Sanatana Acquires Additional Property at the Jackfish Project
Sanatana has signed an asset purchase agreement, which is subject to TSX Venture Exchange approval, with Brian Fowler and Christian Carl ("Fowler and Carl") to acquire the Santoy Mountain property adjacent to the Company's Jackfish Property.
Peter Miles, President and CEO, states "The work we have conducted to date on the Jackfish property has encouraged us to acquire additional prospective ground in the area. In late December 2017, the lines for the previously announced HLEM survey were cut and a crew from Abitibi Geophysics are mobilizing and will conduct the survey over the next several days. Sanatana is looking forward to an exciting year of exploration at the Jackfish property and we continue to evaluate other projects."
The three newly acquired claims comprise 31 units bringing the land position of the Jackfish Property to a new total of 269 units covering an area of 4121 hectares (see map below).
The three mining claims tie onto the Jackfish Property covering the southeast extension of the North-Hematite-Cliff gold mineralized trend, including part of the Terrace Bay Batholith granodirorite as well as the contact zone and part of the southern arm of the Schreiber-Hemlo greenstone belt from where the main fault that defines the trend originates. There is also a strongly conductive unit in the greenstone belt sequence delineated in the publicly available Ontario Geological Survey airborne geophysical survey data and relates directly to a historic nickel-copper showing. Elevated cobalt, copper, lead and silver values in soil sample data reviewed from previous assessment reports may also be related to this conductive unit. There is no recorded drilling within the claims.
To acquire a 100% interest in the Property, Sanatana must, in aggregate:
- Pay Fowler and Carl $12,500 cash;
- issue 250,000 of the Company's common shares to Fowler and Carl (shares subject to a hold period of four months and a day from the date of issuance); and
- pay a net smelter return ("NSR") royalty on metals of 2% upon the commencement of commercial production to Fowler and Carl, with an option to reduce the royalty to 1% for cash payments of $1,000,000.
- About the Company
- Sanatana Resources Inc. is a mineral exploration and development company that has optioned the Jackfish gold property in northwestern Ontario. With an experienced management team and board of directors, the Company has the ability required to identify, develop and fund economic mineral properties. Sanatana is based in Vancouver and is listed on the TSX Venture Exchange (TSX-V: STA).
SANATANA RESOURCES INC.
(signed) "Peter Miles"______________
President and Chief Executive Officer
For additional information on the Company, please contact:
Mr. Peter Miles, President and Chief Executive Officer at (604) 408-6680 or email .
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.
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