VANCOUVER, BRITISH COLUMBIA–(Marketwired – Jul 25, 2013) – Samaranta Mining Corporation (TSX VENTURE:SAX) (“Samaranta” or the “Company”) is admiring to advertise that it has active a charter acceding for the Spanish Canyon Project, north-central Nevada. Based on all-encompassing analysis assignment already completed, Spanish Canyon has the abeyant to host sediment-hosted gold, agnate to that activate on the Carlin and Cortez Trends in arctic Nevada. The Aggregation would additionally like to advertise its new website address: www.samarantamining.com for investors to visit.
“We are aflame about abacus assortment to Samaranta’s portfolio of projects. Our chase for new projects continues as we accept looked at assorted new targets in Colombia, Peru and Nevada,” commented acting CEO Dan Fish. “While we will abide to analyze the gold abeyant of the Guadalupe Activity in Colombia, we apperceive that assortment will accumulate Samaranta advantageous and applicable in this actual difficult inferior market. Due to the accompaniment of the inferior analysis market, the Board of Samaranta sees this as a abounding time to attending for accretion opportunities.”
Spanish Canyon is amid in north-central Nevada and has had all-encompassing analysis work, including geologic mapping, accepted and ionic bleed clay sampling, basement dent sampling and geophysical surveys. Basement dent sampling has alternate ethics from below apprehension up to 5.6 grams per tonne gold (“g/t Au”) from mineralized, jasperoids hosted in the Triassic Luning Accumulation limestones. Clay sampling has articular abounding mineralized trends that beforehand to jasperoids in outcrop, and estimation of geophysical abstracts has articular these aforementioned trends. Based on abstruse analysis of all these data, the Aggregation believes there are several drill-ready targets.
“Spanish Canyon is a ample affirmation block, able-bodied amid in north-central Nevada that has abeyant to host sediment-hosted gold over a ample area,” commented Hans Rasmussen, Abstruse Director of Samaranta. “Sampling has already approved acceptable gold ethics in apparent exposures of mineralization, with associated aberrant metals and about-face frequently empiric in the sediment-hosted gold deposits, based on my acquaintance alive on the Carlin and Cortez Trends. Additionally, Spanish Canyon is drill-ready so that already allotment is accessible we can activate allowing and breeding actual results.”
Spanish Canyon Project, Nevada
The Spanish Canyon gold anticipation is amid in the Shoshone Range, Nye County, about 60 straight-line afar northwest of Tonopah and about 20 afar east of Gabbs. The Spanish Canyon anticipation consists of 94 lode claims and covers an breadth of about 1,900 acres.
At the accepted akin of exposure, best gold mineralization and about-face is hosted aural Triassic sedimentary rocks aural the albino and locally absorptive Luning Carbonate Member of the Luning Formation. Outcrops in the anticipation are locally hydrothermally altered, abnormally forth abounding faults, fractures, bedding planes, and silty horizons. About-face includes silicification and accumulation of jasperoids, propyllitic and argillic alteration, and decalcification of the carbonate rocks. Basement dent sampling shows that these mineralized, jasperoidal outcrops are awful aberrant in gold (up to 5.6 ppm) as able-bodied as silver, arsenic, antimony, mercury, lead, and barium.
The western allocation of the affirmation block is buried by post-mineralization unconsolidated alluvium and the ionic-leach analysis was accomplished to ascertain anomalies below this alluvium. The ionic-leach clay analysis articular assorted anomalies in the alluvial base in the western affirmation area. A absolute of 1,108 samples were calm to ascertain buried mineralization below alluvial base in -to-be areas. Studies accept apparent that gold and added elements can be concentrated in an alkaline-rich arid clay contour aloft acerbic sulfide-rich mineralization such as that of the Spanish Canyon area. The trends and zonation of anomalies at Spanish Canyon beforehand basal structural ascendancy and that the anomalies are at a almost bank abyss below the base surface.
A geophysical analysis completed in 2012 generated after-effects that were auspicious and that articular several anomalies agnate to anomalies articular by the ionic-leach clay surveys as able-bodied as some ahead anonymous anomalies, abnormally in the eastern basement areas. Four curve of IP/R (Induced Polarization/Resistivity) and ten curve of VLF (Very-Low Frequency – electromagnetics) were surveyed. The IP analysis was advised to anon ascertain sulfide mineralization associated with gold. The resistivity analysis was advised to map added arresting zones possibly associated with silicification and to map bonds faults. Structures interpreted from IP and VLF-resistivity anomalies associate able-bodied with geochemical anomalies apart apparent by the beforehand alluvial clay and rock-chips sampling surveys and basement surveys. These surveys beforehand that the anomalies are below than 80 meters below the alluvial apparent in the western allocation of the affirmation area.
Based on after-effects from the geophysics, the all-encompassing clay analysis and beforehand geologic mapping and sampling programs, a aboriginal appearance reverse-circulation assignment affairs is accessible for permitting.
Spanish Canyon Agreement
Under the agreement of an Analysis and Mining Charter with Options to Acquirement Agreement, able July 24, 2013 (the “Agreement”), the Aggregation acquired from Mountain Gold Claims, LLC, the rights to 94 unpatented lode mining claims on BLM acreage amid abreast Gabbs, Nevada. The Acceding requires the Aggregation to accomplish beforehand ability payments of $5,000 banknote and 200,000 shares of its accepted banal aloft signing, with the afterward banknote and accepted allotment payments on ceremony ceremony date of the Agreement.
In application of the acceding of this Acceding to the Lessee on the Able Date, Lessee shall pay to Owner the afterward Banknote Payments and Banal Issuances as follows:
The Advanced Ability Payments and Banal Issuances are nonrefundable. The Advanced Ability Payments shall be accustomed adjoin the Royalty, but not Mineral Rights or the Acquirement Price. The Advanced Ability Payment and banal certificates which is due aural 30 canicule of the Able Date shall be delivered and accustomed by Owner or this Acceding shall be absent and abandoned and Lessee shall accept no rights, appellation or absorption to this Agreement, unless adapted and agreed aloft in autograph by both parties.
Subject to above-mentioned termination, the appellation of the Acceding shall be for a aeon of twenty years basic on the able date. The Aggregation is answerable to pay a assembly ability according to three percent of the Net Smelter Returns (“NSR”) from the assembly or auction of minerals from the North Springs Properties and accommodated authentic minimum anniversary assignment commitments alignment from $10,000 in the aboriginal year to $100,000 alpha in the fifth year and thereafter.
Samaranta shall accept the advantage to acquirement a allocation of the 3% NSR Ability from the Property apery one percent (1%) of the NSR for One Actor Dollars ($1,000,000 million), in accordance with the Acceding and agreement of the Acquirement of Assembly Ability Quitclaim Deed (the “Royalty Deed”). Lessee shall accept the advantage to acquirement an added one percent (1%) of the NSR for three actor dollars ($3,000,000 million), in accordance with the Acceding and agreement of the Ability Deed. Lessee may exercise the advantage to acquirement the Ability at any time aural six (6) months afterwards Lessee completes a positive, bankable, achievability abstraction and commits the development of the Property as a mine. The actual one percent (1%) Ability from the Owner shall not be accessible for acquirement unless the Owner and Lessee accede in autograph on terms.
About Samaranta Mining Corporation
Samaranta is a mineral analysis and development aggregation actively exploring for gold and adored metals in the Americas, with projects in both Nevada and Colombia. The Guadalupe gold activity in Colombia is abutting with the Frontino Gold Abundance (“Frontino”) the better gold abundance in Colombia with celebrated assembly of seven actor ounces. The anew aquired Spanish Canyon gold activity in Nevada demonstrates the abeyant for sediment-hosted gold agnate to that activate in the Carlin and Cortez trends. As the Aggregation moves forward, administration will advantage its acquaintance in North and South America and add amount by aquiring projects that accompany near-term amount to its shareholders.
SAMARANTA MINING CORPORATION
Dan Fish, Acting CEO
For added information, amuse contact:
New email and website address: firstname.lastname@example.org, www.samarantamining.com
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that appellation is authentic in behavior of the TSX Venture Exchange) accepts albatross for the capability or accurateness of this release.
All statements included in this columnist absolution that abode activities, contest or developments that the Aggregation expects, believes or anticipates will or may action in the approaching are advanced statements. These advanced statements absorb abounding assumptions fabricated by the Aggregation based on its experience, acumen of actual trends, accepted conditions, accepted approaching developments and added factors it believes are adapted in the circumstances. In addition, these statements absorb abundant accepted and alien risks and uncertainties that accord to the achievability that the predictions, forecasts, projections and added advanced statements will prove inaccurate, assertive of which are above the Company’s control. Readers should not abode disproportionate assurance on advanced statements.
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