Sama Resources Inc. (TSX: V.SME, Stock Forum) said the newly discovered nickel-cobalt rich laterite deposit within its Lola project in West Africa has promising drilling results.
The Lola project, located in eastern Guinée, is currently in its exploration phase. The exploration licenses for the project are exclusively held by a wholly-owned subsidiary of Sama.
According to the Sama Resources press release, highlights of the newly received assays include 32 metres grading 1.67% nickel, 0.11% cobalt and 32.3 grams per tonne scandium and 26.9 metres grading 1.59% nickel, 0.11% cobalt and 37 grams per tonne scandium.
Sama's 2011-2012 exploration work found, at surface, numerous Samapleu-type pyroxenite and gabbro occurrences, typical hosts for nickel-copper massive sulphide mineralization, through Sama's systematic stream sediments sampling and surface geological mapping.
The combination of these newly found nickel rich laterite plateaus, together with pyroxenite and gabbro occurrences found at surface, are clear indications of the highly prospective potential for base metals in Sama's Lola project.
Exploration work is continuing.
Sama is a growth-oriented resource company focused on exploring West Africa.
On Thursday, Sama Resources was up 3.12% and was trading at $0.165 a share. The company had a market cap of $12.2 million, based on 73.7 million shares outstanding. The 52-week high and low was $0.385 and $0.14 respectively.