Sanatana Completes Acquisition of the Tirua Project and Provides Exploration Update
VANCOUVER, Nov. 27, 2019 - Sanatana Resources Inc. (“Sanatana” or the “Company”) is pleased to provide this update on the Company's activities.
Sanatana has received TSX Venture Exchange approval of the acquisition of the Tirua Project.
Mr. Peter Miles, CEO, states "We are pleased that the TSX Venture Exchange has approved the Tirua acquisition and with completion of the transaction, Sanatana will now be able to accelerate its exploration plans."
During the past six months Sanatana has conducted both a field program and review of the Tirua Project that has enhanced the geological understanding of the mineralization of the Kolo Caldera. A total of 413 soil samples were taken, along with a comprehensive analysis of historical data and drill core that were included in the acquisition of the Tirua Project.
The first results from the ongoing soil sampling program, based on the exploration concepts developed by Sanatana from the analysis of 4,988 historical soil samples along with the reinterpretation of the airborne magnetic data, have been received. The sampling reveals an As, Sb, Mo anomaly in the southern part of the project above a prominent unexplored magnetic anomaly. This prospective area also has sericite, chlorite and phyillic alteration in the rare outcrops found in the local streams.
Infill soil samples were also taken from the SW edge of the Dilma lithocap porphyry zone (see the Company's news release of April 16, 2019) which returned anomalous Au associated with As which constitutes a coherent Au epithermal anomaly >50ppb, approximately 300m by 700m in size. Alteration mapping and trenching are planned in future exploration programs to further develop this new area.
Sanatana will post an updated presentation reflecting the newly acquired data and most recent geological interpretation to its website shortly.
Mr. Buddy Doyle, President, states "Our recent exploration combined with my detailed review of historical data has reinforced my interpretation of the prospectivity of the Tirua Project and we see strong potential for epithermal gold, porphyry copper/gold and associated copper oxide mineralization. I look forward to future exploration on the Tirua Project."
Under the terms of the prospecting agreement for the Tirua Project, Sanatana is required to issue 24,200,000 common shares of the Company and issue up to a further 14,800,000 common shares if minimum resources are established pursuant to a technical report prepared in accordance with NI 43-101 – Standards of Disclosure for Mineral Projects. All shares will be issued with a statutory hold period of four months and a day from the date of issuance.
Samples were sent to MSA Labs (“MSA”) of Langley, BC, using air freight and a chain of custody. The samples were dried and sieved using the 80# sieve, 30 gram aliquots were then digested in aqua regia and subject to 52 element ICP MS method. MSA is an independent laboratory not associated with Sanatana.
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 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).
(signed) “Peter Miles”______________
Peter Miles
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.
For additional information on the Company, please contact Mr. Peter Miles, Chief Executive Officer at (604) 408-6680 or email investor@sanatanaresources.com.