VANCOUVER, BC, March 22, 2021 /CNW/ - Sable Resources Ltd.
("Sable" or the "Company") (TSXV: SAE) (OTCQB: SBLRF) is pleased to
announce that further to a Letter of Intent signed in the third
quarter of 2020, the Company has completed its evaluation and has
entered into an option agreement with a private arm's length party
in Argentina for properties
related to the La Poncha Project (the "Agreement"). La Poncha is
located 210 km northwest of San Juan city and strategically
situated 50 km south of Sable's El Fierro Project and 69 km north
of Don Julio Project (Figure 1).
Highlights:
- Option to acquire 100% interest in the La Poncha 18,114 hectare
land package.
- Located within a well-endowed Miocene mineral belt and
pro-mining region of the Andes.
- Operational and logistical synergies with Sable's El Fierro and
Don Julio projects.
- Au-Cu porphyry style mineralization, extensive gold bearing
advance argillic alteration, and mineralized Au-Ag (Zn-Pb-Cu) veins
and breccias.
- Historical drill holes reported significant mineralized
intercepts including 1.21 g/t Au over 266m, and
4.87 g/t Au over 12.15m.
"The addition of the La Poncha project strengths Sable's
portfolio of projects in the well-endowed and pro-mining Province
of San Juan," stated Ruben Padilla,
Sable's President and CEO who added, "La Poncha has an extensive
unexplored lithocap zone with outcropping porphyry mineralization,
and high-grade historical intercepts that increase our chances of a
discovery. The Company is currently advancing geological
mapping, rock sampling and will start the permitting process with
the goal of drilling the project early in 2022. Sable also
plans to re-log available drill core and re-process historical
geophysical data from previous operators."
The Agreement comprises 14 properties totaling 18,114 hectares
located within a highly prospective belt of Permian and Miocene
known mineralization (Figures 1 and 2). The project consists
of two main zones - Poncha North, where outcropping of Au-Cu
porphyry style and high-sulfidation mineralization were only
partially tested by previous owners (Golden Arrow Resources Corp.,
Teck Resources Limited, Genesis Minerals Limited) and Poncha South
where most of the historical exploration work was conducted on
apparent intermediate sulfidation structures and breccias. In
addition to the two main mineralized zones, La Poncha contains
multiple additional targets of intermediate sulfidation, and
intrusion related affinity, as well as a large extension of totally
unexplored ground.
Under the terms of the Agreement to acquire 100% of the
properties, Sable has agreed to pay an aggregate cash consideration
of US$1,500,000 over four years
($20,000 on signing the Agreement,
$40,000, $80,000, $150,000,
and $1,210,000 on the first, second,
third and fourth anniversaries) and to grant a 1% NSR that can be
acquired by Sable for a single payment of US$1,000,000. Additionally, Sable has
agreed to invest US$1,600,000 in
exploration over the four year term ($100,000 in the first year period, $200,000, $500,000
and $800,000, in each of the second,
third and fourth year periods).
Limited drilling on the property has been undertaken with
several encouraging intercepts publicly released at the time.
Historical best intercepts at Poncha South announced by prior
owner, Golden Arrow, included:
- 1.21 g/t Au and 3.30 g/t Ag over 266m
(129m to 395m) from hole RC-PC-13, including,
- 2.19 g/t Au and 4.31 g/t Ag over 34m
(129m to 163m) including:
- 4.88 g/t Au and 8.43 g/t Ag over 9 m
(142m to 151m)
- 3.04 g/t Au and 7.16 g/t Ag over 61m
(270m to 331m) including:
- 10.84 g/t Au and 7.93 g/t Ag over 4 m
(281m to 285m); and
- 10.91 g/t gold and 24.00 g/t Ag over 8 m
(305m to 313m)
Golden Arrow released several
other anomalous intervals (Golden
Arrow press release dated March 27,
2008) and Genesis Minerals also released several anomalous
results from Poncha South (Genesis Minerals press releases dated
July 30, 2012 and March 25, 2013) including:
- 4.87 g/t Au, 15.9 g/t Ag and 0.49% Zn over 12.15m
and 0.62 g/t Au, 12 g/t Ag, 0.46% Pb and 0.77% Zn over
5.25m from hole 12-PODH-03
- 0.58 g/t Au, 102.2 g/t Ag, +1% Cu and 0.55% Zn over
1.95m from hole 12-PODH-02
- 0.58 g/t Au over 10.6m from 12-PODH-05
- 0.32 g/t Au over 31.6m from 12-PODH-06
Golden Arrow press release link -
https://www.irw-press.com/en/news/golden-arrow-intersects-61m-at-304-gt-gold-and-716-gt-silver-on-poncha-project-argentina.html?isin=CA3808001026
Genesis Minerals report link –
https://genesisminerals.com.au/downloads/announcements/gmd20130325.pdf
Sable notes that the mentioned intercepts correspond to
information publicly released by prior owners. Sable's
Qualified Person (QP) has not done enough work to verify these
historical assay results. Only limited historical drill core is
available and no RC chips were preserved by previous operators or
owners.
Sable is providing an opportunity for shareholders and other
interested parties to participate in a Webinar to be held at
4 pm ET on Thursday, March 25,
2021. To register, please click on the following link -
https://zoom.us/webinar/register/WN_31OBO4EvTX6-JEMkWdU4CQ.
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 level. Sable is
actively exploring the San Juan Regional Program (128,992 ha)
incorporating the Don Julio, El Fierro, Los Pumas, and La Poncha
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.
Related link: sableresources.com
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.
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.
