Sabre Resources : Quarterly Activities Report

ASX ANNOUNCEMENT

18 July 2019

QUARTERLY ACTIVITIES REPORT

FOR THE QUARTER ENDED 30 JUNE 2019

HIGHLIGHTS

• Sherlock Bay Nickel-Copper-Cobalt and Gold Project, Pilbara, WA
  The Company continues to review options for development of the Sherlock Bay nickel project.
• Otavi Mountain Land Base Metal and Vanadium Project, Namibia
  A review of historical data has identified vanadium occurrences.
• West Australian Vanadium Projects
  Discussions have commenced with relevant Native Title parties to expedite the granting of E80/5219 (Speewah).

SHERLOCK BAY PROJECT

Sabre Resources Limited (ASX: SBR and "Company") holds a 70% interest in the Sherlock Bay Project located in the Pilbara region of Western Australia (refer to SBR announcement dated 29 January 2018). The Project is well-located, 12km off Highway 1 with access to critical mining infrastructure. The Project tenements comprise two valid exploration licenses E47/1769 and E47/1770 and a mining lease M47/567 (Figure 1 and Appendix I).

Figure 1: Location map of the Sherlock Bay Project in Western Australia.

OTAVI MOUNTAIN LAND PROJECT ("OML PROJECT")

The Otavi Mountain Land is a highly prospective, underexplored area in northern Namibia which has potential for high-value copper mineralisation, stratabound zinc-lead mineralisation and vanadium deposits (Figures 2-3).

The Otavi Mountain Land contains numerous historic mines, including the Tsumeb copper-lead-zinc mine and smelter complex, plus the Kombat copper mine. These mines are currently on care and maintenance, however, the Tsumeb copper smelter remains one of only five operating copper smelters in Africa. The presence of these mines and other significant historical mining and processing operations has resulted in the provision of excellent infrastructure throughout the region.

The Otavi Mountain Land Project comprises two tenements, EPL 3540 (SBR 80%) and EPL 3542 (SBR 70%), which cover about 347km2 of the 'Otavi Triangle'. Renewal applications for EPL3540 and EPL3542 have been granted for an additional two-year term and will now expire in May 2021.

Figure 2: Location of the Otavi Mountain Land Project in northern Namibia. Red lines are highways, black crossed lines are railways, black squares are towns and cities, and black star is the capital, Windhoek.

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Figure 3: The Otavi Mountain Land, showing roads (red) railroads (black hatched), towns (black square), major mines and deposits (crosses) and the Tsumeb smelter complex. Sabre's two licences, EPL3540 and EPL3542 (pre-renewal and 50% area reduction), are located in the highly mineralised south of the area. Mining licences (grey cross-hatched) are not owned by Sabre and are excised from the licences.

A review of historical data has identified vanadium occurrences on EPL 3542. A grouping of occurrences is located on a mineralised trend between the Kaskara and Lucas Post prospects. Previous RC drilling by Sabre at Kaskara intersected broad zones of vanadium mineralisation in ferruginous shear zones surrounding a central breccia pipe similar to the Abenab vanadium project, which is owned by Golden Deeps Ltd (Figure 4 and 5). Kaskara is a priority target for drilling.

Figure 4: Open pit at Kaskara breccia pipe.

Figure 5: Vanadium bearing ferruginous veins.

Vanadium pentoxide production is recorded from the historic Utisab Mine located 7km east of the Kaskara prospect. Small tonnages of vanadium were mined from an open pit within recrystallised dolomite breccia.

At the Baltika vanadium mine ~100km by road from the historical Abenab mine, small tonnages of high- grade vanadium pentoxide were mined from an open pit.

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WA VANADIUM PROJECTS

The Company holds an application for the Speewah project (E80/5219) located in Western Australia (Figure 6), which has the potential for vanadium mineralisation. The project is located in the Kimberley region near King River Copper Limited's Speewah Dome vanadium project, which hosts a JORC resource of 4.7Bt at 0.3% V2O5, 2% TiO2 and 14.7% Fe. The Balla Balla (E47/3985) and Unaly (E57/1092) projects have been relinquished. SBR has engaged Mining Access Legal to assist with negotiation of a heritage agreement with the Native Title group.

Figure 6: Location diagram of the Company's WA vanadium projects.

ENDS
For further information please contact:
Martin Stein	Martin Bennett
Company Secretary	Exploration Manager
Phone [phone]	Phone [phone]
Or consult our website:	www.sabresources.com

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Competent Person Declaration

The information in this report that relates to Exploration Results, Exploration Targets and Mineral Resource or Ore Reserves is based on information compiled by Mr Martin Bennett, who is a consultant to Sabre Resources Ltd, and who is a Member of The Australian Institute of Geoscientists. Mr Bennett has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2012 Edition of the "Australian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves". Mr Bennett consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.

The Company confirms that it is not aware of any new information or data that materially affects the information included in the original market announcements. The Company confirms that the form and context in which the Competent Person's findings are presented have not been materially modified from the original market announcements.

Forward-Looking Statements

This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Sabre Resources Ltd's planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may", "potential," "should," and similar expressions are forward-looking statements. Although Sabre believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.

APPENDIX I - TENEMENT SCHEDULE

Country

State/Region

Project

Tenement ID

Area

Date

Date

Interest

(km2)

Granted

Expires

Namibia

Otjozondjupa

Otavi Mountain Land

EPL3540

110.98

30/10/2006

07/05/2021

80%

EPL3542

236.90

30/10/2006

08/05/2021

70%

Australia

WA

Sherlock Bay

M47/567

10.0

07/09/2004

22/09/2025

70%

E47/1769

44.7

07/09/2009

06/09/2019

70%

E47/1770

134.3

07/09/2009

06/09/2019

70%

Speewah

E80/5219*

170.66

-

-

-

* Exploration License Application

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