Sanatana Announces Exploration Drilling Results on the Clam Lake
Property, Including 5.0 Metres @ 63.2 g/t Au From 143.0 Metres
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Jun 2, 2014) -
Sanatana Resources Inc. ("Sanatana" or the "Company")
(TSX-VENTURE:STA) has received a report from Trelawney Mining and
Exploration Inc. ("Trelawney"), a wholly owned subsidiary of
IAMGOLD Corporation, entitled "Report on Exploration Activities on
Clam Lake Property - 1st Quarter 2014". The report summarizes the
results from exploration activities conducted on the Clam Lake
Property by Trelawney received during the period from January 1 to
March 31, 2014, including a mineralized interval from one drill
hole grading 63.2 g/t Au over 5.0 metres from a down hole depth of
143.0 metres. A description of the Clam Lake Property along with a
summary of the exploration results are summarized below.
Description of the Clam
Lake Property
The Clam Lake Property consists of unpatented mining claims
4240522, 4241016 and 4220425 situated in Yeo and Chester townships,
Ontario. The Clam Lake Property is held under the terms of a Mining
Claim Acquisition Agreement (the "Acquisition Agreement") pursuant
to which Trelawney holds a direct 80% interest. The remaining 20%
undivided legal and beneficial interest in the Clam Lake Property
(the "20% Interest") forms part of the Watershed Property and is
held for the benefit of Sanatana and Trelawney Augen Acquisition
Corp. ("TAAC'") pursuant to the option and joint venture agreement
between Sanatana and TAAC dated February 14, 2011.
The 20% Interest is identified as a "carried interest" under the
Acquisition Agreement and is defined to mean that until completion
of a positive prefeasibility study, all costs and expenses of the
exploration programs, preparation and filing of assessment reports
and other obligations relating to the Clam Lake Property are the
sole and exclusive obligation and liability of Trelawney and
Sanatana will not have any obligation or liability in respect
thereof.
Summary of the
Exploration Results
Prospect scale mapping, rock sampling and drilling work
completed in late 2013 focused on three priority target areas: the
Baxter trend, the South IP Anomaly and the Hopkins Trend. Three
drill holes (total of 892.5m) were completed to test the targets at
depth and assay results from sampling of the drill core were
recently received (see below tables and map).
Table I: Clam Lake Diamond Drilling Program
|
UTM Zone 17 Location* |
|
|
|
Hole |
Easting (m) |
Northing (m) |
Azimuth |
Dip |
Length |
CLM13-01 |
427,629 |
5,267,594 |
200° |
-50° |
352.5m |
CLM13-02 |
427,505 |
5,266,878 |
178° |
-45.7° |
270m |
CLM13-03 |
427,860 |
5,266,190 |
325° |
-50.2° |
270m |
*Note - Drill hole collar locations are derived from maps
Trelawney provided to the Company and are approximate
only.
The highlight of the program was hole CLM13-02 which intersected
a shear zone carrying disseminated to stringer sulphide
mineralization from 139.5 to 148m (8.5m core interval), including a
3.0m interval of quartz veining and silicification containing some
visible gold. This zone returned an intersection of 63.2 g/t Au /
5.0m (uncut), or 16.6 g/t Au over 5.0m (capped at 25g/t Au). The
intersection occurs at a vertical depth of approximately 100m and
the true width is estimated at 2.5 metres.
Table II: Summary of Significant Drill Results
Hole |
|
Target |
From (m) |
To (m) |
Interval (m) |
True width (m) |
Au g/t |
Au g/t (cut @ 25 g/t) |
|
Comments |
CLM13-01 |
|
Baxter trend below Pit A |
|
|
|
|
NSR |
|
|
Predominantly altered tonalite. |
CLM13-02 |
|
E-F Zone, east edge of IP anomaly |
143.0 |
148.0 |
5.0 |
2.5 |
63.2 |
16.6 |
|
Sulphide / deformation zone with po, py, cpy and visible gold. on
3m. |
CLM13-03 |
|
Hopkins Zone |
|
|
|
|
NSR |
|
|
Sheared altered tonalite 201.5-209.25m. |
NSR = No Significant Results.
Peter Miles, Chief Executive Officer of Sanatana stated: "We
congratulate Trelawney for completing an encouraging drill program
on the Clam Lake Property. The gold tenor and shallow depth of the
mineralized intersection speaks to the substantial upside potential
for new discoveries within the relatively under-explored Côté Gold
District."
Sanatana previously drilled similar intersections of sheared and
silicified sulphide mineralized zones with varying gold grades and
visible gold within 500 m east and west of hole CLM13-02 on mining
claims 3011820, 3017672 and 3018412 of the Watershed Property (see
Sanatana's news releases dated June 19, 2012; June 20, 2012 and
January 10, 2013).
Trelawney further reported that it is conducting a study of the
geological structure and alteration as well as the geophysical
signature of the mineralized intersection to help design a follow
up drill program. A work permit covering the entire Clam Lake
Property is already in place to allow Trelawney to conduct further
exploration drilling, especially covering an IP Chargeability
anomaly located immediately west of the drill intersection in hole
CLM12-02.
To view the map associated with this press release, please visit
the following link:
http://media3.marketwire.com/docs/sta0602map.pdf.
Sampling and
Qualified Person
Trelawney reported that assay results from the drilling program
were received and validated during the period between January 1,
2014 and March 31, 2014.
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.
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 consisting of 46 mining claims totalling
approximately 19,006 acres and located within the townships of Yeo,
Chester, Neveille and Benneweis. As at November 28, 2012, Sanatana
exercised its first option and is the legal and beneficial owner of
50% of the Watershed Property. Sanatana has until March 23, 2016,
to decide whether to exercise its right to acquire a further 1% in
the Watershed Property.
In June 2012, IAMGOLD Corporation completed its acquisition of
Trelawney Mining and Exploration Inc. and became the sole indirect
shareholders of TAAC. In 2013, Sanatana expanded the Watershed
Property by acquiring, for the sole benefit of Sanatana and TAAC, a
20% interest in three additional mining claims located in Yeo and
Chester Townships, Ontario. In addition to the Watershed Property,
Sanatana also has mineral exploration property in Saskatchewan.
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).
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.
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.
Sanatana Resources Inc.Mr. Peter MilesPresident and Chief
Executive Officer604-408-6680 or Toll Free:
1.877.881.6680604.608.9500investor@sanatanaresources.comwww.sanatanaresources.com
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