Gold

Satori Resources Inc. (TSXV: BUD) ("Satori" or the "Company") is pleased to announce that it has closed its private placement offering for gross proceeds totaling $2,144,050. The Company issued 7,154,737 flow through common shares at a price of $0.19, and 5,231,000 common shares at a price of $0.15 per share.

The proceeds from the issuance of flow through common shares shall be used for exploration activities that qualify as Canadian Exploration Expenses under the Income Tax Act (Canada), and proceeds from the issuance of common shares shall be used for working capital.

In connection with this closing, the Company paid cash finders' fees totaling $89,901.00 to eligible finders. All of the securities issuable in connection with the offering are subject to a hold period expiring four months and one day after date of issuance.

Officers and directors of the Company subscribed for 865,000 common shares, for gross proceeds of $134,350 (7%), which resulted in related party considerations pursuant to TSX Venture Exchange Policy 5.9 and Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). Satori relied on the exemptions contained in section 5.5(a) of MI 61-101 for an exemption from the formal valuation requirement and Section 5.7(a) of MI 61- 101 for an exemption from the minority approval requirement as the fair market value of the securities distributed under the offering, insofar as it involved interested parties, did not exceed 25% of Satori's market capitalization.

ABOUT Satori Resources Inc. (TSXV: 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.

FOR FURTHER INFORMATION, PLEASE CONTACT:

Jennifer Boyle, B.A., LL.B.
President and Chief Executive Officer
Satori Resources Inc.
(416) 904-2714
jennifer@capexgroupinc.com

Mr. Pete Shippen
Chair, Satori Resources Inc.
(416) 930-7711
pjs@extramedium.ca

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/108767

News Provided by Newsfile via QuoteMedia

BUD:CA
Satori Resources

Satori Resources


Keep reading...Show less
Satori Moves Drill Locations and Engages Investor Relations

Satori Moves Drill Locations and Engages Investor Relations

Satori Resources Inc. (TSXV: BUD) ("Satori" or the "Company") is pleased to announce that drilling at the South Zone has now commenced at the Tartan Lake Gold Mine Project, after having completed diamond drilling at a remotesatellite target area (McFadden) located 1 kilometre south-east of the known Main ZoneSouth Zone deposit.

Ongoing drilling at South Zone is testing the down plunge extent of the known mineralization, where three holes are planned to target a potential high-grade chute within the South Zone at depths below Satori's previous drilling, along 150 meters of strike length.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Satori Commences Drilling and Preliminary Work for an IP Survey

Satori Commences Drilling and Preliminary Work for an IP Survey

Satori Resources Inc. (TSXV: BUD) ("Satori" or the "Company") is pleased to announce that a drilling campaign and preliminary work to complete an IP survey are underway at the Tartan Lake project, Flin Flon, Manitoba.

The first 2,000 metres of a 5,000 metre drilling campaign has commenced at the McFadden Zone, a 30 metre by 40 metre stripped shear zone outcrop located 1 kilometre south-east of the known Main Zone deposit. Drilling at McFadden will precede the 3,000+ metre drill program planned to further test the Main Zone, the South Zone, and the interpreted new Hanging Wall Zone, which returned the second highest value intercept ever recorded at Tartan Lake at hole TLMZ21-12, intersecting 47.56 g/t Au averaged over 5.8 meters, within a wider interval averaging 23.76 g/t Au over 12.6 meters (See news release dated December 6, 2021).

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Satori Plans for Step Out Drilling Targeting Recent Interval of 47.56 g/t Gold over 5.8 Metres

Satori Plans for Step Out Drilling Targeting Recent Interval of 47.56 g/t Gold over 5.8 Metres

Satori Resources Inc. (TSXV: BUD) ("Satori" or the "Company") is pleased to announce that it has received its Exploration Permit for the 100% owned Tartan Lake Project, Flin Flon, Manitoba, which is valid for a three-year period and allows for 155,000 meters of drilling. The Company plans to resume drilling early in this first quarter with a 5,000 metre phase II drill program that will include a series of deep holes testing the extent of the recently announced high grade mineralization in hole TLMZ21-12, which intersected an average 47.56 gt Au over 5.8 meters, within a wider interval averaging 23.76 gt Au over 12.6 meters. This is the second highest value intercept ever recorded at Tartan Lake with over 500 holes completed to date, and was one of the top 5 high grade drill intercepts reported last year according to Streetwise Reports (122821) (Counting Down Top Drill Holes of 2021 (streetwisereports.com). In addition to following up on the high grade intercept, the Company plans continue to expand the South Zone to depth, and to begin drill testing targets along the property's wide shear zone, outside of the current resource areas.

The high-grade mineralization intersected in hole TLMZ21-12 was found in the hanging wall of the Main Zone, and is associated with pyrite rich felsic volcanics, not the massive quartz-carbonate veins that typically denote high grade mineralization at both the Main and South Zones. The interval returned consistent gold grades throughout the entire interval (Ref. Table 1.0). This new mineralization is interpreted to be sub-vertical and is open in all directions. The association of the high grade intercept with a felsic volcanic unit, the absence of quartz-carbonate veining, the increased sulphide content, and the location in the hanging wall of the Main Zone, collectively, indicate that this may be a potential new zone of mineralization. This new zone lies to the west and is deeper than all the historical drilling tracing the Main Zone.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Satori Reports Highlight Summary of the 2021 Drilling Campaign, and Announces Private Placement Financing of up to $3,000,000

Satori Reports Highlight Summary of the 2021 Drilling Campaign, and Announces Private Placement Financing of up to $3,000,000

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:

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Satori Identifies New Zone at Tartan Lake with the Second Highest Grade Drill Hole in Tartan Lake History Intersecting 5.80 metres Averaging 47.56 g/t Gold

Satori Identifies New Zone at Tartan Lake with the Second Highest Grade Drill Hole in Tartan Lake History Intersecting 5.80 metres Averaging 47.56 g/t Gold

  • TLMZ21-12 intersected 5.80 metres averaging 47.56 g/t Au within a broader interval of 12.60 metres averaging 23.76 g/t Au
  • Intersection is interpreted to be a new zone of mineralization, sub-parallel to the Main Zone
  • TLMZ21-12 includes the second highest grade interval ever reported at Tartan Lake

Satori Resources Inc. (TSXV: BUD) ("Satori" or the "Company") is pleased to announce additional results from the completed Phase One drill program at the 100% owned Tartan Lake property, Flin Flon, Manitoba.

TLMZ21-11 and TLMZ21-12 both targeted the down plunge continuation of the Main Zone mineralization, approximately 100 metres to the west of TLMZ21-01 (4.15 metres averaging 9.73 g/t Au) and 75 and 150 metres below the historic holes defining the resource limits.

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
various commodities atop a laptop

Expert: War has “Supercharged” Commodities Prices

Investment strategies for weathering and benefiting from current market trends were a hot topic at Sydney's recent RIU Resources Round-Up, held in early May.

Current opportunities and potential future ones were highlighted in the keynote address offered by John Forwood, chief investment officer at Lowell Resources Funds Management.

Quoting a February report from the head of commodity research at Goldman Sachs (NYSE:GS), Forwood explained to attendees that we have reached a “molecule crisis” in the commodity space and are essentially “out of everything.”

Keep reading...Show less
Outback Goldfields CEO Chris Donaldson

Outback Goldfields CEO Chris Donaldson: Embracing the Second Gold Rush in the Victorian Goldfields

Outback Goldfields CEO:17 million oz. of gold produced and producing within 3 miles of our propertyyoutu.be

Keep reading...Show less
CMX Gold & Silver Corp

CMX Announces Media Marketing Contract and New Transfer Agent

(TheNewswire)

CMX Gold & Silver Corp.

May 19, 2022 TheNewswire - CALGARY, ALBERTA CMX Gold & Silver Corp. ( CSE:CXC ) ; (CNSX:CXC.CN); ( OTC:CXXMF ) ("CMX" or the "Company") announces that it has retained the services of Dig Media Inc., doing business as Investing News Network ("INN") for an investor marketing and advertising campaign. INN will provide on-line marketing, advertising and investor awareness services to the Company for the purposes of informing investors about CMX and activities on its 100%-owned Clayton Silver Project in Idaho, USA. The contract with INN is for a twelve-month digital media campaign at a monthly cost of $6,000 that ends on April 25, 2023.

News Provided by TheNewsWire via QuoteMedia

Keep reading...Show less

Barrick Extends Revolving Credit Facility and Establishes Sustainability-Linked Metrics

All amounts expressed in US dollars

Barrick Gold Corporation (NYSE:GOLD)(TSX:ABX) today announced that it has completed an amendment and restatement of the company's undrawn $3.0 billion revolving credit facility, including an extension of the termination date by one year to May 2027, replacement of LIBOR with SOFR as the floating rate mechanism related to the interest rate for any US dollar funds drawn down, and the establishment of sustainability-linked metrics.

News Provided by GlobeNewswire via QuoteMedia

Keep reading...Show less

Newmont Publishes 2021 Climate Report

Today, Newmont Corporation (NYSE: NEM, TSX: NGT) published its 2021 Climate Report , the Company's annual report prepared in alignment with the Recommendations of the Task Force on Climate-related Financial Disclosures (TCFD). The report outlines how Newmont understands and is addressing climate change — from reducing our greenhouse gas emissions, to managing risks, to enhancing resilience within the Company and neighboring communities.

"Climate change, and its impact on our world, continues to be one of the greatest global challenges. It is our responsibility to work alongside government, investors and communities to effect change," said Newmont President and CEO Tom Palmer. "Newmont is addressing these challenges by setting science-based emissions reduction targets and leveraging our size, scale and resources to build strategic alliances to develop future technologies. We are driven by our commitment to our purpose — to create value and improve lives through sustainable and responsible mining."

News Provided by Business Wire via QuoteMedia

Keep reading...Show less

Latest Press Releases

Related News

×