VANCOUVER, BC / ACCESSWIRE / March 3rd, 2020 / Saville Resources Inc. (TSXV:SRE)(FSE:S0J) (the "Company" or "Saville") is pleased to announce that it has entered into an agreement with Ximen Mining Corp. (XIM) for the sale of its 100% owned mineral property in southern British Columbia. The Bud Property consists of 6 mineral claims covering a total of 380.6 hectares.
The Bud Property is located approximately four kilometres northwest of Greenwood, B.C., and is two km southwest of Ximen Mining Corp.'s Gold Drop property under option by GGX Gold Corp., where diamond drilling on the COD vein intersected high-grade mineralization, including 129 grams per tonne gold and 1,154 g/t silver over 7.28-metre core length and 107.5 g/t gold and 880 g/t silver over 6.90-metre core length (see GGX Gold news releases dated Jan. 11 and Jan. 18, 2019).
Details of this transaction will be: 388,888 shares of Ximen Mining Corp. to be issued to Saville Resources Inc. upon closing of agreement. This Transaction is subject to TSX Venture approvals.
About Saville Resources Inc.
The Company's principal asset is the Niobium Claim Group Property, situated within the central Labrador Trough, Quebec, and 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 Prospect) where drilling has returned wide intercepts of mineralization, including 0.61% Nb2O5 over 12.0 m (EC08-008) and 1.36% Nb2O5 over 4.5 m, within a larger interval of 0.80% Nb2O5 over 31.5 m (EC19-174A), 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 that the work has extended the strike length of the high-grade niobium mineralization by approximately 60 m, and that this work will provide the foundation for advancements towards an initial mineral resource estimate. 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 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.