News

Sanatana buys new Mackenzie permits

16 February 2006 12:20:00

Sanatana Diamonds has entered into an agreement to acquire 10 prospecting permits located within the outer boundaries of Mackenzie Diamond Project Area.

The Canadian explorer bought the permits, covering approximately 372,208 acres, from Diamonds North Resources and Majescor Resources.

As payment for the permits, the company granted Diamonds North and Majescor a 1.5% gross overriding royalty on diamonds and a 1.5% net smelter royalty on other minerals.

It also agreed to file a report of work and, when received, refund the deposit lodged in respect of the Diamonds North permits for the 2005 exploration season, and agreed to provide information and data with respect to the permits.

Sanatana is planning an airborne geophysical program during the spring and till sampling program over the permits this summer.

Additionally, Sanatana has identified 12 separate target areas within its Mackenzie Diamond Project Area where there are coincident magnetic geophysical anomalies and kimberlite indicator mineral concentrations.

The spring 2006 program has been estimated by Sanatana to cost approximately $3.5m.

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