VANCOUVER, BC, Nov. 17, 2020 /CNW/ - Sable Resources Ltd.
("Sable" or the "Company") (TSXV: SAE) (OTCQB: SBLRF) is
pleased to announce that it has expanded its land position at El
Fierro Project from initial 6,054 hectares to 46,391 hectares.
Through the signing of two option agreements ("Agreement A" and
"Agreement B", collectively the "Agreements) with arm's length
parties in Argentina, Sable has
added a group of ten claims comprising 36,131 hectares of strategic
ground surrounding El Fierro project; additionally the company has
staked 4,206 hectares of open ground west of the Fierro Alto zone.
Location of the new claims is shown in Figure 1.
Ruben Padilla, President and CEO
of Sable stated, "With the acquisition of this highly prospective
ground, we have expanded and consolidated our position at the El
Fierro Project to advance Sable's systematic exploration approach
and increase chances to discover a district scale mineral
system."
The new properties host several alteration zones and multiple
showings that will see exploration activity in the upcoming months.
With the acquired claims Sable also controls the majority of
a large regional magnetic anomaly that could be indicative of a
porphyry system in depth (Figure 2). Some grab samples collected
during preliminary recognition in two of the new areas have
returned encouraging values of up to 3.67 g/t Au, and
150 g/t Ag in different localities shown in Figure 3.
Under the terms of Agreement A, Sable can acquire 100% of two
claims for a total cost of U$81,000 in annual payments as shown in
Table 1. Under the terms of Agreement B, Sable can acquire
51% of eight claims completing payments for a total of U$640,000 in
four years as presented in Table 2. Subsequent to these
payments, and during the following two year period, Sable can
acquire the remainder 49% of the properties by making a single
payment of U$900,000. Additionally, the optionor will be granted a
royalty of 1.5% of the Net Smelter Returns (NSR) from which Sable
will be entitled to purchase 0.5% for a purchase price of
U$1,500,000 at any moment after reaching 100% interest in the
properties.
Due
Date
|
Amount
(U$)
|
On signing
|
8,000
|
Year 1
|
13,000
|
Year 2
|
25,000
|
Year 3
|
35,000
|
Total
|
81,000
|
Table 1. Distribution of payments for option agreement A.
Due
Date
|
Amount
(U$)
|
Observations
|
On signing
|
20,000
|
|
Year 1
|
40,000
|
|
Year 2
|
80,000
|
|
Year 3
|
100,000
|
|
Year 4
|
400,000
|
|
Total
1
|
640,000
|
Sable acquires
51%
|
Before Year
6
|
900,000
|
Sable acquires
additional 49%
|
Total
2
|
1,540,000
|
Total for
100%
|
Table 2. Distribution of payments for option agreement B.
The Company notes that selected grab samples are not necessarily
representative of the mineralization hosted at El Fierro. Maps
associated with this press release are available on Sable's website
(www.sableresources.com).
Sable is providing an opportunity for shareholders and other
interested parties to participate in a Webinar to be held at 4 pm
ET on Wednesday, November
18th. To register, please click on the
following link -
https://zoom.us/webinar/register/WN_NqXKYbYMSxe4fK1aB1yCcg
ABOUT EL FIERRO PROJECT
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 three main known mineralized areas, Fierro
Alto, Fierro Bajo, and La Verde over
an area of 8km by 4km. The three areas host a number of old
artisanal mining workings where silver, lead and zinc were
intermittently mined since the late 1800's until the 1960s decade;
the property has never been drilled. Sable currently controls
46,391 hectares covering all the historically mineralized areas and
additional highly prospective ground over a large magnetic
anomaly.
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 (109,055 ha) incorporating the Don
Julio and El Fierro Projects in San Juan Province, Argentina and the Mexico Regional Program
(1.16Mha in application, 39,000ha titled) incorporating the Vinata
and El Escarpe projects.
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.
SAMPLE PREPARATION AND QA/QC
Sample preparation for projects in Argentina is carried out by ALS Chemex
Argentina, a subsidiary of ALS Minerals, at its facility located in
Mendoza, Argentina. Analyses are
carried out at their laboratory in Lima,
Peru. Sample preparation includes drying in an oven at a
maximum temperature of 60°C, fine crushing of the sample to at
least 70% passing less than 2 mm, sample splitting using a riffle
splitter, and pulverizing a 250 g split to at least 85% passing 75
microns (code PREP-31).
Gold was analyzed by fire assay of a 30 g sample split with
detection by inductively coupled plasma atomic emission
spectrometer (ICP-AES); multi-elements were analyzed by an aqua
regia digestion of a 1 gram sub-sample with detection by
inductively coupled plasma atomic emission spectrometer (ICP-AES)
for 35 elements (Ag, Al, As, B, Ba, Be, Bi, Ca, Cd, Co, Cr, Cu, Fe,
Ga, Hg, K, La, Mg, Mn, Mo, Na, Ni, P, Pb, S, Sb, Sc, Sr, Th, Ti,
Tl, U, V, W, Zn) (codes Au-ICP21 and ME-ICP41). This digestion
method dissolves most minerals but not all elements are
quantitatively extracted in some sample matrices. Over limit Ag,
Cu, Pb, Zn OG46 analyses are conducted when samples exceed the
upper detection limits; this method includes Aqua Regia digestion
and ICP-AES finish. Method Ag-GRA21 which includes Fire Assay with
gravimetric finish is applied when Ag exceeds 1500 g/t. Control
samples (standards, blanks, and duplicates) are inserted
systematically and their results evaluated according to the Company
protocols.
QUALIFIED PERSON
Luis Arteaga M.Sc. P.Geo., Vice
President Exploration is the Company's Qualified Person as defined
by NI 43-101. He 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.
SOURCE Sable Resources Ltd.