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VANCOUVER, British Columbia, Oct. 19, 2021 (GLOBE NEWSWIRE) -- Sabre Gold Mines Corp. (TSX: SGLD, OTCQB: SGLDF) (“Sabre Gold” or the “Company”) has filed on SEDAR an independent technical report prepared in accordance with National Instrument 43-101 supporting the result of an updated mineral resource at its 100%-owned Copperstone gold project located in Arizona, United States. The results of the resource update were reported in the Company’s news release dated September 21, 2021, and there are no material differences in the report from those results.
Resource Update Highlights:
23% increase in gold ounces in all categories;
53% increase in Measured Resources to 196,000 gold ounces at 7.6 g/t;
45% increase in Inferred Resources to 212,000 gold ounces at 5.9 g/t;
The resource was estimated at a gold price of $1,700 ounce with a modest reduction of 9,700 ounces when calculated at a gold price of $1,600 ounce;
Underground mapping and sampling confirm that the mineralized domains occur where previously modelled;
Drilling continued to demonstrate continuity in mineralization within mineralized domains and delimited some domain edges where step out holes were drilled; and,
Capping of very high grade intercepts were distinct for each mineralized domain and based on conservative detailed statistical analysis which will provide potential further upside.
The updated mineral resource is summarized below:
Measured & Indicated
The updated Mineral Resource Estimate has an effective date of June16, 2021 and was prepared in accordance with National Instrument 43-101 Standards of Disclosure for Mineral Projects (“NI-43-101”) by Hard Rock Consulting, LLC, based in the U.S.A.
Mr. Richard A. Schwering, P.G., SME-RM, a Resource Geologist with Hard Rock Consulting, LLC, is responsible for the Copperstone Project Mineral Resource Estimate with an effective date of June 16, 2021. Mr. Schwering is a Qualified Person as defined by NI 43-101 and is independent of Sabre Gold Mine Corp. Mr. Schwering estimated the mineral resources based on drill hole data constrained by forty-eight structurally controlled domains using an Ordinary Krige algorithm. Five-foot downhole composites were generated within the domain boundaries. Composite statistical populations were examined for outliers by domain. Eight domains with extreme outliers had those values capped. Twenty-eight domains had outliers restricted within a percentage of the variogram distance. Twelve domains did not show statistical outliers within the populations and composites were not capped or restricted. The Geologic Model and Mineral Resource Estimate were completed using Leapfrog Geo® Software version(s) 6.0.5 and 2021.1.2.
The technical information in this news release has been reviewed and approved by Michael Maslowski, CPG, a qualified person as defined by National Instrument 43-101 and is employed by the company as its Vice President, Technical Services & Exploration.
About Sabre Gold Mines Corp.
Sabre Gold is a diversified, multi-asset near-term gold producer in North America which holds 100-per-cent ownership of both the fully permitted Copperstone gold mine located in Arizona, United States, and the Brewery Creek gold mine located in Yukon, Canada, both of which are former producers. Management intends to restart production at Copperstone followed by Brewery Creek in the near term. Sabre Gold also holds other investments and projects at varying stages of development.
Sabre Gold has approximately 1.1 million ounces gold in the Measured and Indicated categories, and approximately 1.5 million ounces gold in the Inferred category. Additionally, both Copperstone and Brewery Creek have considerable exploration upside with a combined land package of over 230 square kilometres that will be further drill tested with high-priority targets currently identified. Sabre Gold is led by an experienced team of mining professionals with backgrounds in exploration, mine building and operations.
For further information please visit the Sabre Gold Mines Corp. website (www.sabre.gold).
Cautionary Note Regarding Forward Looking Statements
This news release contains forward-looking information under Canadian securities legislation including statements regarding drill results, potential mineralization, potential expansion and upgrade of mineral resources and current expectations on future exploration and development plans. These forward-looking statements entail various risks and uncertainties that could cause actual results to differ materially from those reflected in these forward-looking statements. Such statements are based on current expectations, are subject to a number of uncertainties and risks, and actual results may differ materially from those contained in such statements. These uncertainties and risks include, but are not limited to: the strength of the Canadian economy; the price of gold; operational, funding, and liquidity risks; reliance on third parties, exploration risk, failure to upgrade resources, the degree to which mineral resource and reserve estimates are reflective of actual mineral resources and reserves; the degree to which factors which would make a mineral deposit commercially viable are present, and the risks and hazards associated with underground operations and other risks involved in the mineral exploration and development industry. Risks and uncertainties about Sabre Gold’s business are more fully discussed in the Company’s disclosure materials, including its annual information form and MD&A, filed with the securities regulatory authorities in Canada and available at www.sedar.com and readers are urged to read these materials. Sabre Gold assumes no obligation to update any forward-looking statement or to update the reasons why actual results could differ from such statements unless required by law.