Sama Graphite’s listing follows final approval from the TSXV and marks completion of the previously announced reverse take-over with Canadian mining company Sama Resources.
Sama Graphite owns the Lola graphite deposit, one of the largest surface graphite mineralisations in the world, with an area of 3.22 km2 of continuous graphite rich gneiss.
The Lola graphite deposit is located approximately 1 000 km east of Conakry, the capital city of the Republic of Guinea. The Lola deposit graphite mineralisation is well exposed at surface along its entire strike length, with samples grading up to 20% Cg (large flakes) and can often be seen in higher concentration agglomerates.
Additionally, the first 20 m of the deposit are well weathered, freeing graphite flakes from the silicate gangue, thereby allowing for easy grinding with an optimal recovery of large and jumbo flakes.
The Lola graphite occurrence was originally discovered by BUMIFOM (Bureau Minier de la France Outremer) in 1951. BUMIFOM dug 309 pits in the oxide material, performed numerous metallurgical tests and drew up blueprints for a proposed on-site processing facility.
However, shortly after Guinea’s declaration of independence in 1958, the project was abandoned and subsequently forgotten – until Sama Resources “re-discovered” the deposit in 2012.
“This is an important milestone for Sama Graphite,” said Dr. Marc-Antoine Audet, president and CEO. “The company is fully funded with more than $2 million in cash and we are eager to start development of the high potential Lola graphite deposit.
“Our objective is to complete a preliminary economic assessment by the third quarter of 2017 and a feasibility study by mid 2018.”