Satori Resources Inc.
TSX VENTURE : BUD

Satori Resources Inc.

October 24, 2016 12:00 ET

Satori Announces Tartan Lake Mine Update

TORONTO, ONTARIO--(Marketwired - Oct. 24, 2016) - THIS PRESS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.

Satori Resources Inc. (TSX VENTURE:BUD) ("Satori" or the "Company") provides an update on the Tartan Lake Gold Mine Project. The Company is currently undertaking a number of initiatives to further enhance the potential of the Tartan Lake Gold Mine Project near Flin Flon, Manitoba, which are to:

  1. Complete a new resource on the Tartan Lake Gold Mine Project with a focus on improving the average grade.
  2. Complete a Preliminary Economic Assessment ("PEA") in order to understand the future potential of this project.
  3. Undertake a new drill program commencing this week with a view to expanding the resource by drilling along strike to the known deposit.

The first initiative is to re-examine the 43-101 compliant resource estimate (the "Estimate") which was originally completed by a predecessor company approximately six years ago. The Estimate will be recalculated with the primary focus of improving the average grade by considering mostly the higher grade material with a higher grade cutoff. Work on the new resource estimate has been started and a new block model is currently being developed. Peter Karlese, P.Geo., has been retained to complete the new resource according to 43-101 standards.

Secondly, the Company has hired Mining Plus to complete a PEA on the Tartan Lake Mine Gold Mine Project assets and deposit. This is the first independent formal examination (by a third party group) to be completed on this asset. The Company's expectation is to provide both management and shareholders with a realistic basis from which to plan a restart of the mine.

Finally, Satori recently raised $300,000 of flow through financing in order to complete a drill program during this year. This drill program is being done in conjunction with a review of the historic exploration and mine data and to subsequently evaluate certain other undertakings in furtherance of re-activating operations at the Tartan Lake Gold Mine Project near Flin Flon, Manitoba.

Qualified Person

Satori's exploration programs are carried out under the supervision of Peter Karelse P.Geo., who is qualified person as defined by NI 43‐101 with more than 30 years of experience in gold exploration and development. All technical information in this press release has been reviewed and approved by Mr. Karelse.

ABOUT SATORI RESOURCES INC.

Satori is a Toronto-based mineral exploration and development company whose primary property is the Tartan Lake Gold Mine Project (100% interest), located in the prolific Flin Flon Greenstone Belt, Manitoba.

The TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

CAUTION REGARDING FORWARD-LOOKING INFORMATION

This news release of Satori contains statements that constitute "forward-looking statements." Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause Satori's actual results, performance or achievements, or developments in the industry to differ materially from the anticipated results, performance or achievements expressed or implied by such forward-looking statements.

Contact Information

  • Bruce Reid
    Chief Executive Officer
    Satori Resources Inc.
    C: (647) 500-4495