06-05-2025
- Business
- The Market Online
Sanatana adds Yukon gold project, stock jumps 150 per cent
Sanatana Resources (TSXV:STA) will acquire the Gold Strike Two project in the Yukon from LIRECA, a company affiliated with Yukon mineral developer Florin Group
The property is located 15 km from Snowline Gold's over 7-million-ounce Rogue project
Sanatana is a Canadian mineral exploration and development company active in British Columbia and the Yukon
Sanatana Resources stock is up by 168.18 per cent on the news but remains down by 39.80 per cent year-over-year
Sanatana Resources (TSXV:STA) will acquire the Gold Strike Two project in the Yukon from LIRECA, a company affiliated with Yukon mineral developer Florin Group.
As per the definitive agreement, consideration includes C$500,000 in cash and 6 million Sanatana shares, with Gold Strike Two remaining subject to a 3 per cent net smelter returns royalty.
The 5,866-hectare project covers the majority of the Rogue Pluton, a formation known to be prospective for reduced intrusion-related gold mineralization. The most significant property analogous to Gold Strike Two is Snowline Gold's Rogue project 15 km to the west-northwest, which houses an estimated 4.05 million ounces of gold indicated and 3.26 million ounces inferred.
Gold Strike Two's 2024 exploration program consisted of WorldView-3 and ASTER satellite imagery, alteration mineral mapping, rock sampling, soil sampling and silt sampling, identifying anomalous gold, arsenic, bismuth and tungsten.
Sanatana is planning an early summer exploration program focused on prospecting, mapping, as well as rock and soil sampling, which it intends to fund with concurrent financings totalling C$1.2 million.
LIRECA has the right to nominate one director to Sanatana's board and will become a company insider once the acquisition closes.
Find full details about the transaction and Sanatana's upcoming name change in Tuesday's news release. Leadership insights
'The Florin Group is a mining project generator that has acquired an impressive portfolio of mineral properties in British Columbia, Quebec, Newfoundland and Labrador, with a focus on the Yukon. The definitive agreement for Gold Strike Two establishes an important relationship with the Florin Group for Sanatana to negotiate further possible acquisitions from the Florin Group,' Peter Miles, Sanatana Resources' chief executive officer, said in a statement. 'Gold Strike Two is a key acquisition for Sanatana and, subject to closing, is expected to establish Sanatana as one of the few publicly traded companies with a prospective land position in the Rogue Plutonic Complex region, which has received significant industry recognition from Snowline Gold's recent Valley discovery.'
'The Florin Group looks forward to engaging in further discussions with Sanatana's management to explore possible additional mineral property transactions,' added John Fiorino, principal of the Florin Group, 'identifying opportunities where our complementary strengths can drive mutually beneficial transactions.' About Sanatana Resources
Sanatana is a Canadian mineral exploration and development company. Its flagship 60-per-cent owned Oweegee Dome project in British Columbia's Golden Triangle contains a large copper, gold, silver and molybdenum porphyry system backed by value-accretive exploration dating back to 2021.
Sanatana Resources stock (TSXV:STA) is up by 168.18 per cent on the news trading at C$0.30 as of 11:48 am ET. The stock has given back 39.80 per cent year-over-year.
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