Satori Resources Inc. (TSXV: BUD) ("Satori" or the "Company") is pleased to announce the completion of its spring summer 2021 Phase One drilling campaign, where eleven (11) of thirteen (13) drill holes intersected anomalous gold mineralization from the 100% held Tartan Lake Gold Mine Project in Flin Flon, Manitoba. One hole (TLMZ21-03) failed due to mechanical issues, and one hole (TLSZ21-10) tested the eastern edge of the South Zone, returning insignificant gold grades. Twelve drill holes and one wedge hole totalled 7295 metres, having an estimated all-in cost of approximately C$ 275.00 per metre.
The Phase One program successfully expanded the resource footprint at both the Main and South Zones approximately 200 meters down plunge, and uncovered an interpreted new zone of mineralization sub-parallel to the Main Zone. Other highlights include:
- Second highest grade interval ever reported at Tartan Lake Main Zone - TLMZ21-12 returning 23.76 Au g/t over 12.60 metres, and including 47.56 Au g/t over 5.80 metres.
- Longest and highest grade interval ever reported at Tartan Lake South Zone - TLSZ21-05 returning9.59 g/t Au over 11.75 metres, including 24.23 g/t Au over 2.00 metres and 13.05 g/t Au over 3.29 metres.
- High grade mineralization intercepted at a 200 metre step out, down plunge of previously drilled holes at Main Zone.
- Interpreted new zone of mineralization in the hanging wall zone situated sub-parallel to the Main Zone was not observed in earlier holes, and intersected 20-25 metres above the quartz-carbonate-tourmaline veins defining the Main Zone.
- Unusually low water levels at the Sly Fox showing three kilometres east of the mine site area exposed significant outcrop along the shoreline of Batters Lake, exposing extensive zones of shearing similar to that at the Main and South Zones.
- Geophysical anomalies were associated with regional scale folding along a northeast axis mapped at the Sly Fox area during the October, 2021 ground reconnaissance program, providing a compelling prospective target area for 2022.
- A historically stripped (30 x 50 metres) area within an extensive regional shear zone at McFadden, where 20 historical channel samples were collected - some reporting highly anomalous results, contains extensive quartz-carbonate-tourmaline veining over several metres in width, similar to those observed at the Main and South Zone deposits.
- Satori finalizing logistics for a ground based induced polarity (IP) survey to identify additional, undrilled targets within the host shear zone.
Table 1.0 - Summary of Phase One 2021 Drill Results
|TLMZ21-03||Hole lost short of target|
|TLSZ21-10||No significant values||South|
Table 2.0 - Tartan Lake Highest Value Intercepts - Project to Date
|Grade x Interval|
|Main ||1||NUG324 (3)||43.69||46.37||2.68||151.16||405.11|
(1) Interval is measured down hole. There is insufficient information to estimate true width at this time.
(2) Previously reported
(3) Historical interval.
Private Placement Offering:
The Company further announces a non-brokered private placement offering of up to $3,000,000, by the issuance of both common shares and flow-through common shares. Each common share shall be issued at a price of $0.15 per share, and each flow-through common share shall be issued at a price of $0.19.
The gross proceeds raised from the issuance of flow-through shares will be used to incur eligible Canadian exploration expenditures, and the proceeds from the issuance of common shares shall be used for working capital.
Finders fees equal to 6% of the gross proceeds raised may be paid to eligible finders or other third parties, in connection with this offering.
The offering is subject to specific conditions, as well as approval by the TSX Venture Exchange and any other applicable securities legislation. It is intended that the flow-through common shares comprising the offering will qualify as 'flow through shares' within the meaning of the Income Tax Act (Canada), and will be offered to all Qualified Purchasers resident of any Canadian Province in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation. The securities issued upon the closing of the offering will be subject to a four month hold period from the date of issue, including any other re-sale restrictions imposed by applicable securities regulatory authorities. Insiders of Satori may, subject to regulatory approval, participate in the offering.
Wes Hanson P.Geo., Director of Satori, is the qualified person who has reviewed and approved the contents of this press release.
ABOUT Satori Resources Inc. (TSX-V: BUD)
Satori is a Toronto-based mineral exploration and development company whose primary property is expanding the resource at the past producing Tartan Lake Gold Mine Project, located in the prolific Flin Flon Greenstone Belt, Manitoba.
The Tartan Lake Project (2,670 Ha.) is located approximately 12 kilometres northeast of Flin Flon, Manitoba, and includes the Tartan Lake Mine (1986-1989) which produced 36,000 ounces of gold before the mine was shut down due to, in part, the price of gold falling below USD$390. Remaining infrastructure includes: an indicated resource estimate of 240,000 ounces averaging 6.32 g/t Au (see news release February 23, 2017), an all-season access road, grid connected power supply, mill, mechanical, warehouse and office buildings, tailing impoundment and a 2,100 metre decline and developed underground mining galleries to a depth of 300 metres from surface. Gold mineralization is associated with anastomosing quartz-carbonate veins hosted in east-west striking, steeply dipping shear zones up to 30 metres in width. The veins vary from several centimetres to several metres in width and gold grades vary from 1.0 to +100 g/t. Satori believes the mineral resources of the project are currently limited by drill coverage.
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CAUTION REGARDING FORWARD-LOOKING INFORMATION
This news release of Satori contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Satori's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.
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