September 01, 2022 – Saville Resources Inc. (TSXv: SRE, FSE: S0J) (the “Company” or “Saville”) is pleased to provide an update on its diamond drill program currently underway at its Niobium Claim Group Property (the “Property”), located in northern Quebec.
The Company has recently completed its third and final drill hole of the 2022 program, totalling approximately 603 m (core not fully processed). All three (3) drill holes were completed at the Mallard Prospect as follow-up to the high-grade niobium mineralization returned from drilling in 2021 (0.82% Nb2O5 over 42.3 m, including 1.00% Nb2O5 over 17.1 m, in drill hole EC21-175) and in 2019 (0.80% Nb2O5 over 31.5 m, including 1.36% Nb2O5 over 4.5 m, in drill hole EC19-174A) – see news releases dated November 1st, 2021, and June 11th, 2019, respectively. The 2022 drill holes were completed as step-backs to EC21 175 and EC19-174A to test the mineralized horizons at depth.
Mallard is the most advanced prospect on the Property and is characterized by a series of sub-parallel, elongate, moderate to steeply dipping, northwest trending mineralized horizons that extend from surface and remain open in all directions. Pyrochlore and columbite are the dominant niobium minerals present at Mallard, with mineralogy completed to date indicating grain sizes ranging from 0.03 mm to 3 mm and commonly between 0.05 mm and 0.4 mm. Secondary commodities of interest at Mallard include tantalum, phosphate, and fluorspar.
The Company is carrying-out its program concurrently with the drill program of Commerce Resources Corp. on the Ashram Deposit located proximal. Core processing is currently underway on site with samples expected to be shipped shortly to Activation Laboratories in Ancaster, ON, for geochemical analysis.
The program is being managed by Dahrouge Geological Consulting Ltd. with Canadian offices in Edmonton, AB, and Montreal, QC, and drilling carried out by Forage Fusion Drilling of Hawkesbury, ON.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geo., Dahrouge Geological Consulting Ltd., a Permit holder with the Ordre des Géologues du Québec and Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
About Saville Resources Inc.
The Company’s principal asset is the Niobium Claim Group Property, situated within the central Labrador Trough, Quebec, and currently under Earn-In Agreement from Commerce Resources Corp. for up to a 75% interest. 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 Prospect, where prior boulder sampling in the area has returned 5.9% Nb2O5 and 1,220 ppm Ta2O5, as well as the 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).
On Behalf of the Board of Directors
SAVILLE RESOURCES INC.
Neither 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.
This news release contains forward-looking information which is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements. Forward looking statements in this press release include our plans to drill at the Ashram project and expected timing, that the overlap of the two programs is expected to result in significant cost savings through shared drill rig mobilization, camp operation, and other mutual program support costs; and that there is potential for high-grade and wider widths where conditions are favourable. These forward-looking statements are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information. Risks that could change or prevent these statements from coming to fruition include changing costs for mining and processing; increased capital costs; the potential inability of the Company to finance its plans; the timing and content of upcoming work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumption based on limited test work and by comparison to what are considered analogous deposits that with further test work may not be comparable; the availability of labour, equipment and markets for the products produced; and despite the current expected viability of the project, conditions changing such that the minerals on our property cannot be economically mined, or that the required permits to build and operate the envisaged mine cannot be obtained. The forward-looking information contained herein is given as of the date hereof and the Company assumes no responsibility to update or revise such information to reflect new events or circumstances, except as required by law.