AND PROFESSOR PICARD FROM UNIVERSITY OF
F FRANCHE CONTÉ
MINING | SAMA RESOURCES
exploring in this part of the world,” he says. “We intersected an extremely high intensity target, with a conductivity thickness [CT] of 20,000 and this is what we are now chasing with a 5,500 metres diamond drilling programme that has just started [in March 2021]. “We are currently drilling with two rigs for the first six months. So far, it’s going well and our partner HPX is also very happy with the programme. We are going to follow all of this up with additional downhole geophysics and further exploration.” In March 2021, Sama also confirmed the execution of the earn-in and joint venture agreement that had been in place with HPX, whereby it would acquire up to 60% of Sama’s Ivorian project portfolio through funding exploration expenses up to C$30 million.
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To date HPX has invested $12.2
“One of the particularities of
million as equity in Sama
the deal with HPX is that while
Resources (giving them 23%
they are investing in Sama
of the company), with the
Nickel Corporation [Sama’s
balance of $18 million to be
Ivorian subsidiary], they are
invested on a cash call basis
the only one that can invest in
at the project portfolio in Côte
the company until they reach
d’Ivoire; thus preventing any
the $30 million.
further dilution in the TSXVlisted firm’s shares.
“We have not yet touched the mother lode that we are looking at, but that’s okay. We are in a long process of exploring on the property; it’s a new discovery and it takes time and determination, which we have” Marc-Antoine Audet, Sama Resources CEO and president
“This is why Sama Resources
Corp, in a deal that entitles
– the top corporation - is also
Sama to 20.8% of the Canadian
looking at other projects in
company’s shares.
Liberia and Canada. We are expanding our activities a
This kind of arrangement
little outside of Côte d’Ivoire,
will allow Sama to plough
although those projects remain
its energies into detecting
our absolute top priority.”
additional mineralisation at depth at the Ivorian projects,
In Liberia, the company
following the recent discovery
acquired three new gold
of high intensity targets at
exploration licences at the
Samapleu and Yepleu in
start of the year that have
particular.
subsequently been farmed out to another exploration outfit called Seahawk Gold
MINING | SAMA RESOURCES
Pausing the PEA In May Last year, Sama published a preliminary economic assessment (PEA) for the Samapleu project, which outlined the potential to produce 3,900 tonnes of carbonyl nickel powder, 8,400 tonnes of carbonyl iron powder and 14,100 tonnes of copper concentrate on an annual basis over a 20-year mine life. While being able to demonstrate the ability to produce nickel and
iron powders plus copper concentrate for direct use in industrial applications was undoubtedly a big positive step on the metallurgical side, Sama has since paused activities on this aspect of the project in order to focus on drilling the high intensity signatures identified by the November 2020 DHTEM survey. “We are really looking for those high-grade massive nickel, copper and PGM sulphides which we know should be there because we have them near surface.
“We intersected an extremely high intensity target, with a conductivity thickness of 20,000 and this is what we are now chasing with a 5,500 metres diamond drilling programme that has just started.”
MARC-ANTOINE AUDET, SAMA RESOURCES PRESIDENT AND CEO
MINING | SAMA RESOURCES
accumulation of mineralised
But having said that, Audet is
pods at depth, so we’ve
confident that the long-term
decided that for the next six
fundamentals are in place for
months we’re going to focus on
the likes of copper, nickel and
that and then reassess other
PGEs, which will be required
elements of the project later.”
in large quantities for multiple industries tied to the global
Ever since the COVID-19
energy transition, including
pandemic underscored
electric vehicles, renewable
the urgent need for the
energy and energy storage.
decarbonisation of major world, metals prices have
Communityminded
sharply increased in line
A focus on the close
with increasing demand
management of
projections. In particular,
environmental, social and
copper and nickel – two so-
governance (ESG) issues is
called ‘energy metals’ – prices
something that has been
have each rocketed to near-
entrenched in the genes of
record highs in 2021.
Sama, stretching right back to
industries around the
Audet’s first steps on Ivorian Sama and its partner HPX are
soil back in the mid-90s, when
acutely aware of the current
he was working as a geologist
period of high prices for the
for Falconbridge.
base metals it is searching for in Côte d’Ivoire, and they
“Falconbridge is a great
are doing what they can to
example of how companies
expedite the discovery rate
can work with the
at the projects in order to
communities, listening and
take advantage of the pricing
communicating with every
environment.
stakeholder of a project like the one we have right now. This is something we do
RGN editor Jacob Ambrose Willson interviews Sama Resources president and CEO Marc-Antoine Audet, April 30, 2021 naturally and I have to say we
“Our Ivorian staff have a
Falconbridge’s nickel laterite
enjoy very good relations with
high range of responsibilities
exploration team in the 90s.
everybody; the governments,
within the company, which
So began a 25-year working
local people and all our
is excellent. I think we enjoy
relationship between the pair
employees in Côte d’Ivoire.”
strong relations with our
which has taken Bouaké to
people and they are very
nickel laterite and sulphide
The company does not use any
stimulated by the way we are
exploration hotspots in
expatriates in Côte d’Ivoire, as
operating in Côte d’Ivoire.”
Northern Québec, Dominican
a result of the highly skilled
Republic, Brazil and New
and specialised labour force
Take Sama’s in-country
Caledonia.
available in-country, from
exploration manager Bakayoko
geologists to environmentalists
Bouaké. After obtaining his
“This is just one example of
and accounting clerks.
geological degree in Côte
the very highly skilled team
d’Ivoire, Bouaké was employed
we have in Côte d’Ivoire. We
by Audet to work with
also train our geologists and
MINING | SAMA RESOURCES
regularly send them to the
this kind of education because
high-grade material at depth,
University of Franche-Comté,
we strongly believe this is the
in addition to the eventual
where they can conduct field
key for a good integration in
resumption of metallurgical
work in places such as the
the country,” Audet proudly
testing for the next stage of
Pyrenees.
asserts.
the projects.
“We also funded one of our
Patience continues to be the
geologist’s PHD study with
On the brink of major discovery
the University of Franche-
When asked where he would
Resources, but the potential
Comté. That was a two-and-
like the company to be
reward of those high-grade
a-half years study, which
positioned in 12 months’ time,
massive nickel, copper and
issued four papers on the
Sama’s president and CEO
PGE sulphides could well
description of our very own
outlines a two-fold strategy;
be the game-changer it has
Yacouba Complex discovery.
with the main focus on
been waiting for over the last
We put a lot of energy into
accessing new discoveries of
decade.
name of the game for Sama
Published by Anderson Murray Media Ltd
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