Tana Amends Golden Triangle King - Double T Property Agreements
Vancouver, September 7, 2023 - Tana Resources Corp. (CSE: TANA) ("TANA" or the "Company") is pleased to report its has amended the terms of its agreements on the 443 hectare Double T project (the "Property") located approximately 20 kilometers north of the former Snip Gold Mine in northwest BC's Golden Triangle.
Tana has negotiated amendments to the cash payments and exploration work commitments with the vendors of the Company's Double T Property and has assigned the payment and work commitments for the adjoining King Property to Goldrea Resources Corp. (CSE: GOR) ("Goldrea") in exchange for share payments from Goldrea. As outlined in the Company's press release dated May 3, 2023 select grab gold values from 199.5 to 1.84 g/t gold from King Vein and 3 select grab samples of quartz veining in granodiorite from 49.8 to 32.1 g/t gold were reported from the King Vein prospect and select grab samples of 528 and 20.5 ppm silver, 11.6 and 3.43 percent lead and 25 and 3.53 percent zinc were reported from the North Zone prospect both of which are located within the Double T Property.
Tana cautions investors select grab samples are selective by nature and are not necessarily indicative of the presence of significant mineralization on the King - Double T property.
"The historic King Vein - Mist Zone and North Zone are both located on the Double T Property and represent drill ready targets. After completion of the 2023 program, management will review the available data and make a decision regarding drill testing during the 2024 program," commented Tana CEO, Vic Korajian.
The Double T payments of $25,000 due October 31, 2022 and a further $50,000 due October 31, 2023 have been amended to $10,000 due December 2023, an additional $15,000 due March 31, 2024, and a further $50,000 due October 31, 2024.
The Double T exploration expenditure of $200,000 by October 31, 2023 has been amended to $40,000 in expenditures by October 31, 2023 and an additional $160,000 in expenditures by October 31, 2024. Based on the amended terms of the agreement Tana will need to incur a total of $360,000 on or before October 31, 2024. All other terms of the agreement remain in effect.
Pursuant to an assignment agreement dated August 10, 2023, Goldrea will assume Tana's remaining obligations under a 50:50 joint venture agreement with Garibaldi Resource Corp. (TSXV: GGI) ("Garibaldi") dated October 31, 2021. These obligations include the issuance of 850,000 common shares to Garibaldi and a requirement to incur $450,000 in exploration expenditures on or before October 31, 2024. In consideration for the assignment Goldrea has issued 100,000 common shares to Tana and will issue an additional 400,000 shares when Goldrea acquires a 50% interest in the King Property from Garibaldi.
Tana's 2022 exploration program at King Double T met with success, necessitating the amendements to the existing agreement. The mapping and sampling program confirmed the historic sampling results at King Vein and Mist Zone and suggested to the Company's consultant a relationship between the two with regards to vein orientation, vein morphology, mineralization and alteration warranting possible deeper drilling. Further, investigations in the area of historic drill hole TT88-07 noted alteration and mineralization associated with the targeted fault, but also along bedding planes parallel to fault, continuing with increasing distance from the fault, suggesting the hole may have missed the main mineralization. The Company's consultants are currently completing additional work on the King Vein and North Zone prospects and will be providing an updated technical report that will include recommendations for the 2024 field program.
Qualified Person
The technical content of this news release has been reviewed and approved by R. Tim Henneberry, P.Geo. (BC), a Director of the Tana and a Qualified Person under National Instrument 43-101.
About Double T
The Double T property lies in an underexplored, prospective area of the Golden Triangle north of the former Snip Mine, where recent, gold, polymetallic and porphyry copper prospects have been discovered. The King Vein and North Zone appear to spatially relate to the suspected southern projection of the regional McLymont Fault, as supported by a series of historic airborne magnetic surveys.
Historic exploration has identified a number of mineralized areas including:
- King vein - a flat lying quartz vein yielding grab sample highlights of 1,725 g/t gold;
- 1988 drilling returned values ranging from 9.19 to 103.59 g/t gold (0.294 to 3.315 oz/t) over widths ranging from 0.43 to 0.50 metres; (true width unknown)
- North Zone - a stratiform lead-zinc-silver zone returning highlight grab samples of 6.4% lead, 31.3% zinc and 890 g/t silver;
- 1987 drilling returned values ranging from 0.01 to 7.3 g/t gold and 2.0 to 219 g/t silver all over widths of one metre; (true width unknown)
The source of the exploration information is Tana's June 21, 2021 Technical Report on the Double T Property by Derrick Strickland, found under Tana's profile on SEDAR.
Tana is earning a 70% interest in the Double T claim block by making a series of cash payments, share issuances and meeting a series of work commitments.
About TANA
Tana Resources Corp. is a Canadian mining exploration company focused on the acquisition and development of high value mining projects. The Company's objective is to build shareholder value through the acquisition of projects with significant technical merit. The Company's management team has many years of experience in exploration, finance and efficient public company management.
For additional information, please visit the Company's website at www.tanaresources.ca.
On Behalf of the Board of Directors
"Vartan Korajian"
President and CEO
For further information, please contact:
778-855-3994
Email: vic@tanaresources.ca
Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
Forward-Looking Statements:
This news release contains certain statements that may be deemed "forward-looking" statements. Forward-Looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although TANA believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward looking statements. Forward-Looking statements are based on the beliefs, estimates and opinions of TANA's management on the date the statements are made. Except as required by law, TANA undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/179726