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MarketScreener Homepage  >  Equities  >  AUSTRALIAN SECURITIES EXCHANGE LIMITED  >  Sabre Resources Limited    SBR   AU000000SBR7

SABRE RESOURCES LIMITED

(SBR)
End-of-day quote. End-of-day quote AUSTRALIAN SECURITIES EXCHANGE LIMITED - 08/16
0.006 AUD   -14.29%
08/14SABRE RESOURCES : Additional Prospective Gold Tenure Acquired in Youanmi
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08/01SABRE RESOURCES : Request for Voluntary Suspension
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Sabre Resources : Additional Prospective Gold Tenure Acquired in Youanmi

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08/14/2019 | 09:32pm EDT

ASX ANNOUNCEMENT

15 August 2019

ASX code: SBR

Additional Prospective Gold Tenure Acquired in

Youanmi Gold District

Highlights:

  • Sabre has entered into a binding Share Sale Agreement to acquire Scarce Minerals Pty Ltd, the holder of a 100% interest in the Beacon Gold Project (ELA 57/1136), located in Western Australia.
  • The Beacon Gold Project adjoins Sabre's recently acquired Bonanza Gold Project increasing the Company's ground holding in the prospective Youanmi District.
  • New project area covers 15km2 within 5km of the Spectrum Metals' Penny West gold mine, and adjoins Venus Metals' E57/1078

Sabre Resources Limited (Company and Sabre) is pleased to announce it has entered into a binding Share Sale Agreement with Scarce Minerals Pty Ltd (Scarce Minerals) to acquire a 100% interest in Scarce Minerals, which holds the Beacon Gold Project (ELA 57/1136). The acquisition of Scarce Minerals is subject to due diligence, application grant and shareholder approval.

The Beacon Gold Project covers an area of 15km2 located 5km south of the recent discovery at the Penny West Gold Project owned by Spectrum Metals Limited (ASX: SPX) in the Youanmi Gold Mining District in Western Australia. The ELA adjoins the southern boundary of Sabre's recent tenement acquisition and increases Sabre's footprint to 33km2 in this highly prospective gold district. ELA 57/1136 is the only remaining project in the immediate vicinity of Penny West not already controlled by an ASX listed company.

The Youanmi Gold Mining District has gained rapid investor attention with several companies including Rox Resources Limited (ASX: RXL) and Venus Metals Corporation Limited (ASX: VMC) reporting significant exploration success on its gold projects located in the same area.

In addition to the acquisition, the Company is pleased to announce that it has finalized binding terms of a Placement.

A map showing the project location relative to the Spectrum Metals Limited (ASX: SPX) Penny West Gold Project and E57/1078 held by Venus Metals (ASX:VMC) is presented below:

Figure 1: Location plan showing the Beacon Gold Project (ELA 57/1136) relative to Sabre's

Bonanza Gold Project and Spectrum Metals Ltd's Penny West Project

Commenting on the recent activities of the Company, Chairman of Sabre Resources, Michael Scivolo, stated:

"We consider the proposed acquisition of Scarce Minerals and the Beacon Gold Project as an opportunity to consolidate Sabre's ground holding in the Youanmi District area that is host to several exciting high-grade gold discoveries, including the recently discovered northern extension of the Penny West Gold Project, owned by Spectrum Metals Limited (ASX: SPX). This region has gained rapid investor attention with several companies reporting significant exploration success on their gold projects located in the same area. Through this proposed acquisition, Sabre is now able to increase its exposure to this rapidly expanding gold district."

Sherlock Bay Nickel Project - Australia

Sabre holds a 70% interest in the Sherlock Bay Nickel Project in the Pilbara region of Western Australia which contains JORC Code (2012) Measured, Indicated and Inferred Resources of 24.6Mt grading 0.4% nickel, 0.09% copper and 0.02% cobalt* (refer to Table 1). The project has contained nickel of 98,400 tonnes. As at today's date the nickel price is approximately USD 15,850 per tonne. The Company is most encouraged by recent nickel price rises and continues to progress with the processing studies in relation to the development of the project.

Otavi Mountain Land Lead-Zinc-Silver Projects - Namibia

  • Sabre owns a highly prospective portfolio of advanced exploration assets, as well as a lead/zinc resource, located in the Otavi Mountain Land (OML) of Namibia.
  • The copper potential of the OML tenement package is currently being reviewed and evaluated with previous drilling having intersected multiple zones of high-grade copper.
  • The Company is looking to work towards a further drilling program at its Namibian vanadium-lead- zinc project to advance the resource deposit.
  • Assets include:
  1. High-GradeVanadium Mineralisation: High grade near-surface vanadium mineralisation historically mined at the Baltika V-Zn-Pb Prospect and the Kaskara V-Cu Deposit.
  1. Channel sampling of mineralisation at the base of the Harasib III pit returned high-grade lead- vanadium mineralisation including: 21m @ 4.79% lead and 2% V205 and 4m @ 8.71%

lead, 3.69% V205.

  1. Lead-ZincResource at the Border Deposit**: JORC Inferred resource of 16.0 Mt @ 1.53% Zn, 0.59% Pb and 4.76g/t Ag defined at Border Deposit and recent work has shown significant Zn-Pb geochemical anomalies along strike at the Toggenburg Prospect with up to 2.90% Zn+Pb over 2.8 km strike length defined to date. Mineralisation has exceptional metallurgical characteristics and is amenable to beneficiation using heavy media separation methods.
  1. High-GradeCopper Mineralisation at Guchab***: Extensive copper mineralisation intersected in drilling at the Guchab South Cu-AgProspect, where mineralisation occurs over an area at surface measuring over 850 metres by around 100 metres. Sabre has previously reported high grade copper mineralisation at Guchab including 22.2m at 3.45% Cu in hole GCD005. Geological modelling indicates that the mineralisation is open down plunge and drilling will be designed to test for extensions.

Summary of Acquisition Terms of Scarce Minerals

The key terms of the acquisition are as follows:

  • The Company will issue the Vendors with 6,000,000 fully paid ordinary shares, subject to shareholder approval; and
  • The Company will issue the Vendors with 6,000,000 options, with each option having an exercise price of $0.008 and an expiry date of 30 September 2022, subject to shareholder approval.

The acquisition remains subject to legal, commercial and technical due diligence and grant of all tenements. Completion of the acquisition and the issue of the Vendors' shares and options remains subject to shareholder approval. The Company intends to hold a General Meeting in the middle of September 2019 to seek shareholder approval under ASX Listing Rule 7.1.

The Vendors are Saba Nominees Pty Ltd and Gabriel Govinda, both unrelated parties to the Company.

Placement

Following the recent announcement on 2 August 2019 of its acquisition of prospective gold tenure in the Penny West region, Sabre received a number of offers from parties for additional investment into the Company.

Sabre has conducted a placement at a 33% premium to the previous placement issue price per share.

To this end, Sabre has finalised binding terms for a share placement to professional and sophisticated investors to raise further capital for exploration, project development, working and other capital requirements.

The Placement will be completed via the issue of 135,000,000 shares at $0.004 per share to raise $540,000 (before costs). Participants will also receive five (5) free attaching options for each four (4) shares subscribed under the Placement exercisable at $0.008 per share at any time up to 30 September 2022. The shares and options will be issued subject to receipt of funds and following shareholder approval.

The Placement will be made without a prospectus or other disclosure document to applicants meeting the exemption criteria of s.708 of the Corporations Act 2001.

The Company will apply to the ASX for quotation of the shares and subject to, and conditional on, complying with all ASX Listing Rule requirements, will seek ASX quotation for the attaching options as one class of security.

Sabre envisages holding a General Meeting in the middle of September 2019 to seek shareholder approval for the consideration payable for the acquisition of Scarce Minerals and for the issue of the Placement shares and options.

ENDS

For further information contact:

Martin Stein

Company Secretary

P: +61 8 9481 7833

  • Refer to ASX announcement dated 12 June 2018 and titled "Sherlock Bay resource estimate update". The Company is not aware of any new information or data that materially effects the information included in this announcement.

**Refer to ASX announcement dated 16 October 2014 and titled "Border Zinc Deposit Resource Update". The Company is not aware of any new information or data that materially effects the information included in this announcement.

***Refer to ASX announcement dated 10 September 2012 and titled "High Grade Copper from Surface at Guchab". The Company is not aware of any new information or data that materially effects the information included in this announcement.

Table 1: Sherlock Bay Ni Cu Co Deposit May 2018 Resource Estimate (0.15% Ni Cut-off)

The Mineral Resources have been classified as Measured, Indicated and Inferred Mineral Resource in accordance with the JORC Code, 2012 Edition and are shown in Table 1. (Note that rounding discrepancies may occur in summary tables).

Discovery Lode

Tonnes Mt

Ni%

Cu%

Co%

Ni t

Cu t

Co t

Measured

3.90

0.33

0.10

0.025

12,900

4,100

1,000

Indicated

6.3

0.39

0.11

0.025

24,200

6,700

1,600

Inferred

2.3

0.43

0.11

0.026

9,900

2,500

600

Total

12.5

0.38

0.11

0.025

47,100

13,200

3,100

Symond's High Grade Lode

Tonnes Mt

Ni%

Cu%

Co%

Ni t

Cu t

Co t

Indicated

2.80

0.56

0.08

0.022

15,600

2,300

600

Inferred

1.2

0.58

0.07

0.019

7,000

800

200

Total

2.1

0.63

0.08

0.024

13,200

1,600

500

Indicated

6.1

0.59

0.08

0.022

35,700

4,700

1,300

Symond's Low Grade Lode

Tonnes Mt

Ni%

Cu%

Co%

Ni t

Cu t

Co t

Measured

2.50

0.26

0.08

0.019

6,500

2,000

500

Indicated

1.7

0.26

0.05

0.013

4,400

800

200

Inferred

1.9

0.29

0.04

0.012

5,400

800

200

Total

6.1

0.27

0.06

0.016

16,400

3,700

900

Total Deposit

Tonnes Mt

Ni%

Cu%

Co%

Ni t

Cu t

Co t

Measured

12.48

0.38

0.11

0.025

47,100

13,200

3,100

Indicated

6.1

0.59

0.08

0.022

35,700

4,700

1,300

Inferred

6.1

0.27

0.06

0.016

16,400

3,700

900

Total

24.6

0.40

0.09

0.022

99,200

21,700

5,400

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Sabre Resources Limited published this content on 15 August 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 15 August 2019 01:31:01 UTC

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Managers
NameTitle
Michael Ernest Scivolo Non-Executive Director
Robert John Collins Non-Executive Director
Basil Anthony Conti Non-Executive Director
Martin Stein Secretary
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