Sabre Resources Ltd. announced high-grade assay results from the initial two diamond drillholes at the western end of the Sherlock Bay nickel-copper-cobalt sulphide deposit, located in the northwest Pilbara region of Western Australia. These latest results include high grades associated with the massive and breccia matrix sulphide zone intersected by SBDD0021 of 1.18% nickel equivalent with significant associated copper, cobalt and platinum-palladium-gold grades. The latest results produced significant higher-grade sulphide intersections, extending the western/down-plunge extent of the sulphide deposit, which include in SBDD002: 11.8m @ 0.54% NiEq from 414m, incl.

6.0m @ 0.75% NiEq from 419m, incl. 1.0m @ 1.18% NiEq from 422m, Results from the shallower, thick, semi-massive and stringer sulphide zone in SBDD0012, on the same cross section, also produced a substantial intersection of: 33.0m @ 0.50% NiEq from 296m, incl. 21.0m @ 0.55% NiEq, from 306m, incl.

5.0m @ 0.66% NiEq from 322m. These new nickel sulphide intersections are outside and to the west of the Discovery resource zone at Sherlock Bay, which remains completely open to the west where the strongest surface EM anomaly detected to date is located. This highlights the strong potential for further massive sulphide discoveries in this exciting new and untested target zone.

A high-priority diamond drilling program is now planned to expand the resource potential to the west of the SBDD001 and SBDD002 intersections, as well as test the new, strong, surface EM anomaly. The new drilling program aims to expand the higher-grade resource potential of the Sherlock Bay deposit prior to further metallurgical and development studies to determine the economic potential of this major nickel-copper-cobalt sulphide deposit. The strong C3 DHEM anomaly associated with the massive and breccia matrix sulphides intersected by SBDD002, extends to the east of the hole and was tested with the third hole of the program, SBDD003A3.

Results are pending for this hole which intersected15m of massive, breccia matrix and stringer sulphides within an overall 40m intersection of sulphide mineralisation. The massive and matrix breccia sulphide zones intersected - and the consistent nickel, copper, cobalt, as well as the platinum-palladium grades - are typical of mafic-intrusive associated deposits such as the Andover nickel sulphide discovery of Azure Minerals Ltd, located 60km along strike to the west of Sherlock Bay, which includes a recently announced Mineral Resource estimate of 4.6Mt @ 1.41% NiEq 60% interest and internationally-renowned prospector Mark Creasy 40% interest). The significant thicknesses of massive, breccia matrix and stringer sulphide mineralisation intersected by drillholes SBDD003A3 and SBDD0056 from the Discovery Zone have been submitted for analysis.

Drillhole SBDD0046 from the Symonds Zone is currently being logged and processed for sample submission. Significant results will be reported when available. The current JORC 2012 Mineral Resource for Sherlock Bay is 24.6Mt @ 0.40% Ni, 0.09% Cu, 0.02% Co, containing 99,200t Ni, 21,700t Cu, 5,400t Co, including Measured: 12.48Mt @ 0.38% Ni, 0.11% Cu, 0.025% Co; Indicated: 6.1Mt @ 0.59% Ni, 0.08% Cu, 0.022% Co and Inferred: 6.1Mt @ 0.27% Ni, 0.06% Cu, 0.01% Co7.

Sabre completed a Scoping Study8 on the Sherlock Bay nickel sulphide deposit in January 2022 which highlighted significant cash-flow potential at a nickel price of USD 10/lb. The nickel price has since increased by over 25% to around USD 12.50/lb. The Company confirms that it is not aware of any other new information or data that materially affects the information in the Scoping Study release of 27th January 20228.

The recently-completed 2,387m diamond drilling program targeted higher grade to massive nickel bearing sulphides at the projected intersection of the sulphide mineralised horizon with the contact of the Sherlock Intrusion. The program was co-funded by the WA Government for up to 50% of drilling costs, and $10,000 mobilisation costs, capped at a total of $220,000.