Saville Resources Inc. Identifies New Showing with Samples Yielding 1.20% Zinc and 69.0 g/t Silver at Covette Property, Quebec
Vancouver, B.C. (FSCwire) - Saville Resources Inc. (TSX.V: SRE, FSE: S0J) ("Saville" or the "Company") is pleased to announce the discovery of a new area of surface mineralization at its 100% owned Covette Property (the “Property”), located in the James Bay Region in the Province of Quebec.
Saville organized an exploration team for a reconnaissance program where a new zone of surface mineralization was discovered directly above the area of high conductivity identified by the 2016 VTEM survey. 8 samples were taken along a visible ~200-meter strike length of what is described as an oxidized silicified foliated amphibolitic rock unit. The best of the samples was sample 4289 that assayed 1.2% zinc and 68.7 g/t silver. Samples 4284-4286 returned elevated values of 0.13% to 0.19% nickel.
A map showing the location of the new mineralized sample locations can be viewed at the following: http://savilleres.com/Sample-Location-2018.pdf
The Property is located approximately 190 km east of Radisson and 10 km north of the all-weather Trans-Taiga road and adjacent LG-3 transmission line. The claim area consists of 65 contiguous claims, encompassing an area of approximately 3,370 ha (~34 km²).
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.
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.
Historically, the Property area has been subject to only limited exploration, which focused primarily on prospecting and sampling. Outcrop exposure in the area is limited. Historic sampling results include the pegmatite/amphibolite Clothilde Showing where 4.7% Mo, 0.73% Bi, 0.09% Pb, and 6.0 g/t Ag, as well as 1.2 g/t Ag and 0.18% Cu were returned from two grab samples, respectively.
A ground prospecting program was completed in Q3-2017 which unveiled samples returning assays of 0.18 nickel, 0.09% copper, and 87 ppm cobalt. 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.
The company plans to initiate a follow up trenching and channel sampling program following this summer’s discovery.
Rock samples on the project were assayed by standard 30 gram fire-assaying with ICP-OES finish at AGAT laboratories in Mississauga, Ontario. All samples were also analyzed for multi-elements, using four-acid ICP/ICP–MS method. Exploration program design and interpretation of results was performed by qualified persons employing a Quality Assurance/Quality Control program consistent with industry best practices, including the use of standards and blanks with every 10 samples.
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., Director of Saville, as well as a Qualified Person.
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.
Source: Saville Resources Inc. (TSX Venture:SRE)
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