Sama Resources Inc. (TSX: V.SME, Stock Forum) said drill hole SM25-112519 intersected a continuous mineralized zone of 122 metres grading 0.44% nickel, 0.32% copper, 0.03% cobalt, 0.94 grams per tonne palladium and 0.17 grams per tonne platinum at the Samapleu Extension 1 Deposit in Côte d'Ivoire, West Africa.
Five new holes have defined the Samapleu Extension 1 Deposit, which currently has a 230 metre-strike length.
According to the Sama Resources press release, the interval begins 22 metres from surface and includes several semi-massive high grade sulphide lenses, including an interval 11 metres thick grading 1.88% nickel, 0.78% copper, 0.09% cobalt, 2.84 grams per tonne palladium and 0.31 grams per tonne platinum at 84.9 metres from surface.
Mineralization is still open at depth and drilling is continuing at a pace of 800 to 1,000 metres per month.
Sama is well funded with approximately $2.7 million in cash.
Sama is led by a management team well experienced in base metal exploration and development with a long history of working in Africa.
On Tuesday, Sama was trading at $0.16 a share. The company had a market cap of $11.8 million, based on 73.7 million shares outstanding. The 52-week high and low was $0.385 and $0.14 respectively.