Sable Announces Moxico-Funded Exploration Program and 3,500m Drill Program at the El Fierro Project, San Juan, Argentina

Sable and Moxico advance El Fierro with 3,500m drilling and new geophysical surveys approved.

What the company is saying

Sable Resources Ltd. (TSXV:SAE, OTCQB:SBLRF) announces that Moxico Resources plc has approved funding for the next exploration phase at the El Fierro Project in San Juan Province, Argentina. The company details a program including regional geological reconnaissance, target generation, a Spartan Magnetotelluric (MT) geophysical survey by Quantec Geoscience, and 3,500 metres of diamond drilling at the Pyros porphyry Cu-Au-Mo system. The narrative emphasizes systematic exploration, expanding known mineralization, and testing undrilled extensions, particularly in the southern area where mineralizing events may be better preserved. Dr. Ruben Padilla, President and CEO, frames the program as balanced and technically robust, highlighting the potential for new discoveries outside the current Pyros footprint. The announcement also reiterates the staged earn-in terms with Moxico—up to 51% interest via expenditures/payments over five years, and up to 70% with a feasibility study. Technical approval is attributed to Luis Arteaga, Vice President Exploration, as Qualified Person.

What the data suggests

The approved program comprises 3,500 metres of diamond drilling at the Pyros porphyry system, a full-property MT geophysical survey with up to 2km vertical penetration, and regional reconnaissance focused on underexplored southwestern areas. Drilling is scheduled to begin in the second week of January 2027, with fieldwork and geophysics starting in November 2026. The El Fierro Project covers a 10 km x 10 km Miocene magmatic–hydrothermal system, located 250 km northwest of San Juan city and 110 km south of the Vicuna district. Sable previously drilled 13 holes at Pyros in 2022, confirming significant Cu-Mo-Au mineralization in a multiphase Miocene-age stock. The Moxico option agreement, signed February 27, 2025, allows Moxico to earn up to a 51% interest in El Fierro by meeting exploration expenditure and payment milestones over five years, and up to 70% by completing a feasibility study. Sable’s broader portfolio includes 120,800 ha in the San Juan Regional Program and three properties in British Columbia: Copper Queen (15,133 ha), Copper Prince (3,980 ha), and Core Mountain (1,925 ha). No new assay results, resource estimates, or economic studies are provided in this update.

Analysis

The announcement is upbeat, highlighting the approval of funding for a substantial exploration program at El Fierro and outlining ambitious technical objectives. While the approval of funding and the partnership agreement with Moxico are realised milestones, the majority of the operational benefits—such as extending mineralization, expanding high-grade zones, and testing new targets—are forward-looking and contingent on future exploration success. The program's main activities (MT survey and drilling) are scheduled to begin in November 2026 and January 2027, placing any potential discovery or resource update well into the future. The capital intensity is high, with multi-year staged expenditures and a feasibility study required for Moxico to earn a majority interest, but there is no immediate earnings or resource impact. The language is generally proportionate for an exploration-stage update, but phrases about expanding mineralization and the significance of the southern area are speculative until drilling results are available. The data supports that planning and funding are in place, but not that any new value has been realised yet.

Risk flags

• ●Execution risk is high, as the success of the program depends on the effectiveness of regional reconnaissance, the accuracy of the MT geophysical survey, and the outcome of 3,500 metres of drilling. If drilling fails to extend mineralization or identify new targets, the project's value proposition could weaken.
• ●Timeline risk is present, with drilling not scheduled to begin until January 2027. Delays in permitting, weather, or technical issues could push results and potential catalysts further into the future, extending the period before any resource or economic assessment is possible.
• ●Financial exposure is shared but contingent: Moxico’s staged earn-in structure means Sable’s ultimate ownership and funding obligations will depend on Moxico’s continued commitment and ability to meet expenditure and feasibility milestones. If Moxico withdraws or fails to advance, Sable may need to seek alternative funding or partners.
• ●Exploration risk remains inherent, as the targeted southwestern areas and undrilled extensions are untested. There is no guarantee that these zones will yield economic mineralization, and the absence of new drill results or resource estimates means the project's upside is still speculative.

Bottom line

Sable Resources and Moxico Resources have formally approved and scheduled a significant exploration push at the El Fierro Project, with 3,500 metres of drilling and a comprehensive MT geophysical survey set to begin in late 2026 and early 2027. The program is technically ambitious and targets both expansion of known mineralization at Pyros and the identification of new zones in underexplored areas, but all value remains contingent on future drill results. The staged earn-in structure with Moxico provides some financial risk mitigation for Sable, but also means project advancement is tied to Moxico’s ongoing participation. No new resource, economic, or assay data are provided, so the investment case remains speculative and long-dated. Investors should expect no near-term catalysts, with any meaningful results or resource updates unlikely before mid to late 2027. The most important takeaway is that the groundwork for a major exploration campaign is now set, but the timeline to potential value realization is measured in years, not months.

Announcement summary

(TSXV:SAE | OTCQB:SBLRF) Sable Resources Ltd. announced that its partner, Moxico Resources plc, has approved funding for the upcoming spring-summer exploration season at the El Fierro Project in San Juan Province, Argentina. The approved exploration program will include regional geological reconnaissance and target generation across underexplored areas of the El Fierro property, a Spartan Magnetotelluric (MT) geophysical survey to be conducted by Quantec Geoscience, and 3,500 metres of diamond drilling at the Pyros porphyry Cu-Au-Mo system. Regional exploration will focus on the southwestern portion of Sable’s El Fierro land package, targeting areas with limited previous exploration. The MT geophysical survey will cover the entire Pyros porphyry system with a vertical penetration of up to 2km and will be integrated with existing datasets to refine the new drill phase. Regional field exploration and the MT survey are planned to commence in November 2026, with drilling anticipated to start during the second week of January 2027. Dr. Ruben Padilla, President and CEO of Sable, stated that the program aims to advance the Pyros porphyry system with an additional 3,500 metres of drilling, expand high-grade breccia zones, and test undrilled southern and western extensions of the system. The southern area is considered particularly important due to the potential preservation of the main sericite-chlorite mineralizing event. Luis Arteaga M.Sc. P.Geo., Vice President Exploration, is the Qualified Person for the technical information in the release. The El Fierro Project is located 250 km northwest of San Juan city and 110 km south of the Vicuna district, which contains the Josemaria, Filo del Sol, and Lunahuasi deposits. El Fierro is a large (10 km x 10 km) Miocene magmatic–hydrothermal system surrounding the Pyros Cu-Au-Mo porphyry centre, discovered by Sable during the 2021-2022 drilling campaign. Sable drilled 13 holes at Pyros in 2022, discovering a large, multiphase Miocene-age stock hosted within Permian granitic rocks, with multiple holes intercepting significant intervals of Cu-Mo-Au mineralization. On February 27, 2025, Sable entered into an agreement with Moxico Resources granting Moxico an option to earn up to a 51% interest in the El Fierro Project by completing a series of exploration expenditures and payments over five years, with the option to earn up to 70% by completing a feasibility study. Sable is actively exploring the San Juan Regional Program (120,800 ha), which includes the Don Julio, El Fierro, Zorro, and Cerro Negro projects in San Juan, Argentina, and the Copper Queen (15,133 ha), Copper Prince (3,980 ha), and Core Mountain (1,925 ha) properties in British Columbia.

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