VANCOUVER, BC, Aug. 11, 2021 /CNW/ - Sable Resources Ltd.
("Sable" or the "Company") (TSXV: SAE) (OTCQB: SBLRF) is pleased to
provide a summary of exploration results from the La Poncha Project
("La Poncha"). La Poncha is located 210km northwest of San
Juan city and strategically situated 50 km south of Sable's El
Fierro Project (Figure 1). Sable controls 18,114 hectares covering
the two main historical zones of mineralization: Poncha North and
Poncha South.
Highlights:
- Geological mapping, relogging of historical drilling holes and
preliminary reinterpretation of available geophysical data was
completed this season along with the collection of 198 rock
samples.
- The new geological interpretation resulted in a significantly
improved understanding of the geometry and distribution of
porphyry-related intrusive phases and the Au (Cu) porphyry
potential.
- New geochronological data indicates that the porphyry style
mineralization at La Poncha is similar in age to the Filo del Sol
project, located North of La Poncha, that recently reported an
intercept of 858m at 1.8 % CuEq (see
Filo Mining Press Release dated May 13,
2021).
- The porphyry – epithermal footprint of Poncha Norte is
represented by a gold - copper anomaly extending for over 2 x 1.2
km, associated with well-defined alteration, magnetic and
chargeability anomalies.
- At Poncha South, Sable has identified a porphyry-style
mineralization and extensions of the mineralization that were not
previously recognized. Historical drill holes reported significant
mineralized intercepts including 1.21 g/t Au over
266m, and 4.87 g/t Au over
12.15m associated with silica –
sericite alteration.
- Sable is already planning its first drilling campaign at La
Poncha for Q4 2021 which will include approximately 5,000m testing all the main targets.
- The main focus at La Poncha is the discovery of bulk-tonnage,
large size gold porphyry deposits with copper credits.
Dr. Ruben Padilla, Sable's
President and CEO stated:
"La Poncha represents a cluster of porphyry – epithermal centres
along the Miocene mineral belt that hosts the Filo del Sol deposit,
that recently reported an intersect of 858m with 1.8% CuEq. The two main targets
at La Poncha present significant potential for the discovery of
gold-(±copper) bulk-tonnage mineralization.
Permitting is advancing well and we are looking forward to
starting the next field season and drilling the first holes at La
Poncha."
The geology of Poncha North consists of an outcropping 18Ma
Miocene dioritic porphyry centre surrounded by coeval volcanic and
volcaniclastic rocks intensely altered to intermediate argillic and
advanced argillic assemblages. The outcropping diorite porphyry is
affected by quartz-magnetite veins and potassic alteration and is
strongly anomalous in Au and Cu. The surrounding sericitic
and advanced argillic alteration in volcanic rocks is cut by the
dioritic porphyry, indicating that this is a late intermineral
intrusion. Sable's exploration program will target higher
grade zones associated to concealed early intrusive mineral phases.
The outcropping late porphyry intrusion phase is associated with a
strong magnetic high anomaly; early – higher grade intrusive phases
with overprinting of advanced argillic and sericitic alteration are
expected to have lower magnetic signatures. Only four holes were
drilled at Poncha North by previous operators and they were
designed to target the outcropping late porphyry mineral phase.
The Poncha South area displays Miocene lavas and volcaniclastics
of mostly dacitic composition crosscut by sericite bearing
structures with Au-Ag-Zn-Pb anomalies. These structures were
targeted in multiple holes drilled by previous operators and
several anomalous intercepts were obtained although the geometry of
the mineralization has not been understood (Figure 4).
Re-logging of the available historical core has also revealed
the presence of porphyry style mineralization at least in three
drill holes of Poncha South. Early quartz, quartz-magnetite, and
quartz chalcopyrite veinlets were observed with associated
anomalous Au and Cu. Veining style is shown in Figure 3.
In other news, the Company wishes to advise that all matters
presented at the Company's annual and special meeting of
shareholders held July 15, 2021 (the
"Meeting") were approved by shareholders. At the Meeting,
96,588,302 shares (41.3% of the shares outstanding) were
represented and approval was received for: (a) election of all
seven management nominees to the board of directors; (b)
appointment of BDO Canada LLP as auditor for the ensuing year and
authorization of the directors to fix their remuneration; (c)
re-approval of the 10% rolling stock option plan; and (d) approval
of a restricted share unit ("RSU") plan that provides for the
issuance of up to 5,000,000 RSUs, which combined with the stock
option plan shall not exceed 10% of the issued and outstanding
shares of the Company.
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.
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 is 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. Methods Au-GRA21, and Ag-GRA22 which include
Fire Assay with gravimetric finish are applied when Au>10 g/t
and Ag>1500 g/t, respectively. 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.
