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Sanatana Resources Acquires Letter of Intent over 188 Km Sq Sutakiki Copper and Gold Project, Solomon Islands
Highlights: Solomon Islands Ministry of Mining grant a letter of intent over the 188 km sq Sutakiki mineral tenure, situated on the Island of Guadalcanal, Solom
About this update from Gold Strike Resources Corp.
[{"type":"text","content":" Highlights: Solomon Islands Ministry of Mining grant a letter of intent over the 188 km sq Sutakiki mineral tenure, situated on the Island of Guadalcanal, Solomon Islands, 40km from the capital of Honiara and 7km from the >4m oz Au Gold Ridge mine. The property is considered prospective for copper gold porphyry-style mineralization. Previous work included results of up to 51m at 6.52 g/t gold in a skarn, and 354m of 0.13% Cu and 0.5 g/t Au in porphyry-style mineralization. The Sutakiki project is subject to a letter agreement with Cobre Nuevo Exploration, an Australian private company that can provide up to A$14,500,000 million of funding. Vancouver, British Columbia--(Newsfile Corp. - December 1, 2020) - Sanatana Resources Inc. (TSXV: STA) (\"Sanatana\" or the \"Company\") has, further to its June 17, 2020 news release announcing a letter agreement with Cobre Nuevo Exploration (\"CNE\"), received a letter of intent (the \"LOI\") over the Sutakiki mineral tenure (the \"Project\") from the Solomon Islands Ministry of Mining, Energy and Rural Electrification. The LOI allows Sanatana exclusive access to negotiate with local landholders both an initial due diligence (\"DD\") visit and should the property pass DD, a surface access agreement (\"SAA\"). Once an SAA has been negotiated a prospecting license (\"PL\") is issued which gives the PL holder an exclusive three-year term to prospect and explore the Project. Buddy Doyle, President, commented: \"Sanatana is successfully increasing its profile in the Solomon Islands and is further expanding its portfolio of potentially high-value properties. We would like to thank the Ministry for granting the LOI and our Solomon based team will shortly be in Honiara to conduct initial access negotiations.\" The Project is the subject of an agreement between Sanatana and CNE, a private Australian company, that outlines the terms for Sanatana to acquire the Project in the Solomon Islands and to enter into a joint venture (\"JV\") with CNE, with CNE potentially providing up to A$14,500,000 of funding to Sanatana in order to earn a 92.5% interest in the property. The 188 km sq Sutakiki property is located directly south of and borders the over 4 million ounce Au Gold Ridge property, which is planned to open for gold production by Chinese-based interests in mid-2021. The Project lies within the Pa...