Sama Resources Update

Hole GR-04 at the newly discovered Grata deposit in Ivory Coast returned 6.40 m grading 1.05% nickel, 1.24% copper and 0.48 gpt palladium within a wider mineralized zone of 141 m grading 0.38% nickel, 0.37% copper and 0.25 gpt palladium. Ivanhoe Electric to continue Earn-In on the Ivory Coast projects

2021 Highlights 

• In 2021, Sama drilled 20 holes for 8,768 m leading to the discovery of the near-surface Grata deposit, located 5 km east of the Samapleu deposit.
• Discovery hole GR-03 intersected 147 m @ 0.26% Ni, 0.29% Cu, 0.25g/t Pd including 56 m @ 0.39% Ni, 0.45% Cu, 0.33g/t Pd.
• Hole GR-04 intersected 141 m @ 0.38% Ni, 0.37% Cu, 0.25g/t Pd including 6.40 m @ 1.05% Ni, 1.28% Cu, 0.48g/t Pd.
• Results are pending for 5 holes drilled at Grata in November and December 2021.

Montreal, Quebec, January 25, 2022 – Sama Resources Inc. (“Sama” or the “Company”) (TSX-V: SME OTC-PK: SAMMF) is pleased to announce drilling results from our 2021 drilling campaign. Sama drilled a total of 20 drill holes for 8,768 meters (“m”) in 2021, including 5 holes at Yepleu for 2,766 m, 7 holes at the Samapleu deposit, including hole S-312 returning a combined 17.50 m at 1.87% nickel (“Ni”), 1.05% copper (“Cu”) and 1.64 grams per tonne (“gpt”) of palladium (“Pd”), and 7 holes at the Grata discovery for 2,921 m. Hole GR-04 drilled at the Grata discovery intersected 141m of continuous mineralization including near surface intervals of 6.40 m and 6.60 m grading 1.05% Ni -1.28% Cu & 0.48 gpt Pd and 0.73% Ni – 0.38% Cu & 0.30 gpt Pd respectively. Table 1 summarizes results for all these holes. Assays results for GR-05 to GR-09 are still pending.

“Sama was very pleased with hosting the Ivanhoe Electric Inc. (“IVNE”) – Sama Technical Meeting at the project site in Ivory Coast in mid-January. IVNE reviewed and acknowledged the large potential of the entire project especially with our high-quality intersections at the new Grata zone. The IVNE-Sama joint exploration program for 2022 should include between 5,000 m to 10,000 m of diamond drilling at the Grata, Samapleu and Yepleu deposits” stated Dr. Marc-Antoine Audet, President & CEO of Sama Resources Inc.

Dr. Audet added “Sama also proposes flying a new generation of helicopter-borne Electro-Magnetic survey to further refine the electromagnetic response of target zones identified in 2013 on PR 838 as well as to cover the newly acquired Zoupleu permit (PR 837). Additional funds should also be allocated for pursuing technical studies for the future open pit operation at the Samapleu deposit.”

Grata: Latest discovery in the Yacouba Intrusive Complex

In September 2021, Sama announced the Grata discovery located 5 kilometers (“km”) east of the Samapleu deposit.

The discovery hole, GR-03, drilled in June 2021, returned a 310 m sequence of pyroxenite and gabbro containing a 147 m interval of disseminated sulfides and several intersections of semi-massive sulphide mineralization. The second hole GR-04 confirmed the width of the mineralized zone, with a 141 m mineralized intersection including 6.40 m and 6.60 m intervals grading 1.05% Ni, 1.28% Cu & 0.48 gpt Pd and 0.73% Ni, 0.38% Cu & 0.30 gpt Pd respectively (see Figures 1 to 5 and Table 1). All measurements are core length.

The mineralization at Grata is similar in composition to the Samapleu deposit but shows a larger proportion of chalcopyrite and therefore a higher copper to nickel ratio. This relationship between copper and nickel is particularly evident in the GR-06 mineralized zones (Figures 3 & 4).

The Company is looking at increasing mineral resources at Samapleu and Grata for a future surface mining operation as well as searching for massive sulphide veins and lenses that could have accumulated at depth in traps and embayments along the feeder system of the Yacouba Intrusive Complex.

Yepleu: Dynamic magmatic system

At the Yepleu mineralized zone, hole YE-19 returned 45m of disseminated and semi-massive sulphide mineralization including 1.15m @ 1.40% Ni.  Hole YE-20 drilled 600 m to the north-northeast returned 16m @ 0.49%Ni including 4.25 m @ 1.01% Ni (Figures 5 & 6).

Following the completion of hole YE-23 in mid-2021, which aimed at testing the strong electromagnetic conductor target with a 20,000 conductivity-thickness (“CT”), the Company decided to perform a wedge from the YE-23 hole.  The wedged hole is aiming at the centre of the 20,000 CT target. However, due to delays in obtaining equipment and heavy rains during the last four months of 2021, the start of the wedging operation is now planned for the end of this month.

Yepleu is the centre of the intrusive feeder system with evidence of multiple magma injections generating a large volume of host rock assimilation.

At Yepleu and Grata, all newly intersected mineralization is characterized by aggregates of the nickel, copper and iron sulphides – pentlandite, chalcopyrite and pyrrhotite, respectively.  Pentlandite occurs together with pyrrhotite, while the chalcopyrite is either mixed with the pentlandite and pyrrhotite or occurs as millimetric to centimetric sulphide veins/accumulations. The textures of the sulphide mineralization vary from disseminated to semi-massive and massive.

Table 1: Summary of 2021 drilling program at Samapleu, Grata and Yepleu

Core logging and sampling was performed at Sama’s Samapleu and Yepleu field facilities. Sample preparation was conducted at the Bureau Veritas Mineral Laboratory in Abidjan. Sample pulps were delivered to Activation Laboratories Ltd, Ancaster, Thunder Bay, Canada, for assaying. All samples were assayed for Ni, Cu, Co, Pt, Pd, Au, Fe and S.

The technical information in this release has been reviewed and approved by Dr. Marc-Antoine Audet, P.Geo and President and CEO of Sama, and a ‘qualified person’, as defined by National Instrument 43-101 Standards of Disclosure for Mineral Projects.

ABOUT SAMA RESOURCES INC.

Sama is a Canadian-based mineral exploration and development company with projects in West Africa and now in Canada.

On March 19, 2021 Sama formalised a Joint Venture Agreement Ivanhoe Electric Inc, a private mineral exploration company in which mining entrepreneur Robert Friedland is a significant stakeholder, in order to develop its Ivorian Nickel-Copper and Cobalt project in Côte d’Ivoire, West-Africa. For more information about Sama, please visit Sama’s website at http://www.samaresources.com.

ABOUT IVANHOE ELECTRIC INC.

Ivanhoe Electric Inc. is a privately-owned company focused on making technology-enabled metals discoveries for the electrification of everything. The Company deploys proprietary and disruptive technology that de-risks mineral and water discoveries. Ivanhoe Electric is focused on “electric metals” (copper, nickel, gold and silver) mining assets for the electric revolution. For further information, please visit www.ivanhoeelectric.com.

FOR FURTHER INFORMATION, PLEASE CONTACT:

SAMA RESOURCES INC./RESSOURCES SAMA INC.

Dr. Marc-Antoine Audet, President and CEO
Tel: (514) 726-4158

OR

Mr. Matt Johnston, Corporate Development Advisor
Tel: (604) 443-3835
Toll Free: 1 (877) 792-6688, Ext. 5

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Statements

Certain of the statements made and information contained herein are “forward-looking statements” or “forward-looking information” within the meaning of Canadian securities legislation. Forward-looking statements and forward-looking information such as “will”, could”, “expect”, “estimate”, “evidence”, “potential”, “appears”, “seems”, “suggest”, 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 ability of the company to convert resources in reserves, its ability to see through the next phase of development on the project, its ability to produce a pre-feasibility study or a feasibility study regarding the project, its ability to execute on its development plans in terms of metallurgy or exploration, the availability of financing for activities, risks and uncertainties relating to the interpretation of drill results and the estimation of mineral resources and reserves, 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 are 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.