March 2nd, 2020 – Saville Resources Inc. (TSX.V: SRE, FSE: S0J) (“Saville”) is pleased to provide an update on exploration efforts from the 2019 field program at its 100% wholly owned Bud Property (the “Property”), located northwest of Greenwood, British Columbia.
The Property is located approximately 4 km northwest of Greenwood, B.C. and consists of a total of 6 mineral licenses encompassing an area of approximately 380.6 Ha. The property is also located 2 km southwest of Ximen Mining Corp.’s (TSX.V: XIM) Gold Drop Property under option by GGX Gold Corp. (TSX.V: GGX) where diamond drilling on the C.O.D vein intersected high-grade mineralization including 129 g/t gold and 1,154 g/t silver over 7.28-metre core length and 107.5 g/t gold and 880 g/t silver over 6.90-metre core length (see GGX Gold news release Jan 11th & 18th, 2019).
Saville’s 2019 field program consisted of the collection of 14 rock grab samples from bedrock from both the western portion of the property and the area along the historical Mother Lode Road gossan showing.
Sample numbers and associated assays are listed in the table below.
Table 1: Geochemical assays from 2019 field season at the Bud Property. NA = Not assayed for
|SAMPLE #||Au (ppm)||Co (ppm)||Cu (ppm)||S (%)||Zn (ppm)|
The Bud Property
The Bud Property is situated within the highly mineralized Boundary District. The Boundary District includes the Republic, Belcher, Rossland and Greenwood Mining Camps in Southern British Columbia and northern Washington State, and has total past production exceeding 7.5 million ounces gold. The important gold deposits within the Boundary District can be broadly classified into six deposit types, including skarns, epithermal and mesothermal veins, mineralization associated with Jurassic alkalic intrusives, mineralization associated with serpentinite, and gold-bearing volcanogenic magnetite-sulfide deposits.
The Bud Property has potential for copper-gold skarn mineralization, similar to the nearby Motherlode and Sunset deposits. The Motherlode and Sunset deposits are situated within 500 meters of the Bud Property boundary and have historical production totaling 4.2 million tonnes at a grade of 0.8% Cu and 1.3 g/t Au. The Sunset and Motherlode deposits are detached zones of mineralization in the hanging wall of a low angle, north dipping fault. Both zones of mineralization are truncated at depth by the fault. Rocks in the footwall of the fault on the Bud Property are prospective as hosting the roots of these deposits.
The Property also has potential for gold bearing epithermal veins related to the eastern margin of the Toroda graben. The Morrison showing is the main zone of known mineralization on the Bud Property. Significant development of this showing was done during the late 1890’s and early 1900’s. This work was directed at zones of auriferous massive pyrite-pyrrhotite-chalcopyrite mineralization near the contact of limestone with highly altered volcanics or tuffs. Three roughly parallel mineralized zones were identified, from which a total of 2,918 tons returning 230 ounces of gold, 837 ounces of silver and 23,629 pounds of copper was mined prior to 1903. A further 649 tons at an unknown grade was shipped in 1907.
In 2018 Saville Resources Inc. conducted a baseline geochemical program consisting of the collection of 20 rock grab samples from bedrock at the eastern portion of the property. 7 of the 20 samples returned values greater than 1.0 g/t Au and 1.0% Cu.
During June-July 2003, Saville Resources Inc. re-opened the Morrison adit to allow access to underground workings. Saville also completed a program of excavator trenching in 2003. A zone of massive pyrrhotite- pyrite-chalcopyrite in skarn altered volcanics was exposed by trenching and returned an average grade of 1.9 g/t Au, 19.5 g/t Ag and 1.5 % Cu over an average width of 1.3 meters. A gossan zone in limestone returned an average 7.8 g/t Au, 9.3 g/t Ag, and 2156 ppm Cu, while a zone of quartz-pyrite-chalcopyrite mineralization in chert assayed up to 51.6 g/t Au, 403 g/t Ag and 4.16% Cu.
A three-hole (538 meter) diamond drill program was completed on the property during April-May 2005 to follow-up on mineralization encountered in trenches and in underground workings. All three of the drill holes intersected a sequence of visually impressive, intensely altered (epidote-chlorite-albite-carbonate pyrite) volcanics and volcaniclastics with interbedded limestone and chert. Epidote-garnet-magnetite skarn and narrow zones of semi-massive to massive sulfides (pyrrhotite, pyrite, chalcopyrite) are associated with limestone contacts and with limey intervals in the volcanics. Assay results from drilling were generally low. A 1.15 meter interval of quartz-pyrite-chalcopyrite mineralization in chert in hole 05-3 returned 3.82 g/t Au, 5.5 g/t Ag and 656 ppm Cu, including 0.15 meters of 14.3 g/t Au, 22.6 g/t Ag and 2653 ppm Cu. A 0.5 meter zone of massive pyrite-pyrrhotite-chalcopyrite in highly altered volcanic in hole 05-3 ran 3.97 g/t Au, 23.8 g/t Ag and 2.03% Cu. While work to date on the Bud Property has failed to encounter ore grade mineralization over mineable widths, it has identified a large hydrothermal system, prospective structure and stratigraphy, and local mineralization with viable gold, silver and copper grades.
Quality Assurance and Quality Control
Samples were collected and processed by the field crew in appropriate sample bags, tagged and recorded with their unique sample number. Sealed samples were placed in shipping bags which were sealed with electrical tape and dropped off personally to ALS Laboratories in North Vancouver, B.C. 1000 grams of rock per sample was pulverized to 85% < 75 microns and underwent Aqua Regia Digestion using conventional ICP-AES, 35 element analysis (ME-ICP41) with ore grade analysis on samples reaching upper detection limits, and 50 g Fire Assay/ICP-AES for gold and platinum group elements (PGM-ICP24).
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Nicholas Rodway, P.Geo., Saville’s Director and technical advisor on the Bud Property.
ON BEHALF OF THE BOARD
SAVILLE RESOURCES INC.
President & CEO
Neither the 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. 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 that the Company may not raise sufficient funds to carry out its plans, changing costs for mining and processing; increased capital costs; the timing and content of upcoming work programs; geological interpretations based on current data 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, that the minerals on the 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.