Sanatana Provides Exploration Update on the Watershed Property
15 Maio 2013 - 10:02AM
Marketwired Canada
Sanatana Resources Inc. ("Sanatana" or the "Company") (TSX VENTURE:STA) is
pleased to provide this exploration update for the Watershed Property.
The Company has completed an infill drill program around the Clam Lake prospect
on its 17.6-hectare mineral claim 3011820. The drill program was designed to
gain a better understanding of the recently discovered gold mineralization at
Clam Lake hosted by strongly silicified and brecciated intrusive rocks,
associated with an east-west trending subsurface apparent resistivity anomaly.
As described below, Sanatana has earned a 50% interest in Watershed Property, as
defined below, and has an option to earn a further 1% interest on completion of
a pre-feasibility study with its partner Trelawney Augen Acquisition Corp.
("TAAC"), a company 100% owned by IAMGOLD Corporation ("IAMGOLD").
Peter Miles, President and Chief Executive Officer stated: "With the completion
of our recent drill program, Sanatana has gained a much better understanding of
the mineralization on claim number 3011820 adjacent to the Cote Gold Deposit.
Sanatana's recent drilling has provided some of the best results to date
including intervals in drill hole SR-12-24 of 101.2 metres at 0.86 g/t Au and in
drill hole SR-13-14 of 113.6 metres at 0.83 g/t Au.
"Going forward Sanatana expects to continue to explore the Watershed Property
and collaborate with Caracle Creek International Consulting of Sudbury Ontario,
to further develop our understanding of the mineralization we have encountered."
Sixteen drill holes were completed for a total of 4,805.8m (Table 1), on a grid
layout among the previously completed nine drill holes to provide an overall
spacing of approximately 50m between drill collars along lines 100m apart. Drill
holes were oriented to the south and inclined 60 or 70 degrees to horizontal
with variable final depths dependent upon proximity to the southern claim
boundary (Table 1).
Table 1:
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Hole Line East North Projection Dip Azimuth Depth
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SR-12-23 L14 428480 5266710 UTM Zone 17 -60 170 500.8m
degrees degrees
SR-12-24 L14 428500 5266660 UTM Zone 17 -60 170 465.0m
degrees degrees
SR-13-01 L14 428545 5266560 UTM Zone 17 -60 170 273.0m
degrees degrees
SR-13-02 L14 428582 5266515 UTM Zone 17 -60 170 189.0m
degrees degrees
SR-13-03 L13 428475 5266550 UTM Zone 17 -60 170 270.0m
degrees degrees
SR-13-04 L13 428496 5266515 UTM Zone 17 -60 170 186.0m
degrees degrees
SR-13-05 L13 428480 5266465 UTM Zone 17 -60 170 93.0m
degrees degrees
SR-13-06 L15 428603 5266660 UTM Zone 17 -60 170 414.0m
degrees degrees
SR-13-07 L15 428646 5266573 UTM Zone 17 -60 170 282.0m
degrees degrees
SR-13-08 L15 428662 5266521 UTM Zone 17 -70 170 249.0m
degrees degrees
SR-13-09 L15 428681 5266474 UTM Zone 17 -80 170 222.0m
degrees degrees
SR-13-10 L16 428680 5266710 UTM Zone 17 -60 170 507.0m
degrees degrees
SR-13-11 L16 428768 5266472 UTM Zone 17 -80 170 201.0m
degrees degrees
SR-13-12 L16 428750 5266519 UTM Zone 17 -70 170 231.0m
degrees degrees
SR-13-13 L16 428735 5266567 UTM Zone 17 -60 170 261.0m
degrees degrees
SR-13-14 L16 428699 5266662 UTM Zone 17 -60 170 462.0m
degrees degrees
----------------------------------------------------------------------------
4,805.8m
New intercepts of gold mineralization were encountered in most of the drill
holes (Table 2). The Company will now commission an independent review, pursuant
to National Instrument 43-101, of the drill hole data on the Clam Lake prospect
from all 25 holes. The Company will use the data to plan further work and to
determine whether there is sufficient information to support a resource
calculation under CIM categories. Caracle Creek International Consulting Inc.
("Caracle Creek") of Sudbury Ontario has been selected to carry out this work.
Table 2:
----------------------------------------------------------------------------
From To Length Au Au Cut
Hole (m) (m) (m) (g/t) (25g/t)
----------------------------------------------------------------------------
----------------------------------------------------------------------------
SR-12-23 10.0 10.5 0.5 0.89
SR-12-23 35.3 36.4 1.1 0.32
SR-12-23 56.0 63.0 7.0 1.19
SR-12-23 56.8 57.7 0.9 5.73
SR-12-23 112.3 113.0 0.7 0.62
SR-12-23 123.0 124.0 1.0 0.65
SR-12-23 138.5 139.0 0.5 0.37
SR-12-23 245.0 245.7 0.7 0.31
SR-12-23 330.1 342.0 11.9 0.62
SR-12-23 339.0 340.0 1.0 6.23
SR-12-23 387.0 388.0 1.0 2.30
SR-12-23 399.5 400.2 0.7 1.31
SR-12-23 430.0 430.5 0.5 0.41
SR-12-23 487.0 488.0 1.0 0.35
SR-12-24 58.5 59.3 0.8 0.31
SR-12-24 78.1 79.0 0.9 0.64
SR-12-24 162.0 163.0 1.0 0.90
SR-12-24 194.1 197.0 2.9 0.62
SR-12-24 219.0 322.0 101.2 0.86
SR-12-24 283.8 284.3 0.5 11.60
SR-12-24 295.0 296.0 1.0 8.83
SR-12-24 296.0 297.0 1.0 6.21
SR-12-24 309.0 309.7 0.7 6.94
SR-12-24 309.7 310.7 1.0 16.40
SR-12-24 310.7 311.6 0.9 17.80
SR-12-24 343.0 345.0 2.0 1.06
SR-12-24 384.8 385.3 0.5 3.12
SR-12-24 446.0 447.0 1.0 0.53
SR-13-01 56.7 57.8 1.1 0.48
SR-13-01 109.8 111.0 1.2 0.67
SR-13-01 141.6 235.0 93.4 0.32
SR-13-01 226.0 226.8 0.8 15.6
SR-13-01 266.0 267.0 1.0 0.37
SR-13-02 15.0 26.9 11.9 0.40
SR-13-02 44.0 44.8 0.8 0.51
SR-13-02 115.8 178.3 62.5 0.30
SR-13-03 40.0 41.0 1.0 0.35
SR-13-03 56.0 76.0 20.0 0.46
SR-13-03 74.0 75.0 1.0 7.80
SR-13-03 134.0 135.1 1.1 2.45
SR-13-03 160.0 172.0 12.0 1.28
SR-13-03 160.0 161.1 1.1 9.63
SR-13-03 230.3 263.0 32.7 1.76 1.45
SR-13-03 257.9 259.0 1.1 8.96
SR-13-03 259.0 260.2 1.2 9.31
SR-13-03 261.9 262.4 0.5 45.10 25.00
SR-13-04 2.5 17.0 14.5 0.36
SR-13-04 29.0 30.0 1.0 0.35
SR-13-04 50.0 50.6 0.6 0.34
SR-13-04 67.0 67.6 0.6 0.57
SR-13-04 108.0 110.0 2.0 0.61
SR-13-04 129.0 174.2 45.2 0.31
SR-13-05 40.0 41.0 1.0 2.77
SR-13-06 189.2 190.5 1.3 0.36
SR-13-06 262.9 281.0 18.1 0.53
SR-13-06 274.0 275.0 1.0 4.23
SR-13-06 297.0 305.3 8.3 0.48
SR-13-06 301.1 302.0 0.9 2.46
SR-13-06 316.0 317.0 1.0 0.72
SR-13-06 324.0 386.4 62.4 0.31
SR-13-06 375.0 376.0 1.0 7.72
SR-13-07 26.9 77.0 50.1 0.40
SR-13-07 48.0 49.3 1.3 8.25
SR-13-07 154.8 155.8 1.0 0.53
SR-13-07 203.0 204.0 1.0 0.39
SR-13-08 11.0 12.0 1.0 0.83
SR-13-08 196.0 199.0 3.0 0.35
SR-13-09 151.1 172.5 21.4 1.14
SR-13-09 159.0 160.2 1.2 8.54
SR-13-09 172.0 172.5 0.5 9.17
SR-13-09 203.0 212.0 9.0 0.35
SR-13-09 203.0 203.6 0.6 3.67
SR-13-10 4.0 5.0 1.0 0.73
SR-13-10 16.0 17.3 1.3 0.33
SR-13-10 33.6 72.0 38.4 0.36
SR-13-10 59.5 60.0 0.5 5.58
SR-13-10 85.0 86.0 1.0 0.55
SR-13-10 88.0 89.0 1.0 0.31
SR-13-10 100.0 101.0 1.0 1.20
SR-13-10 125.0 126.0 1.0 0.48
SR-13-10 157.0 182.0 25.0 0.47
SR-13-10 158.0 159.0 1.0 7.06
SR-13-10 208.3 208.8 0.5 0.53
SR-13-10 233.0 240.0 7.0 0.34
SR-13-10 355.2 356.4 1.2 0.60
SR-13-10 430.0 432.0 2.0 0.73
SR-13-11 42.0 42.5 0.5 0.33
SR-13-11 69.0 70.0 1.0 0.48
SR-13-11 90.9 92.0 1.1 0.33
SR-13-11 98.0 99.0 1.0 0.97
SR-13-11 105.4 108.0 2.6 0.42
SR-13-11 144.0 145.0 1.0 0.34
SR-13-11 194.0 194.6 0.6 0.31
SR-13-12 12.0 18.0 6.0 3.87 2.28
SR-13-12 12.0 12.5 0.5 44.07 25.00
SR-13-12 40.8 42.0 1.2 0.32
SR-13-12 55.2 56.2 1.0 0.38
SR-13-12 58.0 58.9 0.9 0.39
SR-13-12 65.4 84.0 18.6 0.34
SR-13-12 108.0 109.0 1.0 0.66
SR-13-12 117.2 117.7 0.5 0.85
SR-13-12 125.0 126.0 1.0 0.78
SR-13-12 133.4 140.2 6.8 0.39
SR-13-12 181.0 182.0 1.0 0.42
SR-13-12 211.8 212.6 0.8 1.35
SR-13-13 66.0 67.0 1.0 0.82
SR-13-13 75.0 77.0 2.0 0.46
SR-13-13 81.0 82.0 1.0 0.40
SR-13-13 99.1 127.0 27.9 0.35
SR-13-13 170.0 187.2 17.2 0.36
SR-13-13 234.0 259.0 25.0 0.38
SR-13-13 255.0 256.1 1.1 5.62
SR-13-14 25.0 26.0 1.0 0.42
SR-13-14 28.0 30.0 2.0 0.37
SR-13-14 33.0 34.0 1.0 0.36
SR-13-14 36.0 37.0 1.0 0.67
SR-13-14 46.0 47.0 1.0 1.16
SR-13-14 131.0 132.0 1.0 0.31
SR-13-14 251.5 252.0 0.5 12.70
SR-13-14 280.0 281.0 1.0 0.58
SR-13-14 305.0 306.0 1.0 0.34
SR-13-14 307.0 308.0 1.0 0.41
SR-13-14 319.4 433.0 113.6 0.83 0.52
SR-13-14 415.8 416.3 0.5 17.20
SR-13-14 431.5 432.3 0.8 69.70 25.00
Notes:
1. True widths of intersections are unknown at this time.
2. Mineralized intervals are calculated using the weighted Au average based
on length of sample, a lower cut-off of 0.3 g/t Au and an upper cut-off
of 25.0 g/t Au, including low grade zones no greater than 20 metres in
length.
All but three drill holes (SR-13-01, -04 and -05), intersected barren diabase
dykes that were intruded after the gold mineralization event. Some drill holes
intersected quite long intervals of diabase (SR-13-08 = 130m and SR-13-09 = 140m
combined). These occurrences of diabase rocks detract from the potential of
intersecting gold mineralization in the prospective host country rocks or cause
gaps in otherwise gold mineralized intervals. It is probable that in most cases
the drill holes intersected many of these dykes sub-parallel to their strike.
Sanatana will work with Caracle Creek to incorporate these dykes into the
geological model. In some cases it might be necessary to complete further
drilling more perpendicular to the dykes to fully determine their width and
determine the extent of the gold mineralization around them.
Mineral claim 3011820, the Clam Lake prospect, lies adjacent and to the west of
the Cote Gold Deposit and the gold mineralization contained within shares many
similarities to the Cote gold system as has been publicly described. Like the
Cote gold system, the Clam Lake prospect has gold mineralization hosted in
intrusive breccias associated with silicification, potassium and sodic
alteration with accessory copper, molybdenum and telluride mineralization. Some
of the higher-grade intervals are associated with calcite quartz sulphide veins
within the breccias however there are also many examples of barren veins of
similar nature.
Sanatana's work on the Clam Lake prospect has shown that it is open to the west
beneath Clam Lake itself and there is potential to expand the mineralization by
winter drilling of the ice. The Company plans to obtain permits to conduct this
work. The gold mineralization also seems to extend off the property into other
parties' ground to the east, north and south.
About the Watershed Property
Sanatana entered into the option and joint venture agreement for the Watershed
Property with Augen Gold Corp. (as then was) on February 14, 2011 (the "Option
and JV Agreement"). Augen Gold Corp. was subsequently acquired by Trelawney and
renamed TAAC. The mineral claims comprising the Watershed Property are located
within the Townships of Yeo, Chester, Neville and Benneweis in Ontario and total
approximately 19,006 acres (the "Mineral Claims"). As summarized in the
Company's news release of November 28, 2012, Sanatana has earned a 50% undivided
interest in the Claims (the "50% Interest") by paying to TAAC (formerly Augen
Gold Corp.): (i) $150,000 in cash (ii) issuing 5,000,000 common shares over a
two year period and (iii) incurring $5,000,000 in exploration expenditures.
Sanatana has continued exploration of the Watershed Property and at March 31,
2013, had incurred a further $3,253,000 in exploration expenditures, including a
permitted administrative mark-up, that will be credited to the Company's
contribution to the first work program after formation of a joint venture.
Pursuant to the terms of the Option and JV Agreement, if Sanatana earns the 50%
Interest in accordance with the provisions set forth above, it will have the
right to earn a further 1% interest in the Mineral Claims for a total undivided
interest of 51% by completing and delivering to TAAC a pre-feasibility study, at
Sanatana's sole cost, on or before March 23, 2016. The parties will enter into a
joint venture agreement for the Mineral Claims in accordance with the terms of
the Option and JV Agreement upon the earlier of the date that (i) Sanatana
vested the 50% Interest but has elected by notice to TAAC not to proceed to earn
the 51% Interest and (ii) Sanatana earned the 51% Interest.
About the Sampling
Drill samples were collected from split NQ2 drill core at a nominal 1 metre
interval breaking at major geological boundaries such that no sample interval
was less than 0.5 metres or greater than 1.5 metres. The samples were submitted
to AGAT Laboratories (AGAT), Sudbury, Ontario for drying, crushing and
pulverization in preparation for analysis of gold by Fire Assay and a suite of
trace elements by ICP methods at the Mississauga, Ontario facility. Gold assay
results measuring over 10 g/t are re-analyzed by Fire Assay using a gravimetric
finish.
AGAT is accredited by the Standards Council of Canada, the Canadian Association
for Laboratory Accreditation and QMI-SAI Global and is an ISO 9001 and 17025
certified analytical laboratory.
A rigorous QA/QC program was implemented as part of the sampling procedures
throughout the drill program. Duplicate, standard and blank samples were
inserted into the sample stream prior to being sent to the laboratory and the
adherence of results to strict parameters was monitored.
About the Company
Sanatana Resources Inc. is a Canadian mineral exploration and development
company focused on its Watershed Property in Ontario. Sanatana entered into an
option and joint venture agreement with Trelawney Augen Acquisition Corp.
(formerly Augen Gold Corp.) ("TAAC") which grants Sanatana an option to acquire
up to 51% of the Watershed property. On June 21, 2012, IAMGOLD Corporation
completed its acquisition of Trelawney Mining and Exploration Inc. and became
the sole indirect shareholder of TAAC. 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 VENTURE:STA).
The technical portions of this news release were reviewed and approved by Troy
Gill BSc. MAIG, Exploration Manager for the Company, a "qualified person" as
defined by National Instrument 43-101 - Standards of Disclosure for Mineral
Projects.
SANATANA RESOURCES INC.
Peter Miles, President and Chief Executive Officer
Cautionary Statement Regarding "Forward-Looking" Information
Some of the statements contained in this press 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Sanatana Resources Inc.
Mr. Peter Miles
President and Chief Executive Officer
604-408-6680
investor@sanatanaresources.com
www.sanatanaresources.com
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