- Sanatana has signed an settlement to possibility as much as 80% of ArcWest’s Oweegee Dome porphyry copper-gold undertaking.
- 2021 exploration anticipated to begin shortly.
- Exploration program to incorporate geological mapping, geochemical sampling, geophysics and a primary section diamond drilling program.
Sanatana Resources Inc. (TSXV: STA) (“Sanatana” or the “Firm”) has entered into an settlement with ArcWest Exploration Ltd. (“ArcWest”) (TSXV: AWX) to possibility as much as 80% of ArcWest’s Oweegee Dome porphyry copper-gold undertaking (the “Property” or “Oweegee Dome”) in British Columbia’s Golden Triangle.
ArcWest’s 100%-owned Oweegee Dome property is situated 45 km east of Seabridge Gold’s supergiant KSM-Iron Cap porphyry Cu-Au undertaking, one of many world’s largest undeveloped gold initiatives. Oweegee Dome can also be located 45 km east of Tudor Gold’s Treaty Creek gold-silver-copper undertaking the place Tudor just lately reported a measured and indicated useful resource estimate of 17 million oz Au and 93 million oz Ag.
Peter Miles, CEO of Sanatana commented, “Sanatana welcomes the chance to accomplice with ArcWest to discover the Oweegee Dome undertaking, which is host to one of many largest underexplored porphyry Cu-Au techniques in BC’s Golden Triangle. Sanatana’s chairman, Ian Smith and his workforce at bcMetals Corp. engineered the Crimson Chris porphyry Cu-Au deposit for improvement, previous to it being acquired by Imperial Metals Corp. Seventy % of Crimson Chris was later bought from Imperial by Newcrest Mining for US $804 million.”
He continued “Sanatana is effectively funded and we stay up for working with the ArcWest workforce and anticipate to start exploration shortly.”
Sanatana can earn an preliminary 60% curiosity (“First Possibility”) within the Oweegee Dome undertaking by funding, over a four-year interval, cumulative exploration expenditures of $6,600,000 and by making staged money and share funds totaling $500,000 and a couple of,000,000 shares, respectively.
The 2021 exploration program at Oweegee Dome is anticipated to incorporate geological mapping, geochemical sampling, geophysics and a primary section diamond drilling program. Sanatana can have a company presenation obtainable shortly.
The Oweegee Property
The Oweegee Dome undertaking is located 45 km east of Seabridge Gold Corp’s supergiant KSM-Iron Cap porphyry Cu-Au undertaking. The 31,077 hectare Oweegee Dome undertaking comprises two giant underexplored porphyry Cu-Au techniques named the Delta and Skowill East Zones. Much like Crimson Chris (Newcrest Mining-Imperial Metals), Saddle North (Newmont) and Galore Creek (Newmont-Teck Assets), just lately accomplished geochronology means that porphyry Cu-Au techniques at Oweegee Dome could also be of Late Triassic age (George et al., 2021).
The Delta goal is located on the southern finish of the property and contains a extremely gossanous zone of variably altered and Cu-Au mineralized porphyritic intrusions and related breccias that outcrop over a 20 sq. kilometre space. Much like the Crimson Chris and Saddle North porphyry Cu-Au deposits, the Delta porphyry Cu-Au system is hosted in turbiditic marine sedimentary rocks of interpreted Stuhini Group. Historic shallow inclined diamond drilling on the Delta Zone intercepted variably Cu-Au mineralized intensely QSP/clay-pyrite altered porphyritic intrusions and breccia over a widespread space together with drill gap 07-03 which returned 86.3 m of 0.10% Cu and 0.228 g/t Au. The predominant QSP/clay-pyrite alteration suggests a excessive stage surroundings, with the potential to vector into larger grade Cu-Au mineralization with depth or laterally, because the system transitions to larger temperature alteration assemblages.
The northwest nook of Delta Zone hosts the very best composite/panel samples collected on the property so far the place eleven samples collected in 1997 averaged 0.53% Cu, 1.09 g/t Au and 4.8 g/t Ag. This zone is flanked by a robust Cu-Au soil anomaly the place assays returned as much as 0.1% Cu and 0.9 g/t Au in soil. This potential space stays untested by drilling. Much like Seabridge’s close by Iron Cap porphyry Cu-Au deposit, the Northwest zone is perhaps overlain by publish mineral volcanic rocks (i.e., the potential Triassic-Jurassic unconformity or “Crimson Line”; Nelson and Kyba, 2014). This implies that the Delta porphyry Cu-Au system could also be open to the north, and far better in dimension than beforehand thought.
The Skowill East zone is situated 10 km north of Delta zone and is a further, just about unexplored porphyry Cu-Au system on the property. Historic studies describe the zone as a 2 km lengthy gossan comprising intensely QSP/clay-pyrite altered porphyritic intrusions, huge unfold breccia and related copper occurrences. Skowill East is spatially related to the contact between Stuhini Group sedimentary rocks and a succession of volcanic rocks which have just lately been dated at 206 Ma (George et al, 2021). The zone is underlain by a outstanding geophysical anomaly (magnetic excessive) and stays fully unexplored other than primary prospecting and seize sampling.
Nelson, J., and Kyba, J., 2014, Structural and stratigraphic management of porphyry and associated mineralization within the Treaty Glacier – KSM – Brucejack – Stewart pattern of western Stikinia. In: Geological Fieldwork 2013, British Columbia Ministry of Vitality and Mines, British Columbia Geological Survey Paper 2014-1, pp. 111-140.
George, S. W. M., Nelson, J. L., Alberts, D., Greig, C. J., & Gehrels, G. E. (2021). Triassic-Jurassic accretionary historical past and tectonic origin of Stikinia from U-Pb geochronology and Lu-Hf isotope evaluation, British Columbia. Tectonics, 40, e2020TC006505. https://doi.
The technical data on this information launch was ready below the supervision of Buddy Doyle. Mr. Doyle is a Certified Particular person for the needs of Nationwide Instrument 43-101 – Requirements of Disclosure for Mineral Initiatives and has reviewed and accepted the technical data disclosed on this information launch.
Sanatana might earn a 60% curiosity within the Property below the First Possibility by:
Paying to ArcWest $500,000 and a couple of,000,000 widespread shares as follows:
- $12,500 on signing of the letter settlement and a further $12,500 on signing of the definitive settlement;
- $25,000 and 300,000 widespread shares on or earlier than December 31, 2021;
- $50,000 and 400,000 widespread shares on or earlier than December 31, 2022;
- $100,000 and 600,000 widespread shares on or earlier than December 31, 2023; and
- $300,000 and 700,000 widespread shares on or earlier than December 31, 2024;
Incurring $6,600,000 in exploration expenditures on the property as follows:
- not lower than $600,000 on or earlier than November 31, 2021;
- cumulative exploration expenditures of not lower than $1,600,000 on or earlier than December 31, 2022, together with a minimal of 1,000 metres of drilling;
- cumulative exploration expenditures of not lower than $3,600,000 on or earlier than December 31, 2023, together with a minimal of two,000 metres of extra drilling;
- cumulative exploration expenditures of not lower than $6,600,000 on or earlier than December 31, 2024, together with a minimal of three,000 metres of extra drilling.
Upon completion of the First Possibility and receipt of the preliminary curiosity discover from Sanatana, Sanatana can have a 60-day interval to elect to earn a further 20% curiosity, for an mixture 80% curiosity (“Second Possibility”), or type a Joint Enterprise (“JV”).
The Second Possibility might be attained by finishing and delivering to ArcWest a feasibility research on or earlier than December 31, 2027. As a way to hold the Second Possibility in good standing, Sanatana must pay to ArcWest $150,000 on every anniversary of the supply of the preliminary curiosity discover till such time that the feasibility research has been accomplished and delivered to ArcWest.
Following the train or lapse of the Second Possibility, the events will type a JV to carry and function the properties, and every celebration will proportionately fund or dilute. Within the occasion a manufacturing determination is made by the Joint Enterprise to put the property into manufacturing, Sanatana shall organize undertaking financing for the JV, the reimbursement of which shall be made out of money flows from the property. Ought to Sanatana or ArcWest’s curiosity be diluted to lower than 10%, then that curiosity will convert to a 2% web smelter return royalty, 1% of which can be bought by the opposite celebration for $5,000,000 at any time.
Concerning the Firm
Sanatana Resources Inc. is a mineral exploration and improvement firm targeted on high-impact properties in Canada and the Western Pacific. With an award-winning technical workforce and skilled administration and board of administrators, Sanatana is predicated in Vancouver and is listed on the TSX Enterprise Alternate (TSXV: STA).
Sanatana Resources INC.
(signed) “Peter Miles“
Chief Govt Officer
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