Sanatana Resources Acquires Additional Property at Jackfish Project
TSX VENTURE: STA
VANCOUVER, British Columbia, Jan. 11, 2018 (GLOBE NEWSWIRE) -- Sanatana Resources Inc. (“Sanatana” or the “Company”) (TSX-V:STA) is pleased to provide this exploration update to its shareholders.
Sanatana has signed an asset purchase agreement, which is subject to TSX Venture Exchange approval, with Brian Fowler and Christian Carl (“Fowler and Carl“) to acquire the Santoy Mountain property adjacent to the Company’s Jackfish Property.
Peter Miles, President and CEO, states, "The work we have conducted to date on the Jackfish property has encouraged us to acquire additional prospective ground in the area. In late December 2017, the lines for the previously announced HLEM survey were cut and a crew from Abitibi Geophysics are mobilizing and will conduct the survey over the next several days. Sanatana is looking forward to an exciting year of exploration at the Jackfish property and we continue to evaluate other projects."
The three newly acquired claims comprise 31 units bringing the land position of the Jackfish Property to a new total of 269 units covering an area of 4121 hectares (see map below).
The three mining claims tie onto the Jackfish Property covering the southeast extension of the North-Hematite-Cliff gold mineralized trend, including part of the Terrace Bay Batholith granodirorite as well as the contact zone and part of the southern arm of the Schreiber-Hemlo greenstone belt from where the main fault that defines the trend originates. There is also a strongly conductive unit in the greenstone belt sequence delineated in the publicly available Ontario Geological Survey airborne geophysical survey data and relates directly to a historic nickel-copper showing. Elevated cobalt, copper, lead and silver values in soil sample data reviewed from previous assessment reports may also be related to this conductive unit. There is no recorded drilling within the claims.
To acquire a 100% interest in the Property, Sanatana must, in aggregate:
a) Pay Fowler and Carl $12,500 cash;
b) issue 250,000 of the Company's common shares to Fowler and Carl (shares subject to a hold period of four months and a day from the date of issuance); and
c) pay a net smelter return ("NSR") royalty on metals of 2% upon the commencement of commercial production to Fowler and Carl, with an option to reduce the royalty to 1% for cash payments of $1,000,000.
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 that has optioned the Jackfish gold property in northwestern Ontario. 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-V:STA).