Sable Resources Ltd. have signed an earn-in agreement with a wholly-owned subsidiary of South32 Limited, to jointly explore the Don Julio Project located in San Juan Province, Argentina. The Project comprises a 58,000 hectare land package containing several Cu-Au porphyry, Ag-Au epithermal, and polymetallic skarn targets, which were generated from detailed mapping and geochemistry work over the past two and a half years. Sable has assigned its option to acquire a 100% interest in the Project from the Project's underlying owners to Olivares as part of this transaction. The EIA grants South32 the right to acquire 65% of the shares of Olivares by providing USD 8.5 million in exploration funding over a period of five years and assuming responsibility for paying 100% of the cash option payments due to the underlying owners of the Project during the EIA Period. At South32's election the EIA Period can be extended by one year to a total period of six years in consideration for South32 providing an additional USD 1.5 million in exploration funding. Sable will operate all exploration programs during the EIA Period, and will receive a 7.5% operator fee on all qualifying exploration expenditures. Pursuant to the terms of the EIA, to maintain the option to acquire a 100% interest in the Project in good standing, Sable retains the obligation to issue shares to the underlying owners. A technical committee comprising representatives from each of Sable and South32 will review and approve annual exploration programs and budgets during the EIA Period. All decisions of the technical committee will be decided by majority vote, with South32 having a casting vote. On satisfying the exploration funding and cash option payment requirements under the EIA, South32 may elect to subscribe for 65% of the shares of Olivares. Sable, Olivares and South32 would then enter into a Shareholders' Agreement, on terms agreed and appended to the EIA. During the period governed by the Shareholders' Agreement, Sable and South32 will contribute their proportionate share of further exploration and development expenditures or dilute on a straight-line basis. Other key terms of the Shareholders' Agreement include: If South32 elects not to contribute to the first approved program and budget of the Joint Venture Period, then its interest in Olivares will be immediately reduced to 49%, with Sable's interest immediately increasing to 51%; At any time, South32 may elect to sole fund a Preliminary Economic Assessment in exchange for an additional 10% interest in Olivares, such PEA to be delivered within five years of South32's election; The Shareholder with the larger interest in Olivares will have the right to act as Operator either directly or through an affiliate; For as long as South32 continues to hold the larger interest in Olivares, South32 will have the right to appoint an affiliate to act as the world wide marketing and distribution agent for product produced; In the event that Sable or South32 dilute below a 10% interest in Olivares, then the non-diluted party is entitled to buy out the diluted party's participating interest; and At any time, should the surrender or abandonment of part of the Project be authorized by Olivares, each shareholder will have the right to elect to take an assignment of the surrendered or abandoned portion, subject to any prior rights of third parties. The EIA is subject to a number of conditions, including receipt of approval from the TSX-V, the execution of an Acknowledgement and Consent Agreement between Sable, Olivares, South32 and the underlying owners of the Project as well as the execution of an Acknowledgement and Consent Agreement between Sable, Olivares, South32 and Osisko Gold Royalties Ltd.