Sable Resources Stakes Spences Bridge Gold Belt, Forms Strategic Alliance With Westhaven Ventures
TSX VENTURE: WHN
VANCOUVER, British Columbia, Oct. 16, 2018 (GLOBE NEWSWIRE) -- Westhaven Ventures Inc. (TSX-V:WHN) Sable Resources Ltd ("Sable" the "Company") (TSXV: SAE) is pleased to announce the staking of a 189,197 hectare land package covering over 70% of workable ground of the Spences Bridge Gold Belt (SBGB) in Southern British Colombia, Canada. The ground is held by Sables' 100% subsidiary Multinational Mining Inc. The SBGB is a 200-kilometer long by 30-kilometer-wide, emerging Low-Sulphidation Epithermal Gold Belt that Sable believes to be highly prospective and underexplored. Interpreted by Sable to be a failed cretaceous rift basin, Sable believes the belt is prospective for Fruta del Norte style high-grade epithermal mineralisation.
In addition to the claim staking, Sable has also formed a strategic alliance with Westhaven Ventures Inc ("Westhaven") (TSXV: WHN). Westhaven recently released high grade intersects at their Shovelnose project (October 2nd, 2018) intersecting 1.65 metres of 175 g/t Gold and 249 g/t Silver and recognition of visible gold in 5 drill holes. The Alliance brings together Sable's and Westhaven’s technical expertise and combined control of 86% of the Gold Belt (225,000ha). In accordance with an existing Confidentiality and Non-Disclosure Agreement between the two companies, any ground staked by Sable within 5-kilometre of Westhaven's existing projects will be subject to a 2.5% NSR. In addition Westhaven has a 30 day Right of First Refusal (ROFR) for a three-year period for any properties within this 5-kilometre radius.
"Representing one of the largest single staking exercises in British Colombia, the acquisition of Spences Bridge is directly in line with our ongoing Upper Level Epithermal Strategy, acquiring ground and projects in world class jurisdictions in prospective terranes we believed to be underexplored," commented Terry Harbort, Vice President of Corporate Development for Sable. "We have been monitoring the SBGB for some time waiting for the right moment to implement our strategy. Our alliance with Westhaven now gives us combined control of the vast majority of this highly prospective gold belt. As the Mexico Regional program moves in to Phase II (detailed sampling and mapping) and the San Juan Regional Program (Argentina) moves into Phase III (Drilling) the Spences Bridge Regional Program will rebuild our Phase I pipeline, ensuring that Sable Shareholders have a robust exploration project portfolio for the foreseeable future."
"We are very pleased to be partnering with Sable's successful and experienced technical team," stated Gareth Thomas, President & CEO of Westhaven. "We believe our recent results and operational experience in the SBGB combined with Sable's epithermal and greenfields knowledge forms a strong alliance mutually beneficial to both companies."
The Spences Bridge Gold Belt (SBGB)
Westhaven owns a 100%-interest in 4 properties covering over 35,000 hectares within the prospective SBGB, which is situated within a geological setting like those which host other significant epithermal gold-silver systems. It is close to major transportation routes and infrastructure allowing for cost-effective exploration. The SBGB is a 110-kilometre northwest-trending belt of intermediate to felsic volcanic rocks dominated by the Cretaceous Spences Bridge Group.
On behalf of the Board of Directors
WESTHAVEN VENTURES INC.
Gareth Thomas, President, CEO & Director
Westhaven Ventures Inc. is a Canadian based exploration company focused on the acquisition and exploration of prospective resource properties. Westhaven is focused on advancing its Shovelnose, Prospect Valley, Skoonka and Skoonka North gold projects in British Columbia. Westhaven trades on the TSX Venture Exchange under the ticker symbol WHN. For further information, please call 604-681-5558 or visit Westhaven’s website at www.westhavenventures.com