Sanatana Resources to acquire Solomon Islands gold project
Mining News Pro - The Solomon Islands Ministry of Mining granted Canada’s Sanatana Resources a letter of intent over the 188-square-kilometre Sutakiki mineral tenure, located on the Island of Guadalcanal in the southwestern Pacific.
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The LOI allows Sanatana exclusive access to negotiate with local landholders both an initial due diligence visit and, should the property pass it, a surface access agreement. Once this surface access agreement has been negotiated, a prospecting license is issued, which gives the prospecting license holder an exclusive three-year term to prospect and explore the project.

In a press release, Sanatana said that Sutakiki is the subject of an agreement between the company and CNE, a private Australian firm, that outlines the terms for Sanatana to acquire the project and to enter into a joint venture with CNE, with CNE potentially providing up to A$14.5 million in funding to Sanatana in order to earn a 92.5% interest in the property.

Hosted on the Pacific Ring of Fire, Sutakiki is located directly south of the over four million-ounce Gold Ridge property, which is planned to open for gold production by Chinese-based interests in mid-2021.


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