VANCOUVER, BC, Nov. 18, 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., a
wholly-owned subsidiary of the Company (collectively "Sable"), have
completed the sale of its option to acquire the Margarita Silver
Project, located in Chihuahua State, Mexico, to Molimentales del Noroeste, S.A. de
C.V., a subsidiary of Magna Gold Corp. ("Magna") (collectively the
"Purchaser"). In exchange for acquiring the option rights to the
Margarita Silver Project, the Purchaser paid Sable $1,500,000 in cash, plus an additional
$800,000 representing Mexican VAT,
and issued 3,219,278 Magna shares at a deemed price of
$1.0872 per Magna share 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 option acquisition agreement. In satisfaction of the final
option price, the Purchaser also paid the title owners of the
Margarita Silver Project $500,000 in
cash, plus an additional $368,000
representing Mexican VAT, and issued 1,655,629 Magna shares,
calculated on the same basis as the share consideration the Company
received. The Magna shares received by the Company as part of the
consideration are subject to a four month hold period in accordance
with applicable Canadian securities laws which will expire on
March 18, 2021.
![Sable Resources Ltd. (CNW Group/Sable Resources Ltd.) Sable Resources Ltd. (CNW Group/Sable Resources Ltd.)](https://mma.prnewswire.com/media/1338218/Sable_Resources_Ltd__Sable_Completes_Sale_of_Margarita_Project_O.jpg)
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.
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.
SOURCE Sable Resources Ltd.