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Sanatana Resources Announces Letter of Intent to Aquire Porphyry Copper-Gold Project in the Solomon Islands
VANCOUVER, British Columbia, Oct. 24, 2018 (GLOBE NEWSWIRE) -- Sanatana Resources Inc. (“Sanatana” or the “Company”: TSX-V: STA) is pleased to provide the detai
About this update from Gold Strike Resources Corp.
[{"type":"text","content":" VANCOUVER, British Columbia, Oct. 24, 2018 (GLOBE NEWSWIRE) -- Sanatana Resources Inc. (“Sanatana” or the “Company”: TSX-V: STA) is pleased to provide the details of the acquisition of the Tirua project to its shareholders. The Tirua project, hosted in the 15km wide (68 square kilometres in area) Tirua volcanic caldera, is located on New Georgia Island, in the Western Province of the Solomon Islands, part of the South Pacific archipelago of volcanic islands around the Ring of Fire. This chain of islands is renowned for hosting large copper and gold deposits, extending from Papua New Guinea (\"PNG\") in the northwest to Fiji to the southeast, most notably the giant epithermal Ladolam Gold Deposit on Lihir Island and the copper-gold porphyry Panguna deposit on Bougainville, immediately west of New Georgia Island. Pursuant to a prospecting agreement, which is subject to TSX Venture Exchange approval (\"the Agreement\"), signed with Trevor Wright, Sol Mar Por Pty Ltd, Brian D Edgar and Stadnyk and Partners (collectively, \"the Vendors\"), the Company, through its Solomon Islands wholly owned subsidiary ExSol SI Ltd, has received notice of a letter of intent (the \"LOI\"), from the Ministry of Mines, Energy and Rural Electrification to issue a Prospecting License (the \"PL\") subject to the completion of surface access agreements (\"SAA\"), which will allow for exploration of the Tirua Project. A presentation outlining and detailing the Tirua project will be posted shortly on Sanatana's website, www.sanatanaresources.com. Sanatana will be working with Trevor Wright, MSc Geology, who has some 20 years experience in gold and copper projects in the Southwest Pacific. Trevor, and his team, who bring expertise in community relations, support and logistics will partner with Sanatana's Buddy Doyle, who spent 8 years in PNG and was instrumental in the discovery, definition, and decision to mine phases of the world class Lihir Gold Mine. Mr. Wright undertook surface and geophysical studies at Tirua that led to a six hole drill program being conducted. This and other limited work has demonstrated that the Tirua caldera has gold and copper mineralization, much of which, including significant targets developed by Mr. Wright, remains untested and underexplored. Highlights of Past Exploration: Drilling: The best intervals from 11 dril...