AMN - COTE D’IVOIRE: Friedland's HPX shows Sama support

HPX Ivory Coast Holdings Inc, a subsidiary of High Power Exploration Inc (HPX), will begin exercising Sama Resources share purchase warrants to continue to advance the Yepleu Nickel-Copper-Cobalt-Palladium Project in Côte d’Ivoire. HPX is a private mineral exploration company in which mining entrepreneur Robert Friedland is the chairman and CEO.

Sama is exploring the Yepleu project through a strategic partnership with HPX, utilising HPX’s proprietary Typhoon electromagnetic geophysical survey technology.

Sama reports that more than 7 million share purchase warrants of the company held by HPX have been exercised prior to the scheduled expiry date of April 13, 2020. The warrants were exercised for total proceeds of about C$2 million.

These warrants are the first portion of the 25 million share purchase warrants held by HPX pursuant to a private placement with Sama first announced on October 23, 2017.

Assuming the full exercise of the remaining warrants, the total proceeds from the private placement will be C$12.25 million.

“We very much value our partnership with HPX. The use of HPX’s Typhoon system and the highly-accurate geophysical inversions by HPX subsidiary Computational Geosciences, is dramatically accelerating our targeting of sulphide mineralization at Yepleu," said Sama's president & CEO Dr Marc Antoine Audet.

"Coupled with HPX’s access to capital and its in-house technical expertise, the partnership with HPX is a tremendous advantage in today’s capital market environment,” he said.

HPX president Eric Finlayson said: “HPX is excited by the progress on the Yepleu project. All holes drilled to date on Typhoon anomalies have encountered mineralisation.

"With many targets yet to explore, this success means that our partnership with Sama is now attracting considerable industry attention.”

HPX is a privately-owned, metals-focused exploration company deploying proprietary in-house geophysical technologies to rapidly evaluate buried geophysical targets.

The HPX technology cluster comprises geological and geophysical systems for targeting, modelling, survey optimisation, acquisition, processing and interpretation.

HPX has a highly experienced board and management team led by CEO Robert Friedland and president Eric Finlayson, a former head of exploration at Rio Tinto.

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

On October 23, 2017, Sama announced that it had entered into a binding term sheet in view of forming a strategic partnership with HPX TechCo Inc in order to develop its Côte d’Ivoire nickel-copper and cobalt project.

Earlier this month an intersection of 13 metres at 0.76% nickel, 0.47% copper and 0.16 g/t palladium was returned at a newly discovered zone at Yepleu. This was within a larger interval of 36 metres of disseminated sulphide mineralisation grading 0.40% nickel, 0.24% copper and 0.10 g/t palladium.

www.samaresources.com