Sable Signs LOI for La Poncha, San Juan ArgentinaLa Poncha
During Q3 2020, Sable signed a letter of intent (“LOI”) for the exclusive rights to evaluate the La Poncha property, comprising 16 mining claims totalling 33,760 hectares located 69 km north of Don Julio and 50 km south of the El Fierro project. The project was explored by at least three companies in the past including Golden Arrow (2008), Teck (2009), and Genesis Minerals (2012). These companies completed limited drilling on the property with several encouraging intercepts publicly released at the time. Historical highlights obtained by Golden Arrow in 2008 include 266m @ 1.21 g/t Au and 3.30 g/t Ag (129m – 395m); 61m @ 3.04 g/t Au and 7.16 g/t Ag (270m – 331m); and multiple other intercepts from 2008. In 2012 Genesis Minerals released 12.15m @ 4.87 g/t Au, 15.9 g/t Ag and 0.49% Zn. Pursuant to the LOI, Sable has the exclusive right to evaluate historical data, drill core, and to conduct field work in the property for one year before taking the decision of signing an option agreement for the property. In exchange of this exclusive right, Sable has agreed to pay some overdue obligations for some of the claims that comprise the project. Sable notes that the mentioned intercepts correspond to information publicly released by the companies and a Qualified Person (QP) has not done enough work to verify these historical assay results. Sable commenced its evaluation of La Poncha in September 2020, organizing, re-logging, and limited resampling of historical core existent as well as compilation and review of historical databases. The Company will start field review of the project in November to have sufficient understanding of the mineralization potential before deciding to exercise its right to enter into an option agreement in 2021.