dd stock meaning

Sanatana Acquires Letter of Intent over 188 Km Sq Sutakiki Copper and Gold Project, Solomon Islands

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.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/2534/69238_af322761149f3997_001.jpg

Figure 1

To view an enhanced version of Figure 1, please visit:
https://orders.newsfilecorp.com/files/2534/69238_af322761149f3997_001full.jpg

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/2534/69238_af322761149f3997_002.jpg

Figure 2

To view an enhanced version of Figure 2, please visit:
https://orders.newsfilecorp.com/files/2534/69238_af322761149f3997_002full.jpg

In 2011, a joint venture between SolGold and Newmont culminated in a 23-hole drill program with significant results shown in the following table.

Cannot view this image? Visit: https://orders.newsfilecorp.com/files/2534/69238_af322761149f3997_003.jpg

Table 1 Significant Results from Drilling at Sutakiki.(1)

To view an enhanced version of Table 1, please visit:
https://orders.newsfilecorp.com/files/2534/69238_af322761149f3997_003full.jpg

Note:

  1. 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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/69238

News Provided by Newsfile via QuoteMedia

The Conversation (0)
Sanatana Resources

Sanatana Resources

Discovery and Development of World Class Mineral Deposits

Discovery and Development of World Class Mineral Deposits Keep Reading...
A white rectangle with blue text reads: Teck, over a blurred industrial website background.

Teck Resources Faces Strike at Highland Valley Copper Mine

Teck Resources (TSX:TECK.A,TSX:TECK.B,NYSE:TECK) is operating its Highland Valley copper mine in British Columbia at reduced capacity after United Steelworkers Local 7619 commenced strike action.The Vancouver-based mining company confirmed the labour disruption on Saturday (October 24), saying... Keep Reading...
Open-pit copper mine near Lumumbashi in Shaba region of Southern DRC.

Copper's Second Act: How Processed Tailings Can Aid in Rising Demand

The looming copper supply gap won’t close through mine production alone. Part of the answer lies in processing waste that historical mining left behind.Data from the University of Queensland’s Sustainable Minerals Institute estimates that approximately 13 billion metric tons of mine tailings are... Keep Reading...
Retro copper-colored magnifying glass and old white nautical chart.

New Finds in Old Ground: How Modern Exploration is Revisiting Historical Deposits

Previously known deposits are increasingly becoming a focus of current exploration activities, as new discoveries are more rare. In the copper scene, for example, funding for grassroots exploration was reported to have fallen by roughly 60 percent over the past decade. In a PDAC 2026 keynote,... Keep Reading...
"Welcome to Arizona" sign with red, yellow and blue stripes under a clear sky.

Hudbay, Mitsubishi Greenlight Major US Copper Mine in Arizona

Hudbay Minerals (TSX:HBM,NYSE:HBM) and Mitsubishi (TSE:8058,OTCPL:MSBHF) have approved construction of Copper World, clearing the way for what Hudbay calls the "next major US copper mine" to produce in H2 2029.The final investment decision was released on Wednesday (October 21) along with the... Keep Reading...
Closeup of map showing BC with a red pin marking a location.

Highland Valley Copper Mine Workers Vote in Favor of Strike Action

Union workers at the Highland Valley copper mine near Logan Lake, BC, have voted unanimously in favor of strike action, raising the possibility of labor disruptions at one of the province’s major copper-mining operations.A total of 944 members of United Steelworkers Local 7619 voted over the... Keep Reading...
Closeup of a rough, metallic copper surface with reddish-brown and gray hues.

Copper Price Trends: Q3 2026 Review and Forecast

Copper prices climbed to record highs in Q3 as the market stayed tight.Expectations of US tariffs on refined copper drove momentum, drawing metal into Comex warehouses and draining stocks from overseas warehouses controlled by the London Metal Exchange (LME) and the Shanghai Futures Exchange... Keep Reading...

Interactive Chart

Latest Press Releases

Related News