VANCOUVER, BC, March 11, 2021 /CNW/ - Sable Resources Ltd.
("Sable" or the "Company") (TSXV: SAE) (OTCQB: SBLRF) is pleased to
announce that further to the Company's press release dated
January 28, 2021, the Company has
received TSX Venture Exchange ("TSXV") approval for the Earn-In
Agreement (the "EIA") between the Company and its wholly-owned
subsidiary, Olivares S.A.
("Olivares") and a wholly-owned subsidiary of South32 Limited
("South32"), to jointly explore the Don Julio Project located in
San Juan Province, Argentina (the
"Project"). As such the Company has finalized the EIA.
In connection with the satisfaction of the conditions precedent set
out in the EIA, the Company and Olivares have signed an
Acknowledgement and Consent Agreement with South32 and the
underlying owners of the Project pursuant to which such underlying
owners agree to the grant of the options to South32 and
additionally, an Acknowledgement and Consent Agreement has been
signed between Sable, Olivares, South32 and Osisko Gold Royalties
Ltd.
Ruben Padilla, Sable's President
and CEO stated, "We are very pleased to have finalized the Earn-In
Agreement with South32. Work at Don Julio has commenced
including construction of additional new road access, initiation of
the 1,100 km Aeromagnetic survey, and the first-pass recognizing
work of Aster anomalies located outside the main Don Julio Cluster."
The Project comprises a 58,000-hectare land package containing
several Cu-Au porphyry, Ag-Au epithermal, and polymetallic skarn
targets, which were generated from detailed mapping and
geochemistry work over the past two and a half years. Sable
has assigned its option to acquire a 100% interest in the Project
from the Project's underlying owners to Olivares as part of the
transaction with South32.
Sable's option to acquire a 100% interest in the Project was
first signed on December 6, 2017 with
certain consideration terms being amended in three separate
amendment agreements dated May 27,
2019, July 5, 2019 and
June 1, 2020 (together the "Option
Agreement"). To earn a 100% interest in the Project,
the Option Agreement provides for cash considerations aggregating
US$4,000,000 (US$160,000 has been paid to date) and share
considerations aggregating 3,500,000 common shares (400,000 of
which have been issued to date) of Sable, as well as US$4,000,000 in exploration work (Sable has
exceeded this commitment), over the option period ending
December 2026. As long as
the EIA is in effect, South32 is responsible for the cash
consideration payments under the Option Agreement.
The Project is subject to a 4% net smelter royalty, 2% of which
is held by Osisko Gold Royalties Ltd and 2% of which is held by the
underlying owners of the Project, the latter of which may be
purchased by 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 stage utilizing
its 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.
ABOUT SOUTH32
South32 is a globally diversified mining and metals company.
Our purpose is to make a difference by developing natural
resources, improving people's lives now and for generations to
come. We are trusted by our owners and partners to realize
the potential of their resources. We produce bauxite,
alumina, aluminium, energy and metallurgical coal, manganese,
nickel, silver, lead and zinc at our operations in Australia, Southern
Africa and South America.
With a focus on growing our base metals exposure, we also have two
development options in North
America and several partnerships with junior explorers
around the world.
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.
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.