Sama Resources Inc. (TSX-V: SME | OTC-PK: SAMMF) is pleased to announce that it has commenced a 5,000 metre diamond drilling program at Samapleu and Yepleu as part of its work program for Q1 and Q2 of 2021.
Additionally, the Company has formalized, finalized and executed the earn-in and joint venture agreement with HPX Ivory Coast Holdings Inc. first announced on October 23, 2017. HPX is a subsidiary of HPX TechCo a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder. Under the Agreement, HPX may acquire a total of up to a 60% interest in Sama’s interest in the Côte d’Ivoire project portfolio, including the Samapleu, Bounta and Yepleu projects, by funding exploration expenses through total investments of up to CAD$30,000,000.
To date HPX has invested CAD$12,200,000 and the balance of the CAD$18,000,000 commitment will be funded on a cash call basis at the discretion of HPX. In total, the Company has completed 54,000m of drilling since 2010 and delivered a positive Preliminary Economic Assessment for the Samapleu deposits in May 2020.
Please see Sama’s news release for more information.