Vancouver, B.C. (FSCwire) - Saville Resources Inc. (TSXv: SRE, FSE: S0J) (the “Company” or “Saville”) is pleased to report the results of the recent prospecting and sampling completed throughout the Miranna Area, which forms part of its Niobium Claim Group (the “Property”) in northern Quebec. This work was conducted by Commerce Resources Corp. during their 2017 field program.
The Miranna Area is characterized by a strongly mineralized (Nb-Ta-Phosphate), glacially dispersed, boulder train with a source interpreted to be potentially on the Company’s Property. Prospecting work in the area continues to identify numerous, well-mineralized boulders, with the 2017 program returning a peak niobium sample of 4.30% Nb2O5, 240 ppm Ta2O5, and 13.4% P2O5, and a peak tantalum sample of 1.16% Nb2O5, 700 ppm Ta2O5, and 0.65% P2O5. A summary of results is presented in Table 1.
Table 1 – Select mineralized boulder sample results, collected on the Property from the Miranna Area in 2017
|Sample ID||Nb2O5 (%)||Ta2O5 (ppm)||P2O5 (%)|
- Ta2O5 and Nb2O5 are analyzed by XRF with a detection limit of 10 ppm
The recent field work further supports the presence of a large, strongly mineralized boulder field with a source towards the south-southeast. A distinct lull in mineralized boulders is coincident with the primary geophysical anomaly in the Miranna Area, of which approximately half is present on the Property. This anomaly, known as the Miranna Target, is interpreted to be a potential source of the boulder train. Further, the data suggests several overlapping boulder trains may be present, with one source potentially from the Southeast Area.
All samples were analyzed by Activation Laboratories Ltd. the Ancaster, ON facility for major oxide, rare earths, and trace elements by fusion ICP and ICP/MS, tantalum and niobium by XRF, and for fluorine by Fusion Specific Ion Electrode-ISE.
The Company intends to complete its maiden drill program on the Niobium Claim Group Property in the latter half of 2018. The program will aim to test the portion of the Miranna Target that is present on the Property, as well as further test the Northwest and Southeast areas, which are also considered highly prospective, with several well-mineralized drill intersections returned in prior years. Since the discovery of the Ashram Rare Earth Deposit, Commerce Resources Corp. elected to focus on that asset.
The Company is currently preparing an NI 43-101 Technical Report on the Niobium Claim Group Property, which consists of 21 contiguous claims within the Eldor Property held by Commerce Resources Corp. Saville recently signed an Earn-In Agreement (subject to TSX Venture Exchange approval) providing the Company with the exclusive right to earn up to a 75% interest in the Property (see news release dated January 11, 2018). The agreement is conditionally approved by the TSX Venture Exchange, pending receipt of an acceptable NI 43-101 Technical Report on the Property.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geol., Dahrouge Geological Consulting Ltd., a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this news release.
About Saville Resources Inc.
The Company’s primary asset, subject to TSXV final approval, is the Niobium-Claim Group, recently acquired via Earn-In Agreement from Commerce Resources Corp. for up to a 75% interest. The Property consists of 21 contiguous mineral claims, encompassing an area of approximately 980 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 up to 5.9% Nb2O5 and up to 1,220 ppm Ta2O5, as well as the Northwest and Southeast areas where previous drilling returned wide intercepts of mineralization including; 46.88 m grading 0.46% Nb2O5 (EC08-008) and 19.54 m grading 0.85% Nb2O5 (EC08-033), 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 but are not limited to the exploration Earn-In agreement and any reference to work commitments (including the completion of a drill program). These 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.