VANCOUVER, BC / ACCESSWIRE / March 1, 2019 / Saville Resources Inc. (TSX-V: SRE, FSE: S0J) ("Saville") reported today that it has entered into an option agreement with Astorius Resources Ltd. ("Astorius") to sell 100% interest in the Covette nickel-copper-cobalt property (the "property"), located in the James Bay Region in the Province of Quebec.
The Property is located approximately 190 km east of Raddison and 10 km north of the all-weather Trans-Taiga road and adjacent LG-3 transmission line. The claim area consists of 12 contiguous claims, encompassing an area of approximately 613ha (~6.13 km²). A property map can be found at http://savilleres.com/assets/2019-03-nrm-sre.jpg.
In late 2016, a 1402 line-km Versatile Time Domain Electromagnetic (VTEM) survey was completed over the Covette Property by Geotech Ltd., of Aurora, Ontario. It identified several high priority electromagnetic (EM) conductors coincident with strong and distinct magnetic high anomalies, as well a broad and large coincident EM and magnetic high anomaly. These areas are considered prospective for base and precious metal targets. The property was subsequently explored during two early stage exploration programs conducted by Saville in 2017 and 2018. Results from the 2017 prospecting program returned rock samples with values up to 0.09% copper, and 0.19% nickel in grab samples. In 2018, eight samples were taken in a newly discovered surficial gossanous bedrock outcrop with samples grading up to 1.20% zinc, 68.7 ppm silver, 0.15% copper and 0.19% nickel. The sulphide mineralization is associated with amphibolite units within an intermediate-ultra mafic suite of rocks. The nature of the mineralization remains uncertain due to limited exploration work. The ground work and surface sampling was not sufficient to explain the source of the VTEM anomalies, and collectively, appear to indicate a source at depth.
Geologically, a greenstone belt underlies the region, comprised of various mafic to ultramafic rock units considered prospective for base and precious metals (Ni-Cu-Co-PGE-Au-Ag), as well as pegmatite hosted rare metals (Li-Ta). Komatiites have also been described in the region with such rock types known to host significant Ni-Cu massive sulphide deposits at other localities globally, adding further to the prospective nature of the region.
Under the terms of the Option Agreement the Issuer will acquire a 100% interest and rights in the property by paying the Vendor an aggregate of $1,250,000 in cash, payable over 36 months of signing the agreement. A 2% Net Smelter Return (NSR) is included in the agreement payable to the Vendor. The Issuer must spend a minimum of $300,000 qualified exploration and development expenditures by February 5, 2021.
National Instrument 43-101 Technical Report
The Company has completed a National Instrument 43-101 Technical Report on Covette nickel-copper-cobalt property prepared by Edward Lyons, P.Geo. of Tekhne Research Inc. The report is available on SEDAR at www.sedar.com.
The Report recommends a Phase 1 work program that will focus on detailed geological mapping and surface sampling of areas confirmed in having high conductivity by the 2016 VTEM survey; detailed sampling of the several types of sulphide types (dissemination, veins) and petrographic studies to determine the mineralogy; channel sampling to determine the bulk grades in showings; and design and execution appropriate geophysical surveys to test extension of the showings and well as determine property-wide prospection methods.
The technical information in this news release has been prepared in accordance with the Canadian regulatory requirements set out in National Instrument 43-101 and reviewed and approved by Nicholas Rodway, P.Geo., Saville´s Director and technical advisor on the Covette Property.
ON BEHALF OF THE BOARD
SAVILLE RESOURCES INC.
Neither the 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. 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 that the Company may not raise sufficient funds to carry out its plans, changing costs for mining and processing; increased capital costs; the timing and content of upcoming work programs; geological interpretations based on current data 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, that the minerals on the 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.