VANCOUVER, May 14, 2020 /CNW/ - Sable Resources Ltd.
("Sable" or the "Company") (TSXV: SAE) is pleased to announce that
it has entered into two option agreements ("Agreement A" and
"Agreement B" and collectively the "Agreements") with arm's length
parties in Argentina for
properties comprising the El Fierro Project. The
Agreements each comprise 12 claims aggregating a total of 6,054
hectares.
The El Fierro Project is located 250 km northwest of San Juan,
Argentina and 120 km north of
Sable's Don Julio Project in one of the best-known historical
mining districts in the San Juan province. The El Fierro
Project consists of two main mineralized areas, Fierro Alto and
Fierro Bajo, both of which host a significant number of old mining
workings where silver, lead, and zinc were intermittently mined
since the late 1800's until the 1960s decade.
Under the terms of Agreements, Sable can acquire 100% of the El
Fierro Project for payments totaling U$1,085,000 and U$1,025,000
respectively, payable as set out below:
Date
|
Agreement A
(USD)
|
Agreement B
(USD)
|
On Signing
|
15,000
|
15,000
|
March 2021
|
35,000
|
35,000
|
March 2022
|
75,000
|
75,000
|
March 2023
|
100,000
|
100,000
|
March 2024
|
860,000
|
800,000
|
Mineralization at the El Fierro Project consists of an
undetermined number of structures with high grades of Pb, Zn, Ag.
The area has not seen any modern exploration and has never
been drilled. The only technical reports from the area date back to
1957 and 1960 and present historical assays as high as 20% Pb, and
1600 g/t Ag at Fierro Bajo; 4.7% Pb, 11.4% Zn, and 2185 g/t Ag over
1.5 width from Lagunitas mine at the Fierro Alto area; and 39.5%
Pb; 17.2% Zn; 500 g/t Ag over 0.8m
from La Verde mine also at the Fierro Alto zone. Sable notes
that these values correspond to historical information and the
Company does not know details about sampling or analytical
methods. The Company further notes that the samples included
herein are not necessarily representative of the mineralization at
the El Fierro Project, however, they represent good indications of
the style of mineralization and possible grades. Historical reports
on the El Fierro Project will be available on Sable's
website. The transaction is subject to the approval of the
TSX Venture Exchange.
Ruben Padilla, President and CEO
of Sable stated, "Given the historically known high-grade Ag-Pb-Zn
mineralization, the acquisition of the El Fierro Project reinforces
our confidence on the geological potential of the San Juan Province
and strengthens our presence as an important player in this
region," who added, "Sable has already started its exploration
program at El Fierro which will include underground mapping and
sampling, surface mapping and stream sediments covering the entire
property."
In other news, the Company announces that it has granted, in
accordance with the Company's stock option plan, an aggregate of
1,350,000 options to purchase common shares of the Company to
recent director and officer appointments and new consultants to the
Company. Each option is exercisable at a price of
$0.10 per share for a period of five
years, expiring May 13, 2025.
ABOUT SABLE RESOURCES LTD.
Sable is a well-funded junior grassroots explorer focused on the
discovery of new precious metal projects through systematic
exploration in endowed terranes located in favorable, established
mining jurisdictions. Sable's main focus is developing its large
portfolio of new greenfields projects to resource stage utilizing
their Upper Level Epithermal Strategy. Sable is actively exploring
the San Juan Regional Program (58,000ha) incorporating the Don
Julio Project and the El Fierro Project in San Juan Province,
Argentina; the Mexico Regional
Program (1.16Mha in application, 39,000ha titled) incorporating the
Margarita, Vinata and El Escarpe projects; and the Scorpius Project
in Ayacucho, Peru.
Related link: sableresources.com
QUALIFIED PERSON
Luis Arteaga M.Sc. P.Geo., Vice
President, Exploration is the Company's Qualified Person as defined
by NI 43-101 has reviewed and approved the technical information in
this news release.
CAUTION REGARDING FORWARD LOOKING STATEMENTS
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or future performance. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on Sable's current belief or assumptions
as to the outcome and timing of such future events. Actual future
results may differ materially. Although such statements are based
on reasonable assumptions of Sable's management, there can be no
assurance that any conclusions or forecasts will prove to be
accurate.
While Sable considers these assumptions to be reasonable based
on information currently available, they may prove to be incorrect.
Forward looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking information. Such factors include risks
inherent in the exploration and development of mineral deposits,
including risks relating to changes in project parameters as plans
continue to be redefined, risks relating to variations in grade or
recovery rates, risks relating to changes in mineral prices and the
worldwide demand for and supply of minerals, risks related to
increased competition and current global financial conditions and
the COVID-19 pandemic, access and supply risks, reliance on key
personnel, operational risks, and regulatory risks, including risks
relating to the acquisition of the necessary licenses and permits,
financing, capitalization and liquidity risks.
The forward-looking information contained in this release is
made as of the date hereof, and Sable is not obligated to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained
herein.
Neither 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.
SOURCE Sable Resources Ltd.