Exploration Commences at Tana' Golden Triangle King - Double T Property
Vancouver, British Columbia--(Newsfile Corp. - July 15, 2022) - Tana Resources Corp. (CSE: TANA) ("TANA" or the "Company") has mobilized a geological team to carry out the recommended Phase 1 Exploration Program at its 1,500 hectare King - Double T project (the "Property") located approximately 20 kilometers north of the former Snip Gold Mine in northwest BC's Golden Triangle. Tana is earning a 70% interest in the Double T claim block and a 50% interest in the King claim block by making a series of cash payments, share issuances and meeting a series of work commitments.
Highlights of King - Double T Property:
Historic exploration has identified a number of mineralized areas including:
- King Vein - a flat lying quartz vein yielding grab sample highlights of 1,725 g/t gold;
- 1988 drilling returned values ranging from 9.19 to 103.59 g/t gold (0.294 to 3.315 oz/t) over widths ranging from 0.43 to 0.50 metres; (true width unknown)
- North Zone - a stratiform lead-zinc-silver zone returning highlight grab samples of 6.4% lead, 31.3% zinc and 890 g/t silver;
- 1987 drilling returned values ranging from 0.01 to 7.3 g/t gold and 2.0 to 219 g/t silver all over widths of one metre; (true width unknown)
The source of the exploration information is Tana's June 21, 2021 Technical Report on the Double T Property by Derrick Strickland, found under Tana's profile on SEDAR.
"We are very pleased to announce the commencement of exploration at King - Double T," commented Tana CEO, Vic Korajian. "The historic gold and silver grades demand follow up, especially in light of the recent work by Enduro Resources Corporation within 1 kilometre of our property. We are very excited to see what the Tana technical team can uncover as they attempt to trace these zones along strike," he continued.
The King - Double T property lies in an underexplored, prospective area of the Golden Triangle north of the former Snip Mine, where recent, gold, polymetallic and porphyry copper prospects have been discovered. The receding ice has opened large sections of the King - Double T property that were inaccessible to the earlier explorers in the late 1980's, including a number of unexplained magnetic anomalies.
The King Vein and North Zone appear to spatially relate to the suspected southern projection of the regional McLymont Fault, as supported by a series of historic airborne magnetic surveys. Recent exploration by Enduro Resources Corporation (see Enduro July 11, 2022 News Release) appears to further support the extension of the Fault southwest across their property to within 1000 metres of the Tana property boundary.
Tana's Golden Triangle experienced team plans to delineate the extent of the known gold and polymetallic skarn style mineralization and its relationship to the McLymont Fault, evaluate the recently deglaciated magnetic anomalies in the northern part of the Property and assess the significance of historic polymetallic soil and rock geochemical anomalies in other areas of the Property. Results will be reported as they become available.
Tana Resources Corp. is a Canadian mining exploration company focused on the acquisition and development of high value mining projects. The Company's objective is to build shareholder value through the acquisition of projects with significant technical merit. The Company's management team has many years of experience in exploration, finance and efficient public company management.
The technical content of this news release has been reviewed and approved by R. Tim Henneberry, P.Geo. (BC), a Director of the Tana and a Qualified Person under National Instrument 43-101.
For additional information, please visit the Company's website at www.tanaresources.ca.
On Behalf of the Board of Directors
President and CEO
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Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release."
This news release contains certain statements that may be deemed "forward-looking" statements. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Although TANA believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results may differ materially from those in forward-looking statements. Forward-looking statements are based on the beliefs, estimates and opinions of TANA's management on the date the statements are made. Except as required by law, TANA undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.
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