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Highlights:
- Solomon Islands Ministry of Mining grant a letter of intent over the 188 km sq Sutakiki mineral tenure, situated on the Island of Guadalcanal, Solomon Islands, 40km from the capital of Honiara and 7km from the >4m oz Au Gold Ridge mine.
- The property is considered prospective for copper gold porphyry-style mineralization.
- Previous work included results of up to 51m at 6.52 g/t gold in a skarn, and 354m of 0.13% Cu and 0.5 g/t Au in porphyry-style mineralization.
- The Sutakiki project is subject to a letter agreement with Cobre Nuevo Exploration, an Australian private company that can provide up to A$14,500,000 million of funding.
Sanatana Resources Inc. (TSXV: STA) ("Sanatana" or the "Company") has, further to its June 17, 2020 news release announcing a letter agreement with Cobre Nuevo Exploration ("CNE"), received a letter of intent (the "LOI") over the Sutakiki mineral tenure (the "Project") from the Solomon Islands Ministry of Mining, Energy and Rural Electrification. The LOI allows Sanatana exclusive access to negotiate with local landholders both an initial due diligence ("DD") visit and should the property pass DD, a surface access agreement ("SAA"). Once an SAA has been negotiated a prospecting license ("PL") is issued which gives the PL holder an exclusive three-year term to prospect and explore the Project.
Buddy Doyle, President, commented: "Sanatana is successfully increasing its profile in the Solomon Islands and is further expanding its portfolio of potentially high-value properties. We would like to thank the Ministry for granting the LOI and our Solomon based team will shortly be in Honiara to conduct initial access negotiations."
The Project is the subject of an agreement between Sanatana and CNE, a private Australian company, that outlines the terms for Sanatana to acquire the Project in the Solomon Islands and to enter into a joint venture ("JV") with CNE, with CNE potentially providing up to A$14,500,000 of funding to Sanatana in order to earn a 92.5% interest in the property.
The 188 km sq Sutakiki property is located directly south of and borders the over 4 million ounce Au Gold Ridge property, which is planned to open for gold production by Chinese-based interests in mid-2021. The Project lies within the Pacific "Ring of Fire" which hosts numerous world class ore bodies. Maps of the region and Guadalcanal with the Sutakiki mineral tenure shown, are presented below.
Figure 1
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Figure 2
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In 2011, a joint venture between SolGold and Newmont culminated in a 23-hole drill program with significant results shown in the following table.
Table 1 Significant Results from Drilling at Sutakiki.(1)
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Note:
- True thickness of the above drill intercepts are not known at this time.
The eleventh drill hole, SK011, intersected 51m @ 6.52 g/t gold from 106m hosted in a skarn, which included 10m at 21.10 g/t Au from 113m. A drill hole also returned a broad intersection of 354 metres at 0.5 g/t gold and 0.13% copper. Newmont concluded there was potential for a large porphyry system at depth. All work referenced here is from public documents.
Sanatana and CNE are returning to this area as it is considered to have a high potential to host a porphyry copper/gold system. An initial site visit is planned to confirm the presence of porphyry style alteration in the surface rocks.
Sanatana's Qualified Person (as such term is defined below) has not verified the data disclosed, through sampling, analytical, or test data. The information was obtained from public documents. The Qualified Person has not completed sufficient work to verify the historical drill results for the Project. However, the Qualified Person believes that drilling and analytical results were completed to industry standard practices. The information provides an indication of the exploration potential of the Project but may not be representative of expected results.
The Solomon Islands have been fortunate to have avoided the worst of the current global pandemic. Sanatana looks forward to the time its technical crews can return to the islands, in the meantime initial negotiations and planning are being handled by our team located in Honiara.
The technical information in this news release was prepared under the supervision of Buddy Doyle. Mr. Doyle is a Qualified Person (the "Qualified Person") for the purposes of National Instrument 43-101 - Standards of Disclosure for Mineral 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 focused on high-impact properties in Canada and the Western Pacific. With an award winning technical team and experienced management and board of directors, Sanatana is based in Vancouver and is listed on the TSX Venture Exchange (TSXV: STA).
Sanatana Resources INC.
(signed) "Peter Miles"______________
Peter Miles
Chief Executive Officer
For additional information on the Company, please contact Mr. Peter Miles, Chief Executive Officer at (604) 408-6680 or email investor@sanatanaresources.com.
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.
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