Business
Sanatana Reports Exploration Results on Clam Lake Property and Announces Private Placement
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 10, 2015) - THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED
About this update from Gold Strike Resources Corp.
[{"type":"text","content":" VANCOUVER, BRITISH COLUMBIA--(Marketwired - Nov. 10, 2015) - THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES FOR DISSEMINATION IN THE UNITED STATES Sanatana Resources Inc. (\"Sanatana\" or the \"Company\") (TSX VENTURE:STA) announces that Trelawney Mining and Exploration Inc. (\"Trelawney\"), a wholly-owned subsidiary of IAMGOLD Corporation, completed further exploration and trenching on the Clam Lake Property in the summer of 2015. The preliminary results of the exploration program were recently received by Sanatana and are summarized below. Sanatana also announces a non-brokered private placement to raise up to $600,000, all on the terms set forth below. With respect to the exploration results Peter Miles President and CEO of Sanatana stated: \"The results highlight both the prospectivity potential of the area around the Côté Gold Project and alternative geologic opportunities to the low to mid-grade Côté Deposit type. In addition, it is encouraging to see Trelawney react to the positive results and immediately initiate drilling of the target to test for strike potential of the Pyrite-Sphalerite Zone along with further drilling of the Hava Deformation Zone.\" Summary of Clam Lake Property Exploration Results The exploration program conducted by Trelawney focused on two areas of the Clam Lake Property. Specifically, the previously discovered high grade gold Hava Deformation Zone (\"HDZ\") and the Pyrite-Sphalerite Zone (\"PSZ\"). The HDZ was discovered during the 2013 drilling campaign (CLM13-02, 5 metres (2.5m true width) @ 63.2 g/t Au from 143 metres), was drilled again in 2014 and has been freshly exposed in 2015 through additional mechanical stripping and washing on surface. The HDZ is a ductile shear zone hosting sheeted sub-parallel to parallel lenses and pods of boudinaged quartz veins with semi massive fracture filling chalcopyrite-pyrite-pyrrhotite-bornite (on fracture faces) and also accessory telluride minerals, electrum and visible gold trending east-west along the contact between quartz diorite and tonalite country rocks (Map 1 below). The HDZ displays strong to intense pervasive sericite-biotite-chlorite and patchy carbonate alteration envelope in the host lithologies. To date the zone has been identified along 300 metres of strike length and to a vertical depth of 185 metres by drilling and e...