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Sable Resources Ltd (2)
Symbol SAE
Shares Issued 116,876,049
Close 2018-03-19 C$ 0.265
Market Cap C$ 30,972,153
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Sable Resources receives drill permit for Margarita

2018-03-20 09:11 ET - News Release

Mr. Joel Gillham reports

SABLE RESOURCES LTD - EXPLORATION UPDATE

Sable Resources Ltd. has provided an exploration update on its three active precious metal exploration projects: the high sulphidation Don Julio gold project in San Juan province, Argentina; the low-intermediate sulphidation Margarita silver project in Chihuahua state, Mexico; and the Tulox, intrusion related gold system located in south-central British Columbia, Canada. All projects are at or close to initial drill stage.

Don Julio project, El Indio gold belt

Extensive fieldwork has been completed on the Don Julio project since entering into the binding letter of intent (Sable press release Feb. 9, 2018). Detailed lithological and alteration mapping has defined six target areas: Heaven Hill, Esperanza, Moro, Punta Cana, San Gabriel and Amarillo. Targets exhibit widespread hydrothermal brecciation, volcanic intrusive domes and coincident advanced argillic alteration defined by alunite plus dickite-kaolinite-quartz-vuggy silica and minor quartz-alunite. Results from 300 systematic rock chip samples are expected to be received by the end of the month.

The project, which has been privately held since 1990, is located 60 kilometres southeast from Barrick's Alturas project which contains an inferred resource of 211 million tonnes grading 1.00 gram per tonne gold for a 6.8-million-ounce gold resource (Barrick's fourth quarter and year-end 2016 report).

The Heaven Hill, Esperanza, Moro, San Gabriel and Punta Cana targets have not previously been drilled.

Margarita project, Mexico

Sable is please to announce that it has received the permit to conduct drilling on the Margarita project. Additionally the company has successfully negotiated a land access agreement with the project's surface landholder. Sable is planning to conduct a drill program consisting of approximately 4,000 metres in 11 holes to explore for economic mineralization and test the Margarita veins at depths of 200 to 400 m below surface. The initial drill program includes six priority 1 holes for a total of 1,780 m and five priority 2 holes for a total of 2,245 m designed to test previously reported channel samples ranging from 100 to 900 g/t silver (Sable press release Jan. 16, 2018). Drilling is expected to begin in early April.

The Margarita project consists of partially outcropping silver bearing epithermal quartz veins on two mining exploration licences totalling 125 hectares with an approximate strike length of 1.7 kilometres, and is fully surrounded by Sunshine Silver Mine Corp.'s Los Gatos project. The Los Gatos deposit contains measured and indicated resource of 9.2 million tonnes grading 289 parts per million silver, 5.7 per cent zinc, 2.8 per cent lead and 0.36 part per million gold for a resource of 178 million ounces silver equivalent (Sunshine Silver Mining and Refining website published National Instrument 43-101 report titled: "Feasibility Study of the Cerro Los Gatos Silver-Zinc-Lead Deposit Los Gatos Project, January, 2017"). Sable has entered a definitive option agreement to obtain a 100-per-cent interest in the project as previously disclosed in the company's June 2, 2017, news release.

The Margarita project has not previously been drilled.

Tulox project, British Columbia

Sable confirms it has submitted a notice of work and received a mineral and coal activities and reclamation permit from the British Columbia Ministry of Energy, Mines and Petroleum Resources for exploration surface drilling at its 100-per-cent-owned 5,438-hectare Tulox gold project. Additionally the company has completed an archeological overview assessment conducted by archeological consultants, Archer CRM Partnership of Prince George, B.C.

Sable is planning to conduct 2,500 m of drilling at Tulox consisting of three fences of three holes to test a gold-in-soil anomaly defined by a cluster of soil samples ranging from 0.1 g/t to 0.752 g/t.

The Tulox project has not previously been drilled.

Sable Resources is fully financed to carry out all of its exploration programs through to the end of 2018.

We seek Safe Harbor.

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