VANCOUVER, British Columbia, May 14, 2024 (GLOBE NEWSWIRE) -- Sable Resources Ltd. ("Sable" or the "Company") (TSXV: SAE | OTCQB: SBLRF) is pleased to announce that it has entered into an option agreement to acquire a 100% interest in the Perk-Rocky Project located 225km west of Williams Lake, British Columbia, Canada (“Perk-Rocky” or the “Project”).
Perk-Rocky is a porphyry copper-gold exploration project comprising 10,475 Ha of mineral claims located at the suture between Stikine equivalent volcanic Terrane and younger coast range intrusives. The Project also lies within a regional structural belt that hosts the New Prosperity, IKE and Empress porphyry deposits and porphyry related projects as well as the historical high-grade Bralorne gold mine which collectively highlight the mineral endowment and prospectivity of this mineralized belt. Perk-Rocky is centered around a large porphyry style alteration zone of at least 8km by 5km that includes multiple mineral occurrences such as the Briton prospect (Fe), Rya, Perkins Peak, Chilco and neighbouring showings (Cu-Au). Despite the significant alteration and mineralization present, the Project has only seen very limited exploration including short campaigns of talus and rock sampling, an airborne VTEM and magnetic survey, and only 2,049 metres of drilling in 2021. Subsequent multi-band WorldView-3 satellite work has further enlarged the interpreted lithocap size.
Dr. Ruben Padilla, President and CEO of Sable commented, “Perk-Rocky’s metallogenic setting, large surface footprint, favourable erosional level and alteration style, and geochemical signature align with Sable’s objective of discovering large porphyry Cu-Au deposits. In addition to having at least three locations reporting outcropping Cu-Au porphyry mineralization and very good access, Perk-Rocky is also a good project from an operational point of view as we can advance it during the time of the South America winter when we reduce field activities in Argentina.”
Terms of Option Agreement
Sable can earn a 100% interest in the Perk-Rocky Project by completing the following payments to the vendors:
CAD$100,000 upon signing the option agreement; and issuance of 500,000 Sable common shares on receipt of TSX Venture Exchange approval;
CAD$150,000 on or before the first anniversary;
CAD$225,000 on or before the second anniversary;
CAD$250,000 on or before the third anniversary;
CAD$500,000 on or before the fourth anniversary; and
CAD$775,000 on or before the fifth anniversary.
Following earn-in to 100% ownership in the Project, milestone payments are payable as follows:
US$650,000 in the event Sable files a National Instrument 43-101 (“NI 43-101”) technical report that includes a mineral resource on the Project.
US$1,500,000 in the event Sable files a Preliminary Economic Assessment (as defined in NI 43-101) on the Project.
US$2,000,000 in the event Sable completes a Feasibility Study on the Project; and
US$5,000,000 in the event Sable proceeds with commercial production at the Project.
The vendors retain a 3.0% NSR, which Sable can buydown to 1.0%.
The Agreement is subject to the approval of the TSX Venture Exchange.
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.
ABOUT SABLE RESOURCES LTD.
Sable is a well-funded junior grassroots explorer focused on the discovery of Tier-One new precious metal and copper projects through systematic exploration in endowed terranes located in favourable, established mining jurisdictions. Sable's focus is developing its large portfolio of new Greenfields projects to resource level. Sable is actively exploring the San Juan Regional Program (163,969 ha) incorporating the Don Julio, El Fierro, and Los Pumas Projects in San Juan Province, Argentina; and the Mexico Regional Program (1.6Mha in application, 26,373ha titled) incorporating the Vinata and El Escarpe projects.
For further information, please contact:
Ruben Padilla, President & CEO at [email protected] or +1 (520) 488-2520
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.
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.
