Sanatana poised to drill Gold Rush Project, Ontario
Sanatana Resources Inc. [STA-TSXV; SADMF-OTC] said Thursday March 25 that it has received the final permits and is set to commence a 3,000-metre drill program at its 100%-owned Gold Rush Project 25 km west of Timmins, Ontario.
The company said the drill program will target eight different areas of the property identified in previous work as prospective for gold mineralization.
Well-funded with approximately $5 million in cash and securities on hand, Sanatana has built a project portfolio that also includes the Sutakiki and Tirua copper-gold projects located in the Solomon Islands (aka Pacific Ring of Fire).
Sanatana was unchanged at 16 cents and trades in a 52-week range of 40 cents and $0.08.
Sanatana’s executive team includes President Buddy Doyle, a Australian geologist who was involved in the discovery of the Lihir Gold Mine in Papua New Guinea and the Diavik Diamond mine in Canada, both while working for Rio Tinto Plc [RIO-NYSE].
Gold Rush consists of two optioned blocks, including a north block of 875 hectares, and a south block covering1,525 hectares in west-central Turnbull and Carscallen Twps.
In a press release on March 15, 2021, Santana said it had received the final assays from 213 chip samples collected at the North Shaft prospect at Gold Rush. That work returned a headline assay of 4.6 g/t gold over 1.7 metres, consisting of two adjacent and continuous channel samples of 6.35 g/t gold over 0.75 metres and 3.27 g/t gold over 0.93 metres.
The North Shaft prospect is just one of at least eight mineralized prospect zones on the Gold Rush Project. It is the first of the known gold prospects on the property to be explored in any detail. “With less than 7% of the Gold Rush properties exposed in outcrop, we are pleased to see broad zones of mineralization in these channel samples,” Doyle said.
The company said stripping uncovered two gold-bearing zones at the North Shaft prospect. The Eastern zone is a new discovery that trends east southeast for over 100 metres with assays from trace to 6.35 g/t gold over 0.75 metres.
The Western Zone trends west for 70 metres and includes a 27.3 g/t grab sample and a channel sample of 1.94 g/t gold over 1.0 metre. Both zones are open along strike and may be more extensive, the company said, adding that follow-up exploration is warranted.