Sanatana Resources Inc announced that it has completed the majority of the preparations required to carry out the 2022 exploration program on its Oweegee Dome copper-gold project in British Columbia’s Golden Triangle region, which includes an initial 5,000 metre (m) drill program.
The mineral exploration company said the drilling, which is expected to begin in late June 2022, will initially target the Molloy Zone, a monzonite intrusion with porphyry-style quartz-chalcopyrite stockwork veins that averaged 0.4% copper, 0.8 grams per tonne (g/t) gold, and 4.2 g/t silver from 15 samples collected in 2021.
“We have assembled an outstanding team for the 2022 exploration program and, with the funds we have on hand and with the strong endorsement from Teuton Resources' recent investment in the company, we are well positioned for an exciting initial drill program at Oweegee,” Sanatana Resources CEO Peter Miles said in a statement.
READ: Sanatana Resources says Teuton Resources Corp has agreed to purchase 4,000,000 units of the company for $600,000
“Porphyry copper gold deposits are company makers and our drilling and exploration at Oweegee will be closely watched by both investors and mining industry veterans alike,” Miles added.
Sanatana noted that field crews are scheduled to start on June 1, 2022, and will be tasked with mapping and prospecting lower elevation areas of interest as well as preparing drill and helipad locations.
It added that geophysical Induced Polarization (IP) surveying is scheduled to start in early July 2022, as the 2022 lines will expand on the previous year's 3 kilometre (km) by 1.6 km survey area around the Molloy zone as well as multi-kilometre reconnaissance IP lines at the Glacier and Skowill prospects.
As well, Sanatana reported that it will carry out a private placement to raise up to C$2.7 million through the issuance of up to 18 million company units at a $0.15 price of per unit.
Net proceeds from the offering will be used to fund the upcoming drilling and exploration of Oweegee and for general working capital purposes, the company said.
Each unit will consist of one share plus one-half of a share purchase warrant, with each full warrant exercisable at $0.20 over a period of two years.
Closing of the private placement is subject to TSX Venture Exchange approval and all securities issued will be subject to a four-month hold period.
The company noted that the private placement is in addition to the C$600,000 private placement announced recently with Teuton Resources Corp. (TSX-V:TUO)
Sanatana Resources is a mineral exploration and development company focused on high-impact properties in Canada. With an award-winning technical team and experienced management and board of directors, Sanatana is based in Vancouver.
Contact Sean at sean@proactiveinvestors.com