News

January 23, 2023 – Saville Resources Inc. (TSXv: SRE, FSE: S0J) (the “Company” or “Saville”) is pleased to announce sample assay results for three (3) drill holes from its 2022 drill program at its Niobium Claim Group Property (the “Property”), located in northern Quebec. The 2022 drill program, completed in August, totaled 600.0 m and focused on the Mallard Prospect.

The 2022 drill program targeted the niobium zone previously reported in drill hole EC21175 (1.00% Nb₂O₅ over 17.1 m) – see news release dated September 1, 2022 – further at depth (EC22-201, 202, and 203) and along strike (EC22-203). The 2022 drill holes, each drilled to 200 m depth, returned well-mineralized niobium intervals, and continue to demonstrate the potential for a sizeable niobium mineralized zone to extend from depth to surface, as well as laterally, at the Mallard Prospect (Figure 1 and Table 1).

Core sample assay highlights from the 2022 drilling at the Mallard Prospect include:

• 16.0 m of 0.78% Nb₂O₅ and 7.5% P₂O₅ (EC22-202), including,
  • 3.0 m of 1.07% Nb₂O₅ and 8.9% P₂O₅
• 4.5 m of 0.94% Nb₂O₅and 10.0% P₂O₅ (EC22-202)
• 8.6 m of 0.81% Nb₂O₅ and 6.7% P₂O₅ (EC22-203), including,
  • 2.9 m of 1.32% Nb₂O₅and 6.7% P₂O₅

Mike Hodge, Company President, CEO, and Director, comments: “We are encouraged by the niobium mineralization extending to depth at the Mallard Prospect. The recent drill program has significantly improved our understanding of the Prospect’s geology and potential. The results affirm the presence of a fertile niobium mineralized system coupled with significant levels of tantalum and phosphate. We are now integrating the new drill information into our geological model to focus the next stage of drilling.”

Table 1: 2022 drill hole results for the Mallard Prospect

The high-grade mineralization encountered in each hole is hosted within dark green phoscorite-dolomite or phoscorite-calcite carbonatite units with minor to abundant magnetite and local dolomitization. This rock type and mineralogy is consistent with the previously drilled holes in 2019 and 2021, which are located west and south of the current holes.

High-grade mineralized intervals are present near surface (0.78% Nb₂O₅ over 16.0 m, including 1.07% Nb₂O₅ over 3.0 m) and at depth (0.94% Nb₂O₅ over 2.5 m) in drill EC22-202. This hole returned seven (7) samples >1.0% Nb₂O₅, to a peak of 1.30% Nb₂O₅ over 1.5 m, and ended in mineralization with a final sample assaying 0.57% Nb₂O₅. Additionally, drill hole EC22-201 ended in mineralization with a final sample assaying 0.54% Nb₂O₅ as well as ending within a high-grade tantalum interval (380 ppm Ta₂O₅ over 8.0 m). Strong niobium mineralization was encountered in all three (3) of the 2022 drill holes completed at the Mallard Prospect and, collectively with the previous drilling, indicate a wide mineralized footprint that remains open in all directions.

Quality Assurance / Quality Control (QAQC)

A quality assurance / quality control protocol following industry best practices was incorporated by Saville Resources 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 (custom package 8-Coltan XRF + major oxides). No fluorine analysis was completed on the 2022 drill core. 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: 2022 drill assay highlights – Mallard Prospect

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 Target, 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 (EC21-175).

On Behalf of the Board of Directors

SAVILLE RESOURCES INC.

“Mike Hodge”

Mike Hodge
President
Tel: 604.681.1568

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.

Forward-Looking Statements

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 drill holes demonstrated the potential for a sizeable niobium mineralized zone to extend from depth to surface and laterally; that the drill information will be incorporated into our geological model to focus on our next stage of drilling; and that the 2022 drill holes and the previous drill holes indicate a wide mineralized footprint. 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 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 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.