A flurry of updates shows a new project, new faces and new financing for a rejuvenated Saville Resources TSXV:SRE. The company now moves into Quebec’s James Bay region by taking on the 3,370-hectare Covette property. Although it’s seen limited exploration so far, Covette underwent a 1,402-line-kilometre VTEM survey late last year, along with prospecting and sampling this year. The coincidence of EM conductors with magnetic highs suggests prospectivity for base and precious metals, the company reported. This year’s field program included pegmatite sampling for evidence of lithium.
Of two historic, non-43-101 grab samples, one returned 4.7% molybdenum, 0.73% bismuth, 0.09% lead and 6 g/t silver; while the other showed 1.2 g/t silver and 0.18% copper.
An underlying greenstone belt could offer base and precious metals potential as well as pegmatite-hosted lithium and tantalum. “Komatiites have also been described in the region, with such rock types known to host significant nickel-copper massive sulphide deposits at other localities globally,” the company stated.
Covette lies just 10 kilometres north of the all-weather Trans-Taiga road, which runs parallel to the LG-3 transmission line.
Pending TSXV approval, Saville gets the property by paying Zimtu Capital TSXV:ZC $350,000.
Saville also announced a private placement of up to $270,000. The company closed an $857,300 placement in July.
Among other updates, Saville settled $219,000 in debt by issuing shares and warrants that would represent 18.7% of the company’s outstanding shares.
Additionally, Saville announced Michael Hodge’s appointment as president/CEO/director. Having started his career in 1999 on the staking program for Commerce Resources’ (TSXV:CCE) Blue River tantalum-niobium project in British Columbia, Hodge has field experience on over 25 exploration projects as well as success in raising capital for junior miners.
Jody Bellefleur joins Saville as CFO, bringing over 20 years’ experience as a corporate accountant for the sector.