Sanatana Resources Reports Significant Progress on Its Tirua Project, Solomon Islands
TSX VENTURE: STA
VANCOUVER, British Columbia, Jan. 11, 2019 (GLOBE NEWSWIRE) -- Sanatana Resources Inc. (“Sanatana” or the “Company”) is pleased to report that after conducting a site visit to the Tirua Project in the Solomon Islands the Company has successfully negotiated a Surface Access Agreement (the “SAA”) with the local landowners. The SAA paves the way for Sanatana to be issued a Prospecting License (the “PL”) over the entire Tirua Project, comprising some 264 square kilometres, and to begin exploration.
Mr. Peter Miles President and CEO of Sanatana states, “Our recent field visit to the Solomon Islands has reinforced our opinion of the geological potential of the Tirua Project and in addition has highlighted Sanatana’s ability to work in the region, culminating with the successful negotiation of the critical Surface Access Agreement. We would like to thank the local landowners and we look forward to working with them in the future.”
Mr. Buddy Doyle VP of Exploration of Sanatana states, "The field visit to the Tirua Project also provided us an opportunity to field check the geology of the Kolo Caldera. I am pleased to report that samples taken in conjunction with the site visit of Neil McLean, an independent Qualified Person ('QP') preparing the technical document in accordance with NI 43-101, support the assertion that extensive porphyry and epithermal mineralization exists at the Tirua Project. We have identified from the sampling, visual observation and interpretation of airborne magnetic data, alteration adjacent to the existing porphyry which we interpret as an epithermal system, approximately 9 kilometres long and 1.5 kilometres wide. This untested system, which we are naming the East Kolo Epithermal Gold Target, will be our initial focus of exploration in the Solomon Islands. We are also pleased that a recent scientific paper entitled, 'Tectonic evolution and copper-gold metallogenesis of the Papua New Guinea and Solomon Islands region' by Holm et al (2018), discusses the 'abundance of porphyry, epithermal and skarn deposits' of the region, recognizing the Tirua Project as an epithermal gold prospect, and uses the paper I co-authored, 'Ladolam Gold Deposit, Lihir Island. In: Geology of the mineral deposits of Australia and Papua New Guinea.', as a reference.”
The East Kolo Epithermal Gold target (the “EKEG”), which is located in the southeast of the Kolo Caldera, is 9 kilometres long and 1.5 kilometres wide, extending over 1,300 hectares, adjacent and directly east of the porphyry mineralization. It is represented in airborne magnetics as an extensive zone of muted to low magnetics (considered to represent hydrothermal destruction of magnetite) along a prominent set of ring structures. Broad mapped zones of pervasive clay alteration, crisscrossed by veins of silica sinter, silica flood, silica replacement and chalcedonic quartz, have been identified. These zones often carry significant gold-silver mineralization with associated pathfinder elements of As, Sb and Te. Previous soil, rock chip and trench sampling returned assay results of up to 1.16 g/t Au over 15 metres (open). Petrological studies of the rock chip samples previously collected within the EKEG epithermal field confirm outcropping areas are at the very top of an extensive intermediate sulphidation epithermal system.
Previous work on the Tirua Project focused on porphyry Cu-Au potential. This work successfully returned 62 metres of 0.45% Cu from drill hole HD2 and 14 metres of 1.45g/t Au from drill hole TRD003, proving the existence of a porphyry system. Drill logs also suggest that the mineralized intercepts are high in the porphyry system with copper mineralization hosted in a propylitic overprint of phyllic alteration. The due diligence work completed recently also confirmed gold mineralization at surface, where previous work had demonstrated the same. Ten samples were taken in total. One returned 7.5g/t Au assay from a two metre section of trench sample where previously 2.48 g/t Au had been assayed. Another returned a value of 1.28 g/t Au from a rock chip of an epithermal quartz vein. A further three samples returned anomalous values of 0.19, 0.21 and 0.15 g/t Au.
The information in this news release was prepared under the supervision of Buddy Doyle, BAppSc (Geol.), MAusIMM, VP Exploration for Sanatana. Mr. Doyle is a Qualified Person for the purposes of NI 43-101 and has reviewed and approved the technical information disclosed in this news release.
About the Due Diligence Sampling
For verification purposes the QP collected ten samples from a number of locations on the property that had reported anomalous gold results from previous exploration work. These samples were transported by the QP and delivered for analysis of gold by Fire Assay and a suite of trace elements by ICP methods at the ALS laboratory, Brisbane, Australia. Sanatana maintains a rigorous quality control program (“QA/QC”) of geochemical lab results by inserting duplicate, standard and blank samples into the sample stream at regular intervals prior to being sent to the laboratory and the adherence of results to strict parameters is monitored.
About the Company
Sanatana Resources Inc. is a mineral exploration and development company with an experienced management team and board of directors. Sanatana is based in Vancouver and is listed on the TSX Venture Exchange (TSX-V: STA).
SANATANA RESOURCES INC.
(signed) “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.
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