VANCOUVER, BC, Nov. 10, 2020 /CNW/ - Sable Resources Ltd.
("Sable" or the "Company") (TSXV:SAE) (OTCQB:SBLRF) is pleased to
announce the Company and Exploraciones Sable, S. de R.L. de C.V.
(the "Vendor"), a wholly-owned subsidiary of the Company, have
entered into an Option Acquisition Agreement with Magna Gold Corp.
("Magna") and Molimentales del Noroeste, S.A. de C.V. (the
"Purchaser"), a subsidiary of Magna, for the sale of the option
agreement on the Margarita Silver Project, located in Chihuahua
State, Mexico (the "Margarita Option Acquisition
Agreement"). In exchange for acquiring the option rights to
the Margarita Silver Project, the Purchaser has agreed to pay the
Vendor $1,500,000 in cash and to
issue 3,219,278 Magna shares equal in value to $3,500,000, calculated based on the volume
weighted average price of Magna shares on the TSX Venture Exchange
for the fifteen trading days prior to the date of the Margarita
Option Acquisition Agreement. The Purchaser will also pay
$2,300,000 to the title owners of the
Margarita Silver Project, comprised of $500,000 in cash and $1,800,000 in Magna shares, calculated on the
same basis as the share consideration the Company is receiving.
Closing of the sale transaction is expected to occur on or
about November 16, 2020 and is
subject to, among other things, the approval of the TSX Venture
Exchange and any other approvals required under applicable
laws.
![Sable Resources Ltd. Logo (CNW Group/Sable Resources Ltd.) Sable Resources Ltd. Logo (CNW Group/Sable Resources Ltd.)](https://mma.prnewswire.com/media/1330837/Sable_Resources_Ltd__Sable_Enters_into_Agreement_to_Sell_the_Mar.jpg)
Ruben Padilla, CEO of Sable
stated, "The Margarita Silver Project is a clear example of Sable's
capacity to generate value through mineral discovery. The
sale of the option agreement is a substantial non-dilutive addition
to our already strong cash position, improving our capacity to
focus on the drilling of various projects from our high-quality
exploration portfolio."
ABOUT SABLE RESOURCES LTD.
Sable is a well-funded junior grassroots explorer focused on the
discovery of new precious metal projects through systematic
exploration in endowed terranes located in favorable, established
mining jurisdictions. Sable's main focus is developing its large
portfolio of new greenfields projects to resource stage utilizing
its Upper Level Epithermal Strategy. Sable is actively exploring
the San Juan Regional Program (68,718ha) incorporating the Don
Julio Project and the El Fierro Project in San Juan Province,
Argentina and the Mexico Regional Program (1.16Mha in
application, 39,000ha titled) incorporating the Vinata and El
Escarpe projects.
Related link: sableresources.com
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.
Caution Regarding Forward Looking Statements
Certain statements contained in this press release constitute
forward-looking information. These statements relate to future
events or future performance. The use of any of the words "could",
"intend", "expect", "believe", "will", "projected", "estimated" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking
information and are based on Sable's current belief or assumptions
as to the outcome and timing of such future events. Actual future
results may differ materially. Although such statements are based
on reasonable assumptions of Sable's management, there can be no
assurance that any conclusions or forecasts will prove to be
accurate.
While Sable considers these assumptions to be reasonable based
on information currently available, they may prove to be incorrect.
Forward looking information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements to be materially different from any
future results, performance or achievements expressed or implied by
the forward-looking information. Such factors include risks
inherent in the exploration and development of mineral deposits,
including risks relating to changes in project parameters as plans
continue to be redefined, risks relating to variations in grade or
recovery rates, risks relating to changes in mineral prices and the
worldwide demand for and supply of minerals, risks related to
increased competition and current global financial conditions and
the COVID-19 pandemic, access and supply risks, reliance on key
personnel, operational risks, and regulatory risks, including risks
relating to the acquisition of the necessary licenses and permits,
financing, capitalization and liquidity risks.
The forward-looking information contained in this release is
made as of the date hereof, and Sable is not obligated to update or
revise any forward-looking information, whether as a result of new
information, future events or otherwise, except as required by
applicable securities laws. Because of the risks, uncertainties and
assumptions contained herein, investors should not place undue
reliance on forward-looking information. The foregoing statements
expressly qualify any forward-looking information contained
herein.
SOURCE Sable Resources Ltd.