VANCOUVER, British Columbia, April 19, 2021,
Sanatana Resources. (TSX-V: STA) (“Sanatana”
or the “Company”) has entered into a non-binding
letter of intent with ArcWest Exploration Inc. (TSX
-V: AWX) (“ArcWest”) to negotiate an earn-in and
joint venture agreement on ArcWest’s Oweegee
Dome porphyry copper-gold (Cu-Au) project,
located in BC’s Golden Triangle. ArcWest’s 100%
owned Oweegee Dome project is located 45 km
east of Seabridge Gold’s KSM-Iron Cap porphyry
Cu-Au deposits.
Mr. Peter Miles, CEO of Sanatana commented,
“We are delighted to enter into this letter of intent
with ArcWest. We look forward to working with
Tyler Ruks and his team at ArcWest to explore the
Oweegee Dome project, which is host to one of the
largest underexplored porphyry Cu-Au systems in
BC’s Golden Triangle. This proposed transaction
will leverage our experience in BC.’s Golden
Triangle particularly because our Chairman, Ian
Smith, led the team at bcMetals Corp. that
engineered the Red Chris porphyry Cu-Au deposit
for development, prior to being acquired by
Imperial Metals Corp. Seventy percent of Red
Chris was later purchased from Imperial by
Newcrest Mining for US$804 million.”
It is contemplated that the Company will be able to
earn an initial 60% interest in the Oweegee Dome
project by incurring assessment and exploration
expenditures of $6,600,000 in stages over the
period ending December 31, 2024 and making stage
d cash and share payments totalling $500,000 and
2,000,000 shares, respectively over the same
period. Payments to ArcWest can be made in
cash; Sanatana’s common shares or a combination
of 50% cash and 50% shares at ArcWest’s election. It is contemplated that Sanatana will have the ability to earn an additional 20% interest, for an aggregate 80% interest, or form a joint
venture.
https://www.sanatanaresources.com/news/sanatana-signs-letter-of-intent-with-arcwest-exploration-inc-to-negotiate-an-earn-in-and-joint-venture-agreement-on-the-oweegee-dome-porphyry-cu-au-project-in-bcs-golden-triangle