February 9th, 2021 – Saville Resources Inc. (TSXv: SRE, FSE: S0J) (the “Company” or “Saville”) is pleased to announce that planning is underway for a diamond drill program at its Niobium Claim Group Property (the “Property”), located in northern Quebec.
A total of three (3) to five (5) NQ-size drill holes, for a minimum of 1,000 m, are planned for the program. The drilling is anticipated to include several follow-up holes at the Mallard Prospect where the final drill hole of the 2019 program – EC19-174A – returned 1.36% Nb2O5 over 4.5 m, within a larger interval of 0.80% Nb2O5 over 31.5 m (see news release dated June 11th, 2019). Starting at only 17 m depth, this drill hole returned the strongest and widest mineralized intervals of niobium on the Property, to date.
The Mallard Prospect is the most advanced prospect on the Property, with 2,490 m over nine (9) drill holes completed historically (2008 and 2010), and 1,049 m over five (5) drill holes completed by the Company (2019). The Prospect 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. Given the elongate nature and orientation of the mineralized horizons, as well as the local geological setting, the mineralization has the potential to extend for significant distance along strike and at depth. To date, drilling at the Mallard Prospect has returned numerous drill intersections of high-grade niobium, with variably associated high grades of tantalum, phosphate, and fluorspar.
In addition to follow-up drilling at the Mallard Prospect, the Company intends to complete one (1) to two (2) drill holes at the Miranna Target, a high-quality target that has yet to be drill tested. The Miranna Target is characterized by a strongly mineralized (niobium-tantalum-phosphate), glacially dispersed boulder train with an apex that correlates with a distinct magnetic high anomaly, which is interpreted to be the source. Sample assays of the mineralized boulders from the train include 5.93% Nb2O5, 310 ppm Ta2O5, and 11.5% P2O5; and 4.30% Nb2O5, 240 ppm Ta2O5, and 13.4% P2O5; as well as multiple additional samples grading >1% Nb2O5.
Company President and Director, Mike Hodge comments; “we are excited to announce this drill program at the Niobium Claim Group and further expand upon the high-grade discoveries in drill hole from the Property to date. The Property hosts considerable potential for high-grade niobium, tantalum, phosphate, and fluorspar and we feel strongly that we have only scratched the surface.”
The Company expects to carry-out its 2021 drill program concurrently with the field program being planned by Commerce Resources Corp. at the Ashram Deposit which is located adjacent. The Company holds the Niobium Claim Group Property under Earn-in Agreement from Commerce Resources where it may acquire up to a 75% interest (see news release dated January 11th, 2018). The overlap of the two programs is expected to result in significant cost savings through shared mobilization, camp operation, and other mutual program support costs.
The Company notes that it will carry-out its field programs while adhering to all federal, provincial, and regional restrictions in place due to the COVID-19 pandemic. The Company is engaged in the process to obtain formal authorization to enter the Nunavik Territory for the purposes of mineral exploration and is confident that it will succeed. Mineral exploration has been recognized as an essential service in Canada and the Province of Quebec.
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 Target, 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 1.36% Nb2O5 over 4.5 m, within a larger interval of 0.80% Nb2O5 over 31.5 m (EC19-174A).
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 the Company’s plans to drill the property, including the extent and timing of the drilling. 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.