Saville Resources Inc. Announces Completion of Winter Drill Program at its Niobium Claim Group Property, Quebec
VANCOUVER, BC / ACCESSWIRE / April 29, 2019 / Saville Resources Inc. (TSXV: SRE, FSE: S0J) (the "Company" or "Saville") is pleased to announce the completion of its maiden drill program on the Niobium Claim Group Property (the "Property"), situated within the central Labrador Trough, approximately 130 km south of Kuujjuaq, Quebec. The Property covers several prospective and advanced-stage niobium-tantalum targets, with the Company currently completing Year-1 of its Earn-in Agreement with Commerce Resources Corp.
The Company's Phase I drill program on the Property has now concluded with a total of 1,049 m completed over five (5) holes, focused at the Mallard Target in the Southeast Area of the Property. The primary objective of the drill program was to test the southeastern extension of the high-grade and near-surface mineralized intercepts returned historically from drill hole EC10-033, including 0.72% Nb2O5 over 21.35 m (4.22 m to 25.57 m) and 0.82% Nb2O5 over 21.9 m (58.93 m to 80.82 m). Four (4) drill holes were completed in this area (EC19-171, 172, 174, and 174A), with hole EC19-174A being a re-collar of EC19-174, which was unexpectedly lost at a depth of 81 m.
A single hole (EC19-173) was also completed as an approximate 60 m step-back of historical drill hole EC10-032 where high-grade, near-surface mineralization has been returned, including 0.71% Nb2O5 over 15.33 m (55.10 m to 70.43 m). The drill hole was positioned to further test this intercept down dip as well as the strike extension of the main mineralized zone to the northwest.
In each hole, favourable rock types and coarse-grained pyrochlore mineralization was visually identified over varying widths and concentrations. Portable XRF data and detailed geological logging further support these observations. Drill holes EC19-171, 172, 173, and 174A were sampled in their entirety, for a total of 764 samples including QAQC, and are currently en route to Activation Laboratories in Ancaster, ON for analysis with results to be reported when received.
The Mallard Target is the most advanced target on the Property, with 2,490 m over nine (9) drill holes completed historically (2008 and 2010). Coupled with the strong mineralization returned historically, the Company's Phase I drill program at Mallard will provide the foundation for advancement towards an initial mineral resource estimate. Further drilling at Mallard as well as several other high-priority targets, including Miranna, is planned as part of Phase II.
The 2019 exploration of the Property is being carried out by Dahrouge Geological Consulting Ltd. and managed out of Quebec.
NI 43-101 Disclosure
Darren L. Smith, M.Sc., P.Geo., 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 principal asset is the Niobium Claim Group Property, 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 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 5.9% Nb2O5 and 1,220 ppm Ta2O5, as well as the Northwest and Southeast areas (Mallard Target) where previous drilling has returned wide intercepts of mineralization, including 0.61% Nb2O5 over 12.0 m (EC08-008) and 0.82% Nb2O5 over 21.9 m (EC10-033), respectively.
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 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.
SOURCE: Saville Resources Inc.