Saville Resources Inc. Provides Update and Exploration Plans for the Niobium Claim Group Property, Quebec
September 16th, 2019 – Saville Resources Inc. (TSXv: SRE, FSE: S0J) (the “Company” or “Saville”) is pleased to provide an update on its Phase II exploration plans for the Niobium Claim Group Property (the “Property”). The Property is situated within the central Labrador Trough, approximately 130 km south of Kuujjuaq, Quebec, and covers several prospective niobium-tantalum targets/prospects, including Northwest, Star Trench, Moira, Spoke, Miranna, and Mallard.
The Company recently completed its Phase I drill program at the Mallard Prospect with five (5) drill holes totalling 1,049 m (see news releases dated April 29th, and June 3rd, 6th, and 11th, 2019). The Mallard Prospect is the most advanced target on the Property, with a total of 3,537 m over 14 holes completed to date, spread over three drill programs. The Company has recently received a detailed summary report on the 2019 program from its principal geological consultants, Dahrouge Geological Consulting Ltd., which includes the integration of the recent drill hole and assay data with existing datasets, as well as an update to the working geological model for Mallard.
At Mallard, drilling has identified at least three stacked, elongate, northwest striking higher-grade niobium mineralized horizons/zones, separated by comparable horizons of moderate to low-grade niobium mineralization. Each successive drill program has returned wider intervals of higher-grade niobium (and tantalum) compared to the previous, and further, has expanded and broadened these known zones of mineralization. Pyrochlore-group minerals and/or ferrocolumbite are the primary host to niobium-tantalum (Figure 1), and are also the dominant mineral source of production globally in the industry. These mineralized horizons extend from surface to depth and remain open in all directions (Figure 2). In addition to the niobium and tantalum, strong and coincident phosphate mineralization (apatite) continues to be encountered in each hole and provides significant additional upside.
Company President Mike Hodge comments, “The 2019 drill program at Mallard exceeded the Company’s expectations and has only improved the potential at Mallard. We are well into the planning for Phase II and are very excited as we move to implement and further define the mineralized bodies present. We appear to have only scratched the surface at Mallard and have yet to drill test our other high-priority targets including Spoke and Miranna.”
The final hole of the 2019 program (EC19-174A) returned the most well mineralized niobium intervals to date at Mallard, as well as the overall Property, including 1.36% Nb2O5 over 4.5 m, within a larger interval of 0.80% Nb2O5 over 31.5 m, and 1.01% Nb2O5 over 7.5 m, within a larger interval of 0.79% Nb2O5 over 37.0 m (Figure 3). This drill hole is also the southeasternmost drill hole completed at Mallard, and therefore opens further the potential in this direction along strike. In addition, a coincident magnetic high anomaly at Mallard extends easterly and supports potential for additional sub-parallel and elongate mineralized horizons to be discovered in this direction.
Based on the strong results of the Phase I drill program, a Phase II is being planned for the first half of 2020 and will focus on further delineation of the mineralization at Mallard as the prospect advances towards an initial mineral resource estimate. Several drill holes may also be completed at the Spoke and Miranna targets which are situated along strike of Mallard to the north-northwest. Given the geological setting of the area, as well as the nature and orientation of the mineralization, there is reasonable potential for Mallard to connect with the Spoke and Miranna targets (Figure 4) , and a primary objective of the drilling will be to test this theory.
Figure 1 : Cream-white pyrochlore minerals within a dolomite carbonatite interval (EC19-172 @ 203.4 m)
Figure 2 : Cross-section along drill hole EC19-174A illustrating multiple sub-parallel mineralized horizons
Figure 3 : Drill holes with assay summary for the Mallard Prospect
Figure 4 : Property Geology (Schmidt, Samson, & Smith, 2018)
The Company is pleased to announce the appointment of Ms. Alicia Milne as a Director of the Company. Alicia began her career over 22 years ago as a securities paralegal and has developed her career as a securities compliance officer and Corporate Secretary. Alicia brings over 15 years of management experience, specializing in corporate governance and compliance for public companies listed on the NYSE, TSX and TSX Venture Exchanges. Currently a director of QMC Quantum Minerals, Minfocus Exploration Inc. and Fitch Street Capital Corp., she is also the corporate secretary of three junior mineral exploration companies. Alicia is a member of the Governance Professionals of Canada and is on the Board of Directors of Women In Mining BC.
The Company also wishes to announce the resignation of Mr. Harold Burgess as a Director of the Company. The Company would like to thank Mr. Burgess for his time and service as a director.
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.
Schmidt, P., Samson, I., & Smith, D. (2018). Dolomite carbonatite formation through metasomatism, and consequences for Nb-Ta mineralogy in the Eldor Carbonatite Complex, Quebec. RFG 2018 Conference.
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 highly prospective for niobium and tantalum. The Property includes portions of the high-priority, and drill ready, Miranna Target where prior boulder sampling in the area has returned 5.9% Nb2O5 and 1,220 ppm Ta2O5, as well as the Northwest and Southeast areas (Mallard Prospect) where drilling has returned wide intercepts of mineralization, including 0.61% Nb2O5 over 12.0 m (EC08-008) and 1.36% Nb2O5 over 4.5 m, within a larger interval of 0.80% Nb2O5 over 31.5 m (EC19-174A), respectively.
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 that the work has extended the strike length of the high-grade niobium mineralization by approximately 60 m, and that this work will provide the foundation for advancements towards an initial mineral resource estimate. 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 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 can 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.