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Enter Symbol
or Name
USA
CA



Sable Resources Ltd (2)
Symbol SAE
Shares Issued 53,176,957
Close 2017-06-05 C$ 0.15
Market Cap C$ 7,976,544
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Sable enters option to buy Margarita project

2017-06-07 18:42 ET - News Release

Mr. Tom Obradovich reports

SABLE RESOURCES LTD OPTIONS THE MARGARITA SILVER PROJECT, MEXICO

Sable Resources Ltd. has signed a definitive agreement dated May 30, 2017, to option 100 per cent of the Margarita silver project in Chihuahua state, Mexico, from an arm's-length vendor.

The project consists of two mining exploration licences totalling 125 hectares of ground with an approximate strike length of 1.7 kilometres, has never been drill tested, is fully surrounded by Sunshine Silver Mine Corp.'s Los Gatos project exploration licences and is located 20 kilometres northwest of Cerro Los Gatos deposit.

Under the terms of the agreement, which is subject to approval by the TSX Venture Exchange, and in order to obtain a 100-per-cent interest the property, Sable will:

  • Make payment of $50,000 to the vendor upon execution of the agreement;
  • Upon exchange approval, issue the vendor 200,000 common shares of Sable;
  • Issue $500,000 worth of common shares in Sable on or before the one-year anniversary date of the execution of the agreement valued at the date of issue, less the value of the 200,000 common shares issued upon exchange approval;
  • Issue $1-million worth of common shares in Sable on or before the two-year anniversary date of the execution of the agreement valued at the date of issue;
  • Issue $2-million worth of common shares in Sable on or before the three-year anniversary date of the execution of the agreement valued at the date of issue.

The acquisition is subject to the approval of the NEX board of the TSX Venture Exchange.

About Sable Resources Ltd.

Sable owns the Toodoggone gold project comprising 66 square kilometres of mineral tenure and mining leases, including the past-producing Baker and Shasta mines, and the 250-ton-per-day Baker mill and tailings facility. The project is located in north-central British Columbia, Canada, and is road accessible.

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