VANCOUVER, British Columbia, April 02, 2024 (GLOBE NEWSWIRE) -- Sable Resources Ltd. (“Sable” or the “Company”) (TSXV:SAE | OTCQB:SBLRF) is pleased to provide an update on the just completed 2023-2024 field season at the Don Julio Project in San Juan, Argentina (“Don Julio” or the “Project”). All exploration expenditures at Don Julio are fully funded under the Earn-In Agreement between the Company and a subsidiary of South32 Limited (“South32”), signed in 2021.
Highlights
US$1.2M invested this season for surface fieldwork at Don Julio.
507 rock samples were collected during the season (Figure 1) with all samples having been received and analyzed for gold, multi-elements, and spectral signature.
628 soil samples were collected over the Tocota target with results showing good coincidence of Cu with the outcropping mineralization and interesting anomalies of Mo, Bi, As, and Te located NW of the porphyry zone and at higher elevation. These pathfinder anomalies suggest extension of the known mineralization towards the NW at depth. The soil anomalies and the observed porphyry mineralization coincide with a very strong, vertical magnetic anomaly.
Detailed structural mapping has defined the main structures within the Project and target zones with favourable structural preparation.
A 21 km IP survey was conducted along the main Chita valley obtaining two new chargeability anomalies.
Colorado, a new drilling target has been generated after combining new geophysical data with historical field observations.
The Poposa target where the Company drilled holes DJ-DH-22-01, 02, and 03 in 2022 has been expanded to include the Morro zone where new interesting surface observations suggest the presence of a porphyry system at depth.
Geological mapping has covered some existent gaps, and the geology team has reviewed WorldView3 anomalies generated in the last field season (2022/2023). All targets are drill ready for next season and the Company is advancing on the workplan and budget with a subsidiary of South32 in accordance with the terms of the Earn-In Agreement.
Dr. Ruben Padilla, Sable’s President, and CEO, commented, “We are very pleased with the work completed this season at Don Julio. Our focus this year on field work has allowed us to better understand the geology and mineral potential of Don Julio. With a cluster of four potential Miocene porphyry centers in an area of ~7 x 6 km including La Gringa, Morro-Poposa, Tocota, and Punta Cana, we’re now moving forward with defining the 2024/2025 budget and objectives for our next drilling campaign.”
Figure 1
Figure 1. Distribution of rock sampling collected this season at Don Julio (blue) vs rock sampling from previous seasons (yellow).
Rock sampling and mapping this season was focused outside of the known lithocap, on the eastern portion of the Project, which has been historically less explored. Detailed mapping and rock sampling at the Tocota target revealed the association of the mineralized veinlets with a diorite intrusion which shows a strong magnetic anomaly. The soil sampling confirmed the possibility of additional concealed mineralization to the NW underneath rocks with strong pathfinder anomalies such as Mo, As, Sb, Te, Bi, S (Figure 2).
The IP lines acquired along the main Chita valley revealed two new chargeability anomalies: Gringa NE, and Colorado. While Gringa NE is an interesting low-angle IP feature dipping to the East; Colorado is a very strong, vertical, dome-shaped IP anomaly covered by Quaternary gravels at 4,100 m.a.s.l. The Colorado IP anomaly seems to be connected with the previously known Colorado breccia; a magmatic hydrothermal breccia outcropping at 4,900 m.a.s.l. which contains mineralized porphyry fragments and is strongly affected by advanced argillic alteration, and that has returned values up to 3.9% Cu and 13 g/t Au (Figure 3). The new Colorado chargeability anomaly is located 3.2km east of the nearest drill hole, considerably extending the size of the hydrothermal system. The lower elevation of the geophysical feature (4,100) would allow drilling in a much better position.
Figure 2
Figure 2. Soil grid over the Tocota porphyry target showing Cu anomalies coincident with porphyry veinlets observed on surface and some pathfinders anomalies present NW of the veinlets zone at higher elevation suggesting mineralization at depth.
Figure 3
Figure 3. Panoramic view and amin elements of the Colorado target.
The Poposa target where the Company drilled three holes in 2022 (DJ-DH-22-01, 02, 03) has been integrated with the Morro zone where historical hole ATW-05 was drilled vertically into a large diatreme breccia system which contains fragments of biotite altered rocks; also, at Morro multiple hydrothermal breccias with fragments of porphyry veinlets were found outcropping in proximity to the mentioned diatreme. The combination of these new and historical observations indicates the presence of a porphyry system that has not been tested yet and will be an integral part of our next drilling campaign (Figure 1).
Webinar
Sable’s President and CEO, Ruben Padilla, will be providing an exploration update discussing the 2023 / 2024 exploration season. The webinar, hosted by Adelaide Capital, is scheduled for Thursday, April 4, 2024, at 4:15pm EDT.
The Don Julio project comprises 69,350 hectares in the Cordillera Frontal in San Juan, Argentina. It includes the Don Julio cluster that contains numerous targets of porphyry (La Gringa, Poposa, Amarillo, Punta Cana, Tocota, Colorado); intermediate sulfidation (Lodo, San Gabriel, Colorado); skarn (Fermin); and the regional properties that include the Los Pumas project as well as extensive unexplored ground. Since 2018, Sable has conducted systematic surface work including mapping; rock sampling; talus sampling; GroundMag; UAV-Mag; and induced polarization. Sable performed a first drilling campaign in 2018-2019 with 3,101m drilled in 11 holes, a second campaign in 2021- 2022 comprising 4,294m in 9 holes, and a third campaign in 2022-2023. In 2021, Sable signed an Earn-In agreement with a subsidiary of South32 to jointly explore the Don Julio project.
SAMPLE PREPARATION AND QA/QC
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 their 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% passing less than 2 mm, sample splitting using a riffle splitter, and pulverizing a 250 g split to at least 85% passing 75 microns (code PREP-31). The samples 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 one 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, 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 evaluated according to the Company protocols.
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 favorable, 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 (>130,000 ha) incorporating the Don Julio, El Fierro, and Cerro Negro projects in San Juan, Argentina.
ABOUT SOUTH32 LIMITED
South32 Limited is a globally diversified mining and metals company. The company’s purpose is to make a difference by developing natural resources, improving people’s lives now and for generations to come. South32 Limited is trusted by its owners and partners to realise the potential of their resources. South32 Limited produces commodities including bauxite, alumina, aluminium, copper, silver, lead, zinc, nickel, metallurgical coal, and manganese from its operations in Australia, Southern Africa, and South America. With a focus on growing its base metals exposure, South32 Limited also has two development options in North America and several partnerships with junior explorers around the world.
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.
