Sanatana Options Jackfish Property in Ontario
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 02/07/17 -- Sanatana Resources Inc. ("Sanatana" or the "Company") (TSX VENTURE: STA) has entered into three option agreements that allow Sanatana to acquire a 100% contiguous interest in the Jackfish property, located in Ontario (the "Property").
Overview
The Property is located on the northern shores of Lake Superior, 20 km east of Terrace Bay via Highway 17, Ontario. The Property comprises 34 mining claims covering 3,664 hectares (9,054 acres). Geologically, the Property lies within the Wawa subprovince of the Superior province of the Canadian Shield, specifically the metavolcano-sedimentary Schreiber-Hemlo greenstone belt. The belt is known for its namesake Hemlo gold mine and, although similar geological and structural targets analogous to Hemlo exist in the greenstone rocks of the northern parts of the Property, the focus is an area containing high-grade gold bearing veins within the granitic rocks on the eastern margin of the Terrace Bay Batholith, that underlie the Property. There is also an interesting copper-in-soil anomaly located on the northeastern part of the Property.
Further information on the Property will shortly be posted to the Company's website, .
Peter Miles, President and CEO of Sanatana, commented, "Sanatana is pleased to be back in the mineral exploration business and the Company's board of directors and management are looking forward to starting exploration on the Jackfish property."
Mr. Miles further stated, "Critical to Sanatana is the geological prospectivity of the Property with 35 recent grab samples from mineralized quartz veins returning assay results from .35 to 44 g/t gold with an average of 7.58 g/t gold; its location in the mining friendly jurisdiction of Ontario; and its proximity to infrastructure and major roadways, making exploration and any potential development far more cost effective. In addition, the three option agreements all have terms that help to lever Sanatana's corporate structure and expertise."
Buddy Doyle, Vice-President Exploration of Sanatana, commented, "We are pleased to be working alongside the Ontario Geological Survey ("OGS"), a division of the Ministry of Northern Development and Mines, which is actively mapping and sampling the Jackfish area, corroborating the high-grade gold occurrences that led Sanatana to the Jackfish acquisition. Sanatana intends to aggressively explore the Jackfish property as soon as all approvals are received. Exploration permits are in hand for the Wahl property and in process for the Richards and Alto properties."
Principal Agreement Terms
The Jackfish options agreements, which are subject to TSX Venture Exchange approval, allow Sanatana to acquire a 100% interest in the Property from three vendor groups: (1) Alto Ventures Ltd. ("Alto"); (2) Rudolf Wahl ("Wahl"); and (3) Wayne Richards, Francine Richards and James Hamel (referred to for convenience as "Richards").
To earn a 100% interest in the Property under the option agreements, Sanatana must, in aggregate:
The Property
As noted above, the Property is located on the northern shores of Lake Superior, 20 km east of Terrace Bay, Ontario and is on Highway 17. The Property covers 3,664 hectares (9,054 acres); the following map shows the location of the Property within the province of Ontario:
To view Location of the Property - Map 1, visit the following link:
The following table shows the best gold assay results achieved by the OGS in its grab sampling program over a four-year period and the below map shows the location of the grab samples.
Table of Best Gold Assay Results from OGS Grab Samples
Note that grab samples are selective by nature and do not represent intervals of mineralization hosted on the property.
To view Location of the Grab Samples - Map 2, visit the following link:
The information in this news release was prepared under the supervisions of Troy Gill, BSc. MAIG, Exploration Manager for Sanatana. Mr. Gill is a Qualified Person for the purposes of National Instrument 43-101 - Standards of Disclosure for Technical Projects and has reviewed and approved the technical information disclosed in this news release.
About the Company
Sanatana Resources Inc. is a mineral exploration and development company. With an experienced management team and board of directors, the Company has the ability required to identify, develop and fund economic mineral properties. Sanatana is based in Vancouver and is listed on the TSX Venture Exchange (TSX VENTURE: STA).
SANATANA RESOURCES INC.
Peter Miles, President and Chief Executive Officer
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this news release are forward-looking statements and information within the meaning of applicable securities laws. Forward-looking statements and information can be identified by the use of words such as "plans", "expects", "intends", "is expected", "potential", "suggests" or variations of such words or phrases, or statements that certain actions, events or results "may", "could", "should", "would", "might" or "will" be taken, occur or be achieved. Forward-looking statements and information are not historical facts and are subject to a number of risks and uncertainties beyond Sanatana's control. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this news release. Accordingly, readers should not place undue reliance on forward-looking statements. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements, except as may be required by law.
Neither TSX Venture Exchange nor its Regulations Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Contacts:
Sanatana Resources Inc.
Mr. Peter Miles
President and Chief Executive Officer
(604) 408-6680
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Datum: 07.02.2017 - 18:11 Uhr
Sprache: Deutsch
News-ID 522553
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VANCOUVER, BRITISH COLUMBIA
Kategorie:
Mining & Metals
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