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Sable Resources Ltd. Enters El Indio Gold Belt With Option Of The Don Julio Project
Vancouver, BC / February 9, 2018 / JMN Wire / Sable Resources Ltd. ("Sable" or the "Company") (TSXV:SAE) is pleased announce that it has entered into a binding
About this update from Sable Resources Ltd.
[{"type":"text","content":"Vancouver, BC / February 9, 2018 / JMN Wire / Sable Resources Ltd. (\"Sable\" or the \"Company\") (TSXV:SAE) is pleased announce that it has entered into a binding Letter of Intent (\"LOI\") with arms-length vendors to option the High Sulphidation Don Julio Gold Project (the \"Project\") located in San Juan Province, Argentina (the \"Option\"). The Project, which has been privately held since 1990, is located 60km south-east from Barrick's Alturas Project which contains an inferred resource of 211 million tonnes grading 1.00 g/t gold for a 6.8 million ounce gold resource (Barrick's Fourth Quarter and Year-End 2016 Report). Preliminary fieldwork has identified a large diatreme cut by volcanic domes and at least 2 phases of high sulphidation mineralisation within a 4km by 3km lithocap coincident with large robust Au geochemical anomaly, widespread quartz- alunite and illite-pyrite alteration with strong upper-level pathfinders. \"We're hunting for elephants in Elephant Country\" said Tom Obradovich President & CEO of Sable Resources. \"The project has never been explored for high sulphidation mineralisation and our geologists already see key indications to warrant systematic exploration.\" Under the terms of he LOI, Sable may earn up to 100% in the Project, subject to a 2% net smelter royalty (\"NSR\") which one half of (1%) may be purchased by the Company for USD$2,500,000 at anytime after 12 months from which commercial production has been declared for any part of the Project. The terms are structured to allow for a 50%, 60%, 70% or 100% earn in at the Company's discretion. To earn 50% of the Project, the Company shall: Make payment to the vendors of USD$25,000 upon signing the LOI; Issue 200,000 common shares of the Company and make payment of USD$25,000 upon TSX Venture approval (the \"Effective Date\"); Issue 200,000 common shares of the Company and make payment of USD$100,000 to the vendors and complete USD$300,000 in exploration work on the Project prior to the one (1) year anniversary of the receipt of an Environmental Impact Assessement Permit required for drilling (the \"Permit Date\"); Issue 200,000 common shares of the Company and make payment of USD$150,000 prior to the second (2nd) anniversary of the Permit Date; Issue 400,000 common shares of the Company and make payment of USD$300,000 to the vendors, and comple...