Sanatana Resources Inc.(CVE:STA) announced that G4 Drilling has completed four holes for 561 metres (m) on its 2,353 hectare Gold Rush project, located 25 kilometres west of the Timmins, with all the holes intersecting quartz veins, alteration and sulphides.
In a statement, Peter Miles, Sanatana's CEO commented: "Sanatana remains well-financed with approximately $3.8 million in cash. We are pleased that despite COVID restrictions, drilling is proceeding quickly and we look forward to reporting results as we receive them."
READ: Sanatana Resources announces high-grade gold assays from its Gold Rush project in Ontario
Sanatana said initial drilling tested the North Vein prospect, one of eight confirmed gold showings on the Gold Rush project. The North Vein prospect is a 40m long E-W trending shear zone/quartz vein complex, 2m to 4m wide on surface with grab samples ranging from trace to 11 grammes per tonne (g/t) of gold (Au).
A shallow shaft is present on the prospect and the drill is being used to look for extensions of the North Vein at depth and along strike, the company added.
The first two holes aimed below the North Vein showing intersected mineralized quartz veins and shearing early in the holes then cut diabase beneath the North Vein occurrence. Post-processing of magnetic data using an "Edge Filter" highlight the potential contacts of the magnetic intrusive, and suggest the diabase intrusive is complex and possibly faulted near the North Vein.
Geologists positioned step-out drill holes west and east of the North Vein to avoid diabase intrusive, targeting veins in adjacent gabbro.
The western drill hole NV21-03 intersected sulphide-bearing quartz veins early in the hole hosted by felsic to intermediate intrusive rocks. Veins in this hole may correspond to similar sulphide-bearing veins cut by NV21-01 and NV21-02, the company said.
The eastern drill hole NV21-04 intersected several faults in gabbro and ended in altered granophyric rocks with quartz veins and sulphide mineralization near the transition from mafic to more felsic intrusive rocks near the end of the hole, it added.
North Shaft Prospect
The company noted that the drill rig has now commenced drilling at the North Shaft, where it will conduct a similar program. The first hole is targeted 50m below a 5m wide zone of more than 1 g/t Au from channel samples at surface.
Sanatana said it is also field testing a very lightweight small diameter portable drill rig, a "scout drill", as a prospecting tool to augment the larger diameter program. The scout drill recently completed a 105m hole on the North Shaft prospect. Hole GR21-01 was drilled across the North Shaft shear at an oblique angle (30 degrees off perpendicular) and encountered the shear from 4m to 93m depth.
The scout drill is now testing the eastern limit of the 200m long extend of the North Shaft prospect exposed by last year's stripping and channel sampling program, it added.
Shares for debt settlement
Sanatana also announced that, further to its news release of March 15, 2021, it has now issued 350,000 common shares in the capital of the company at a deemed price of $0.20 per share to a creditor for settlement of a debt in the amount of $70,000.
It said all the shares issued in connection with the debt settlement are subject to a statutory hold period of four months plus a day ending on August 13, 202, in accordance with applicable securities legislation.
Sanatana Resources is a mineral exploration and development company focused on high-impact properties in Canada and the Western Pacific. With an award-winning technical team and experienced management and board of directors, Sanatana is based in Vancouver and is listed on the TSX Venture Exchange.
Contact the author at jon.hopkins@proactiveinvestors.com