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Saville Resources Announces Termination of Earn In Agreement for Niobium Claim Group with Commerce Resources Corp.
VANCOUVER, BC / ACCESSWIRE / January 12, 2024 / Saville Resources Inc. (TSXv:SRE)(FSE:S0J) (the "...
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[{"type":"text","content":"Saville Resources Announces Termination of Earn In Agreement for Niobium Claim Group with Commerce Resources Corp. VANCOUVER, BC / ACCESSWIRE / January 12, 2024 / Saville Resources Inc. (TSXv:SRE)(FSE:S0J) (the \"Company\" or \"Saville\") wishes to announce that it has entered into a termination and forgiveness of debt agreement with Commerce Resources Corp. (\"Commerce\"), whereby the parties have mutually agreed to terminate the earn in agreement between Commerce and Saville on the Niobium Claim Group Property entered into in January 2018, and extended on January 11, 2023The Niobium Claim Group Property (the \"Property\") consists of 26 contiguous mineral claims, encompassing an area of approximately 1,223 hectares, and is considered prospective for niobium, tantalum, phosphate, and fluorspar. The Property includes the Miranna Target, where 5.9% Nb2O5 and 1,220 ppm Ta2O5 has been returned in boulder sampling and 0.72% Nb2O5 over 20.4 m, including 1.20% Nb2O5 over 3.1 m (EC21-180), has been returned in initial drill testing. Additionally, the Property hosts the more advanced Mallard Prospect where drilling has returned wide intercepts of mineralization, including 1.00% Nb2O5 over 17.1 m, within a larger interval of 0.82% Nb2O5 over 42.3 m (EC21-175) (see Saville news release dated September 1, 2022).The 2022 drill program by Saville targeted the niobium zone previously reported in drill hole EC21 -175 further at depth (EC22-201, 202, and 203) and along strike (EC22-203). The 2022 drill holes, each drilled to 200 m depth, returned well-mineralized niobium intervals, and continue to demonstrate the potential for a sizeable niobium mineralized zone to extend from depth to surface, as well as laterally, at the Mallard Prospect (see Saville news dated January 23, 2023).Pursuant to the agreement, Commerce had granted Saville the right to earn a 75% interest in the Property. This right has now been terminated. Commerce also announces that it has forgiven debts owed by Saville, which totaled $369,290.16, accrued as the result of various loans and other advances made by Commerce to Saville.On Behalf of the Board of DirectorsSAVILLE RESOURCES INC.\"Mike Hodge\"Mike HodgePresidentTel: 604.681.1568Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts ...