Dr. Ruben Padilla reports

SABLE ANNOUNCES INITIAL SURFACE RESULTS FROM NEW GOLD-COPPER TARGETS AT LA PONCHA PROJECT

Sable Resources Ltd. has released initial sampling results from the recently discovered Zonda and Campamento targets located within the La Poncha project in San Juan, Argentina. Both areas were discovered during the regional exploration work conducted last season across the large land package controlled by the company at the La Poncha project. At the Zonda target, 173 rock samples were collected with values up to 16.8 grams per tonne (g/t) gold (Au), 53 g/t silver (Ag) and 1.1 per cent copper (Cu). At the Campamento target, 73 rock samples were collected with values up to 1.5 per cent Cu, 154 g/t Ag, 3.1 per cent lead (Pb), 1.8 per cent zinc (Zn) and 2.07 g/t Au.

Dr. Ruben Padilla, president and chief executive officer of Sable, stated: "These two new areas are the product of the continuous boots on the ground prospecting activity conducted on our large land package and feed our portfolio of greenfield targets. The quality of these two new target areas is evident by the number of samples with high gold and copper results, and by the size of the areas covered by the anomalous samples. Additional work will be completed to map the full footprint of the mineralization."

Zonda

The Au-Ag-Cu Zonda target is located on the southern portion of La Poncha claims, 15 kilometres south of the Poncha North target, and only 800 metres south of the road to Barrick's Veladero mine. Although detailed mapping is in progress, the geology of the area is characterized by carboniferous sediments of the Agua Negra formation intruded by multiple rhyolite dikes, likely of Permian age; a large extension of Permian granite is observed on the southwest part of the target. The gold mineralization at Zonda is focused on a series of quartz-barite veins and veinlets preferentially hosted in the rhyolite dikes but also observed in the sedimentary rocks. The width of the veinlets varies from one centimetre to almost 60 cm, forming continuous zones of veining up to 14 m wide. The orientation of the structures is west-northwest and the only observed sulphide is pyrite, which is mostly oxidized. Ba (barium), As (arsenic) and Sb (antimony) anomalies suggest an epithermal affinity for the mineralization. From 173 samples collected, 30 samples exceeded one g/t Au and 17 samples exceeded three g/t Au, reaching maximum values of 16.8 g/t Au -- see the table entitled "Highlighted samples from the Zonda target."

Although mineralization at Zonda is mostly gold with some silver credits, a new zone located to the southwest of the main mineralized area is showing abundant Cu mineralization as Cu oxides and partly oxidized chalcopyrite, hosted within Permian granites -- the mineralization has been mostly observed as float and subcrop since the entire area is heavily covered with colluvial material. Samples in this style of mineralization have returned values up to 1.1 per cent Cu and 53 g/t Ag.

Campamento

The Cu-Ag-Pb-Zn Campamento target is located on the central-eastern portion of the Poncha land package, 9.5 km southeast of the Poncha North target. Mineralization found at Campamento is exclusively hosted in Permian granites in the form of chalcopyrite and Cu oxides in quartz tourmaline veinlets. The structural setting is still to be understood but the anomalous copper zones seem to define a north-northeast corridor, while individual veinlets are mostly north-south oriented. The company has collected 73 samples so far, from which 18 contain greater than 0.1 per cent Cu and nine returned greater than 0.5 per cent Cu. The mineralogical and geochemical association may indicate an intrusion-related mineralization style.

Future work

Both Campamento and Zonda targets are in a very early stage and will become an active part of the 2023 to 2024 field season. The lower elevation and easy access at the Zonda target have allowed to advance exploration work during the winter months. A 1,106-soil-sample grid was just completed at Zonda, and the samples are currently being analyzed at ALS labs. Additional mapping, sampling, trenching and geophysics will be part of the exploration plan during the next months.

Highlighted samples

Qualified person

Luis Arteaga, MSc, PGeo, vice-president of exploration, is the company's qualified person as defined by National Instrument 43-101. He has reviewed and approved the technical information in this news release.

About the La Poncha project

In March, 2021, the company signed an option agreement for the La Poncha project comprising 18,114 hectares, and located 69 km north of Don Julio and 50 km south of the El Fierro project. The La Poncha project was explored by at least three companies in the past, including Golden Arrow (2008), Teck (2009) and Genesis Minerals (2012). These companies completed limited drilling on the property, with several encouraging intercepts publicly released at the time. Historical highlights obtained by Golden Arrow in 2008 include 266 m at 1.21 g/t Au and 3.30 g/t Ag (129 m to 395 m); 61 m at 3.04 g/t Au and 7.16 g/t Ag (270 m to 331 m); and multiple other intercepts from 2008. In 2012, Genesis Minerals released 12.15 m at 4.87 g/t Au, 15.9 g/t Ag and 0.49 per cent Zn. In 2022, Sable drilled 2,216 m at the Poncha North target obtaining long intercepts of strongly anomalous gold.

About Sable Resources Ltd.

Sable is a well-financed junior grassroots explorer focused on the discovery of Tier 1 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 hectares), incorporating the Don Julio, El Fierro, La Poncha and Los Pumas projects, in San Juan province, Argentina; and the Mexico regional program (1.16 million hectares in application, 26,373 hectares titled) incorporating the Vinata and El Escarpe projects.

Sample preparation and quality assurance/quality control

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 its 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 per cent passing less than two millimetres; sample splitting using a riffle splitter; and pulverizing a 250 g split to at least 85 per cent passing 75 micrometres (code PREP-31). The holes contained in this press release were analyzed by methods Au-AA24 (fire assay fusion and atomic absorption spectrometry finish) and ME-MS61 (four-acid digestion with mass spectrometry finish); the latter includes 48 elements (Al, Ag, As, Ba, Be, Bi, Ca, Cd, Ce, Co, Cr, Cs, Cu, Fe, Ga, Ge, Hf, In, K, La, Li, Mg, Mn, Mo, Na, Nb, Ni, P, Pb, Rb, Re, S, Sb, Sc, Se, Sn, Sr, Ta, Te, Th, Ti, Tl, U, V, W, Y, Zn and Zr). Both digestion methods dissolve most minerals, but not all elements are quantitatively extracted in some sample matrices. Control samples (standards, blanks and duplicates) are inserted systematically, and their results are evaluated according to the company's protocols.

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