May 15 2024Reviewed by Lexie Corner
Sable Resources Ltd. has announced the acquisition of a 100 % stake in the Perk-Rocky Project, situated 225 km west of Williams Lake, British Columbia, Canada.
Perk-Rocky is a porphyry copper-gold exploration project with 10,475 ha of mineral claims at the boundary between Stikine equivalent volcanic Terrane and newer coast range intrusives.
The Project is also located within a regional structural belt that includes the New Prosperity, IKE, and Empress porphyry deposits and porphyry-related projects, as well as the historical high-grade Bralorne gold mine, which collectively emphasizes the mineral endowment and prospectivity of this mineralized belt.
The center of Perk-Rocky is a large porphyry-style alteration zone that stretches at least 8 km by 5 km and is home to several mineral occurrences, including the Briton prospect (Fe), Rya, Perkins Peak, Chilco, and nearby showings (Cu-Au).
The Project has only experienced minimal exploration, with brief campaigns of talus and rock sampling, an airborne VTEM and magnetic survey, and just 2,049 meters of drilling in 2021, despite substantial alteration and mineralization. The interpreted lithocap size has been considerably expanded by subsequent multi-band WorldView-3 satellite work.
Perk-Rocky’s metallogenic setting, large surface footprint, favorable erosional level and alteration style, and geochemical signature align with Sable’s objective of discovering large porphyry Cu-Au deposits. In addition to having at least three locations reporting outcropping Cu-Au porphyry mineralization and very good access, Perk-Rocky is also a good project from an operational point of view as we can advance it during the time of the South America winter when we reduce field activities in Argentina.
Dr. Ruben Padilla, President and Chief Executive Officer, Sable Resources Ltd.
Terms of Option Agreement
Sable has the opportunity to acquire a 100 % stake in the Perk-Rocky Project by fulfilling the necessary payments to the vendors:
- CAD$100,000 upon signing the option agreement; and issuance of 500,000 Sable common shares on receipt of TSX Venture Exchange approval
- CAD$150,000 on or before the first anniversary
- CAD$225,000 on or before the second anniversary
- CAD$250,000 on or before the third anniversary
- CAD$500,000 on or before the fourth anniversary
- CAD$775,000 on or before the fifth anniversary
Following the earn-in to 100 % ownership in the Project, milestone payments are due as follows:
- Sable will get US$650,000 if they file a National Instrument 43-101 ("NI 43-101") technical report with a mineral resource on the project
- US$1,500,000 if Sable submits a Preliminary Economic Assessment (as specified in NI 43-101) for the project
- Sable will receive US$2,000,000 upon completion of a feasibility study for the project
- US$5,000,000 should Sable decide to move forward with commercial production at the Project
The vendors hold a 3.0 % NSR, which Sable can buydown to 1.0 %.
The Agreement is subject to approval by the TSX Venture Exchange.