December 8, 2021 – Saville Resources Inc. (TSXv: SRE, FSE: S0J) (the “Company” or “Saville”) is pleased to announce sample assay results for the maiden drill holes (EC21-178, 179, 180, and 181) completed at the Miranna Prospect as part of its 2021 diamond drill program at its Niobium Claim Group Property (the “Property”), located in northern Quebec. The 2021 drill program, completed in July, included seven (7) holes totalling 1,349 m split over two prospects – Mallard (681 m over 3 holes) and the Miranna Prospect (668 m over 4 holes). The results of the drill holes targeting the Mallard Prospect were announced November 1st, 2021, and include the best niobium intersection to date. The maiden drilling at Miranna followed and has also demonstrated the potential for >1% Nb2O5 mineralization at depth.
Core sample assay highlights at Miranna include:
• 20.4 m of 0.72% Nb2O5 and 5.7% P2O5 (EC21-180), including,
o 3.1 m of 1.20% Nb2O5 and 7.6% P2O5, or
o 4.6 m of 0.97% Nb2O5 and 6.4% P2O5
The four drill holes completed at Miranna are the first to date to test the Prospect and were scoping in nature. Each drill hole, ranging in depth from 140 m to 236 m, was designed to test a different area of the geophysical anomaly that defines the prospect – the north-northwest margin, east-northeast margin, and the anomaly centre – with the objective of identifying the most prospective area for follow-up. The Company is pleased to report that drill hole EC21-180 achieved this objective, returning significant mineralization downhole, including 1.20% Nb2O5 over 3.1 m within a larger interval of 0.72% Nb2O5 over 20.4 m. The potential of this area is further emphasized by the additional mineralization encountered from surface in drill hole EC21-180 at 0.61% Nb2O5 over 7.9 m. Core assay highlights for all four (4) Miranna holes are presented in Table 1 and Figure 1.
Mike Hodge, President and CEO of the Company commented: “It is a major milestone to have drilled our first holes at Miranna after significant groundwork to hone in on the interpreted bedrock source. This is a grassroots discovery developed by our field geologists over several years and we are excited to follow-up this near surface >1% Nb2O5 mineralized intersection. Coupled with Mallard located within 1 km to the south, the niobium potential of the area continues to impress.”
Table 1: 2021 drill hole results for the Mallard and Miranna prospects
The high-grade mineralization encountered in EC21-180 is hosted within dark grey phoscorite to cream-grey phoscorite-calcite carbonatite units with minor to abundant magnetite and local dolomitization. This rock type and mineralogy is consistent with one of the common rock types present in the high-grade boulder train, in which the bedrock source is interpreted to be the Miranna geophysical anomaly (Figure 2).
The high-grade mineralization encountered in the 2021 Miranna and Mallard drill holes is present within 110 m of surface and is locally known to reach surface. Coupled with the presence of numerous high-grade, glacially dispersed boulders, suggests that open-pit extraction methods may be potentially applicable in a development scenario. By comparison, several of the more advanced niobium focused projects in North America are being developed using underground extraction scenarios due to significant amounts of overburden, including North America’s only operating niobium mine – Niobec. Overburden thickness at Miranna and Mallard is less than 10 m.
The Company notes that it carried out its field programs while adhering to all federal, provincial, and regional restrictions in place due to the COVID-19 pandemic. The Company successfully navigated the process to enter Nunavik with authorization obtained to complete its planned field activities. Mineral exploration has been recognized as an essential service in Canada and the Province of Quebec. The Company is also pleased to report that no cases of COVID-19 were documented with respect to the 2021 exploration program.
Quality Assurance / Quality Control (QAQC)
A quality assurance / quality control protocol following industry best practices was incorporated into the program and included systematic insertion of quartz blanks and certified reference materials into sample batches, as well as collection of quarter-core duplicates, at a rate of approximately 5%. Drill holes were sampled from top to bottom and shipped to Activation Laboratories in Ancaster, ON, for analysis.
Lab analysis included niobium, tantalum, and major oxides by X-ray fluorescence (package 8-Coltan XRF + Major Oxides) and fluorine by Fusion Specific Ion Electrode-ISE (Code 4F-F). Standard drill core sample preparation was completed and comprised of crushing to 80% passing 10 mesh, followed by a 250 g riffle split and pulverizing to 95% passing 105 µ (package RX1).
Figure 1: 2021 drill assay highlights – Miranna Prospect
Figure 2: Miranna mineralized boulder train
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 in National Instrument 43-101 – Standards of Disclosure for Mineral Projects, 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 Prospect, 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 1.00% Nb2O5 over 17.1 m, within a larger interval of 0.82% Nb2O5 over 42.3 m (EC19-175).
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 includes any information about activities, events or developments that the Company believes, expects or anticipates will or may occur in the future. Forward looking statements in this press release include that the niobium potential at the Mallard and Miranna prospects to be impressive; that an open pit extraction method may be potentially applicable; and that there is potential for additional mineralization in the Miranna area based on the results of drill hole EC21-180. 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 any future 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. Forward-looking statements contained in this news release are made 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.