Sanatana Provides Corporate Update
During the summer months Sanatana conducted an initial six-hole, 930-metre drill program and additional exploration at its Jackfish property in Northern Ontario. Elevated levels of copper (up to 3,140 ppm) were intercepted that appear to explain the copper soil anomaly that was being tested and these assay results, along with the nature of the mineralization observed in the core, are thought to be indicative of Volcanogenic Massive Sulphide (VMS) mineralization potential within the broader geological sequence in the area.
Peter Miles, President and CEO, states "Having just completed the Company's first drill program at one target area of the copper soil anomaly, there are many more high priority targets to follow up on the Rudolph Wahl ("Wahl") and Alto Ventures Ltd. ("Alto") option properties and the Company's 100% owned Santoy property. The geology of the region presents opportunities for a variety of styles of mineralization, each requiring further investigation and drill testing if warranted, as part of the Company's ongoing exploration program. Sanatana continues to be active in the identification and acquisition of prospective mineral exploration properties in Canada and other geologic terranes of known high prospectivity."
Future work plans may include continued drilling of priority geochemical and geophysical targets identified on other parts of the Jackfish property, in particular; the Section 6E gold showing along the Empress Mine shear zone on the Company's Empress property (held under option from Alto), the gold bearing quartz vein uncovered by stripping at the Rudy #7 shear zone (held under option from Wahl), and additional exploration of the strong bedrock electromagnetic conductor identified from regional airborne geophysics on the Company's recently acquired Santoy property. For further details on the Jackfish property and the Santoy property, see the Company's news releases dated February 7, 2017 (the "February News Release") and January 11, 2018, respectively (copies of which are filed on the Company's SEDAR profile at www.sedar.com).
The option agreement between Sanatana, as optionee, and Wayne Richards, Francine Richards and James Hamel (referred to for convenience as the "Richards Group") as optionor, has been terminated. The option agreement with the Richards Group is further described in the February News Release and was part of the three option agreements comprising the Jackfish property. The other two option agreements comprising the Jackfish property are being amended. Specifically, the option agreements with Wahl and Alto have been amended as summarized below.
Option Agreement Amendments
As announced in the Company's news release dated August 9, 2018 and further to the Company's February News Release, the Company has entered into mineral option amending agreements (the "Amending Agreements") with each of Alto and Wahl amending two option agreements related to the Wahl and Alto option properties (the "Original Agreements").
The Amending Agreements, which are subject to the approval of TSX Venture Exchange ("TSX-V"), allow Sanatana to postpone certain cash payment, the issuance of certain shares in the capital of the Company (the "Shares") and certain exploration expenditure to be incurred as part of the consideration for the acquisition of 100% interest in the mineral claims contemplated in the Original Agreements. Pursuant to the Amending Agreements, the Company: (i) will defer the payment of cash consideration in the aggregate amount of $100,000 and the exploration expenditure to be incurred in the amount of $50,000 for six months to December 21, 2018; (ii) has deferred the issuance of 1,500,000 Shares for approximately one and a half months (such Shares have now been issued); and (iii) will, subject to the approval of TSX-V, issue 150,000 additional Shares to Wahl and 200,000 additional Shares to Alto.
The technical information in this news release was prepared under the supervisions of Troy Gill, BSc. MAIG, Exploration Manager for Sanatana. Mr. Gill is a Qualified Person for the purposes of National Instrument 43-101 -- Standards of Disclosure for Technical Projects and has reviewed and approved the technical information disclosed in this news release.
About the CompanySanatana 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.
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.