Santana Minerals non-executive chairman Peter Cook. PHOTO: SUPPLIED Santana Minerals’ board chairman has bought more than $800,000 worth of shares within a day of the company announcing high-grade gold drill results. Peter Cook’s acquisition of 1,600,000 ordinary shares, valued at $A709,264 ($NZ842,957), were made on Tuesday and Wednesday. Announcements to the Australian Securities Exchange (ASX) also showed Santana executive directors Damian Spring and Sam Smith acquired 18,000 and 22,173 ordinary shares respectively on Tuesday. Mr Spring told the Otago Daily Times the share purchases demonstrated the trio’s belief in the company’s Bendigo-Ophir gold project, in Central Otago. ‘‘Directors bought after the results were public, disclosed every trade and paid with their own money,’’ he said. ‘‘They’re backing this project with their own cash. ‘‘That’s conviction.’’ Santana announced to the ASX on Tuesday the results from the first four of a 12-hole drilling programme which had returned ‘‘high-grade gold intercepts’’ in the southern area of its Rise and Shine (RAS) deposit. ‘‘With permitting and financing progressing, we’re now focused on refining the mine plan ahead of development,’’ Mr Spring said in the announcement. ‘‘These infill results provide increased confidence in the high-grade ore that will underpin the early years of production.’’ The results confirmed a high-grade domain at the southern margin of the deposit. One of the intercepts had a similar thickness than adjacent drill holes ‘‘but at a significantly higher grade than modelled’’, the company said. The infill drill programme would continue with eight additional drill holes to be completed, aimed at closing hole spacing in areas targeted for early ore production. ‘‘Mine plans are currently being refined ahead of advanced financing activities scheduled to be completed within three months of fast-track approval consents,’’ the company said. Santana’s share price on the NZX was 55c at close on Thursday the lowest since April last year. Mr Spring said the company was pleased with the recent drill results which firmed up the mine plan in the early ‘‘payback years’’. ‘‘These results don’t move the needle on feasibility. ‘‘They sharpen it, more confidence in the tonnes, the grade and the ounces.’’ Santana Minerals earlier this month announced it had filed a memorandum with the Environmental Protection Authority requesting that processing of its Fast-track Approvals Act application be resumed on August 17. The company had volunteered a ‘‘pause period’’ while it replied to a request for further information issued last month by the expert panel considering the application. A minute released by the panel on Wednesday included an annex of questions about the application posed by commissioner Douglas Johnson, who had not been able to participate at the time of a hearing. His questions were around the safe closure of engineered slopes post-mine, their design criteria and if the draft proposed geotechnical conditions reflected the iterative nature of the project. Mr Spring said the company would answer the commissioner’s questions fully through the proper channel. tim.scott@odt.co.nz
