SAE.v ..Sitting on $17 Million Cash
Sable Resources details Argentina exploration plans
2022-10-12 12:02 ET - News Release
Dr. Ruben Padilla reports
SABLE ANNOUNCES EXPLORATION PLAN FOR UPCOMING FIELD SEASON AND ANNOUNCES INVESTOR WEBINAR
Sable Resources Ltd. has provided details of its planned exploration activities covering multiple projects in the well-endowed Miocene porphyry belt of San Juan, Argentina.
Summary:
- Exploration program will commence in October, 2022, and will continue through May, 2023;
- 8,000 metres of drilling, expandable up to 10,000 metres, distributed between four porphyry targets identified in the 2021/2022 exploration program;
- Well financed with $17-million in cash as of Sept. 30, 2022;
- Planned exploration activities are projected to cost $7.7-million, of which $4.7-million has been committed by South32 as part of the continuing Don Julio project earn-in agreement (see Jan. 28, 2021, press release).
Dr. Ruben Padilla, president and chief executive officer of Sable, commented: "We are continuing our systematic exploration approach, focusing on large copper-gold-molybdenum porphyry systems in the well-endowed region of the Andes. The exploration program is designed to vector into the key signatures for the large porphryries identified by Sable in our recent exploration program with results announced on Don Julio in September and included for El Fierro and La Poncha in this press release. Sable is fortunate to have a pipeline of multiple targets and a large land package and the ability to drill at least four targets per year whilst maintaining a strong financial position."
Don Julio project, San Juan, Argentina
The Don Julio project comprises 69,350 hectares, including the Don Julio cluster that contains several Cu-Au and Cu-Mo-Au porphyries, gold-silver epithermal, and polymetallic skarn targets. The mineralization identified at the Don Julio cluster is part of the Miocene Andean mineral belt that hosts world-class Cu-Mo-Au porphyry deposits south of Don Julio and Au-Ag high-sulphidation deposits to the north. Phase 2 drilling will start on the first week of November at La Gringa target, moving later to the Punta Cana target. Mapping and target definition work will be conducted at the Tocota Au-Cu porphyry target to prepare it for drilling next season. At La Gringa Cu-Mo-Au porphyry target, the results from the last season's drilling along with new geophysical data indicate potential to find the concealed causative porphyry centre toward the west underneath quaternary gravels. At the Punta Cana Cu-Au porphyry target, additional drilling is planned to follow up on the encouraging results of hole DJ-DH-22-08 that reported 403 m of 0.27 gram per tonne gold equivalent (see Sept. 6, 2022, press release). The Tocota target comprises an area of at least 1.2 kilometres by 0.6 km where diorite intrusives with porphyry-style veinlets have returned values up to 0.3 per cent Cu and 0.3 g/t Au. Exploration work at Tocota this field season will focus on mapping, talus rock soil sampling and possible ground geophysics to define the drill target.
El Fierro, San Juan, Argentina
El Fierro, a 58,510-hectare property, is located 120 kilometres south of the Filo del So-Jose Maria porphyry deposits in similar-age rocks. Sable's first round of drilling started in February, 2021 (3,278 m) and a second round was completed in May, 2022 (12,006 m) for a total of 15,284 m. In 2021, drilling focused on vein targets (9,700 m), however, with porphyry-style mineralization recognized in December, 2021, 5,584 m of scout drilling was completed on the newly recognized Pyros porphyry target. In only 1-1/2 years of exploration at El Fierro, Sable has defined a 10 by 10 km mineralization footprint composed by Cu-Au-Mo porphyry mineralization and an external halo of polymetallic subepithermal veins; all the mineral system is associated with a large Miocene (20-million-year-old) intrusive-caldera complex.
The Pyros target is represented by a 2,500 by 1,400 m zone of sericitic alteration overprinting early quartz veins, where soil geochemistry identified a core molybdenum-copper-gold-bismuth-tellurium soil anomaly surrounded by a manganese-zinc-lead halo. The first round of drilling completed last May only tested around 20 per cent of the anomalous alteration zone. Drilling results identified different porphyry phases with potassic and sericitic alteration intruding Permian granites. The first campaign of drilling proved the Cu-Mo-Au affinity of the porphyry system at Pyros reporting 119 m at 0.22 per cent copper equivalent, including 34 m at 0.34 per cent CuEq (FZ-DH-22-68), 30.3 m at 0.44 per cent CuEq (FZ-DH-22-72), 38 m at 0.27 per cent CuEq (FZ-DH-22-84) and 200 m at 0.14 per cent CuEq (FZ-DH-21-55). One hole was drilled on the margin of the Antenna Hill target, represented by Au-Cu-Ag anomalies associated with breccias and approximately 20-million-year-old dioritic intrusions hosted by Paleozoic basement along faults related to the eastern limit of the Miocene volcanic caldera. The recognizing hole completed at Antenna Hill reported various Au-Cu-Ag anomalous intercepts, including 8.75 m at 1.20 g/t AuEq.
The upcoming field season work will be focused on follow-up of extensive surface geochemical anomalies and alteration zones coincident with magnetic and induced polarization anomalies to select areas to be drill tested at Pyros and Antenna Hill targets. A second round of drilling at Pyros and Antenna Hill will be initiated in January, 2023, with district mapping-prospection work commencing in October, 2022.
Poncha, San Juan, Argentina
The 34,937-hectare Poncha property contains two Miocene porphyry targets and various alteration zones that require first-pass exploration work. Last May, Sable completed 2,216 m of drilling at the Poncha North target represented by an outcropping Miocene Au-Cu porphyry centre, intruding a larger intermineral diatreme. Drill results showed the gold affinity of the porphyry system reporting 263 m at 0.29 g/t AuEq (PON-DH-22-02), and 101 m at 0.32 g/t AuEq (PON-DH-22-01), as well as many other significant intercepts disclosed herein. Intermediate sulphidation mineralization with anomalous Ag-Pb-Zn-Cu was intercepted in holes PON-DH-22-03 and PON-DH-22-06. During the upcoming field season exploration work at Poncha will consist of local and regional mapping and prospection to define additional drill targets.
Webinar
Sable's president and CEO, Dr. Padilla, will be providing an exploration update discussing results from the 2021/2022 exploration season and discussion on the upcoming exploration program. The webinar, hosted by Adelaide Capital, is scheduled for Thursday, Oct. 13, 2022, at 4:15 p.m. EST.
About Sable Resources Ltd.
Sable is a well-financed junior grassroots explorer focused on the discovery of Tier 1 new precious metal and copper projects through systematic exploration in endowed terranes located in favourable, established mining jurisdictions. Sable's main focus is developing its large portfolio of new greenfields projects to resource level. Sable is actively exploring the San Juan regional program (163,969 ha) incorporating the Don Julio, El Fierro, La Poncha and Los Pumas projects in the San Juan province, Argentina, and the Mexico regional program (1.16 million ha in application, 39,000 ha titled) incorporating the Vinata and El Escarpe projects.