Sanatana Resources Provides Update on Its Tirua Project in the Solomon Islands
TSX VENTURE: STA
VANCOUVER, British Columbia, April 16, 2019 (GLOBE NEWSWIRE) -- Sanatana Resources Inc. (“Sanatana” or the “Company”) is pleased to report that, after conducting a recent site visit to the Tirua Project, it has successfully completed all of the material prerequisites that are necessary to commence exploration including meetings with landholders, an environmental baseline study, setting up bank accounts and protocols for operating in the Solomon Islands.
Mr. Peter Miles, President and CEO of Sanatana, states, “We expect to begin exploration by early May 2019 pending TSX-Venture Exchange approval. Over the past several months, Sanatana has moved the Tirua project from a concept to a fully licensed and permitted project and we look forward to beginning exploration on the property.”
Sanatana's exploration team, headed by Mr. Buddy Doyle, has been reviewing existing data and making plans for an initial exploration program. Previous work focused on a small area of the Tirua project in particular following up on a drill intersection of 62m of 0.45% Cu (previously disclosed in news release dated October 24, 2018). Looking at the airborne magnetics the drilling mostly skirted the edge of a magnetic intrusion thought to be predominantly diorite. Interpretation of the airborne magnetics suggests that there are several larger igneous complexes and many smaller ones in the caldera that all provide exploration targets for potential porphyry-related mineralization. Only one has been drill tested and only on its northeastern periphery.
Review of assay results from 4,988 soil samples previously collected over the northern and eastern portion of the caldera show a zone of anomalous elemental groupings south of the drilling that appears to demonstrate a porphyry centre with an alteration zone funneling out above it. This zone, which is 2.1km in diameter at surface, is depleted in Zn, Mn, Cr, Ni, V, Fe, Sc, and Li, mobile elements or elements associated with mafic minerals which are invariably altered and mobilized in porphyry systems. This same zone is elevated in Cu, Au, Bi, and Te. This zone has been named the Dilma Porphyry target. Although not significantly mineralized, two drill holes intersected the northwest half of this funnel and these are the only drill holes that showed pervasive potassic alteration towards the bottom of the drill holes.
The geochemical soil sampling results and airborne magnetics suggest that there is a prominent N-S caldera-crossing structure and an intersecting, WNW-ESE structure that have controlled the mineralization that has been previously intersected. The previous drilling targeted copper soil anomalies along these structures. The structures channeled copper-rich fluids, but were not the source.
Mr. Buddy Doyle states, "Previous work on the Tirua project does not seem to have recognized the geochemical signature we are now interpreting as a porphyry-style alteration centre from the existing soil geochemistry. It should also be noted only two of the five larger intrusive complexes in the caldera have soil sampling coverage. Each is an exploration target in its own right."
The initial exploration plan is to use the network of relatively new forestry roads and tracks to access and map these exploration targets with the aid of an excavator. The focus will be to map the alteration and further use geochemistry to generate drill targets.
Epithermal gold mineralization was also intersected by the previous drilling. On the NE edge of the Dilma porphyry target, the intersection was dominated by an illite and kaolin argillic alteration zone. This zone also demonstrated that the alteration fluids destroyed the magnetite. The zone also had highly elevated arsenic up to 7,000ppm. This gives a strong clue to use the airborne magnetics to focus exploration for epithermal gold in areas that are depleted in magnetite. The airborne data shows that the large ring fractures in the caldera have been the focus of magnetite destroying alteration. Sampling where the roads intersect these zones, especially where there is elevated arsenic in the soils will also be in the Company’s exploration plan.
The Company expects to post an updated presentation on the Company’s website shortly.
The transaction is subject to TSX Venture Exchange review and approval.
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 purpose 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 Previous Exploration Results
Previous exploration drill and soil assay results referred to in this news release were compiled from publicly available company reports filed with the Ministry of Mines, Energy and Rural Electrification, Solomon Islands. The Company has verified that samples were collected using accepted industry standard methods and that the samples were submitted to ISO accredited assay labs and analyzed by methods appropriate for the sample medium. For the soil samples in particular, QA/QC data was available and this data was also reviewed and all the sample assay data used in the Company’s interpretations was found to be within statistically acceptable limits of precision and accuracy. The Company’s interpretations of the sample assay data are based on statistical analysis and spatial association of elements using georeferenced gridded images.
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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