Sabre Resources Limited announced the detection of a second strong surface EM anomaly 2km to the southwest of the Discovery Zone resource at Sherlock Bay nickel sulphide project in Western Australia's Pilbara region. Significantly, the new anomaly, detected from a surface moving-loop EM survey, is projected to occur on the southern Sherlock Intrusive contact. This new EM anomaly is similar in strength to the recently-detected strong EM conductor on the northern sherlock Intrusive contact, extending for 1km at the western end of the Discovery Zone nickel sulphide Mineral Resource. Intrusive-related magmatic sulphides have previously been intersected on both the northern and southern margins of the Sherlock Intrusive in diamond hole
SBDD002, confirming the prospectivity of both contact zones. In addition to the EM anomalies, Sherlock Bay's prospectivity has also been enhanced by higher- grade nickel-copper-cobalt bearing sulphide results from diamond drillhole SBDD005, the final hole of the latest drilling campaign SBDD005was drilled as a 100m step-out hole below a previous Discovery Zone intersection in SBD072A of 24m @ 0.8% Ni, 0.13% Cu, 0.04% Co incl. 7m @ 1.02% Ni, 0.14% Cu, 0.04% Co. SBDD005 intersected a 12.2m semi-massive and stringer sulphide zone from 341.8m, including 10- 30% pyrrhotite (Po), chalcopyrite (Cpy) and the nickel sulphide pentlandite (Pn) across lobes of the Sherlock mafic/ultramafic Intrusive. Significant, higher-grade intersections from SBDD005 include: o 11.69m @ 0.54% NiEq (0.43% Ni, 0.12% Cu, 0.03% Co) from 341.67m incl. 2.97mm @ 0.86% NiEq (0.75% Ni, 0.11% Cu, 0.03% Co) from 350.39m incl. 1.00m @ 1.0% NiEq (0.88% Ni, 0.12% Cu, 0.04% Co) from 351.4m. Downhole EM from SBDD005 detected a strong, off-hole conductor (C6) immediately to the west of the massive/breccia-matrix and stringer sulphide zones intersected in this latest drillhole. The EM conductor is also immediately down-plunge to the west of the high-grade sulphide intersection in SBD072A . This indicates that the C6 conductor is related to continuations, and a thickening of, this massive/breccia sulphide zone, highlighting the potential for further massive and higher-grade nickel-copper-cobalt sulphide intersections. The result from SBDD005 is the third higher-grade massive/breccia-matrix/stringer sulphide intersection across the targeted Sherlock mafic/ultramafic Intrusive contact below and to the west of the Discovery Zone. This intrusive magmatic sulphide target is completely open to the west, where the recently-detected, strong surface EM conductors are located. New reverse circulation (RC) and diamond drilling programs are planned to test multiple targets for higher-grade nickel-copper-cobalt sulphide mineralisation to increase and upgrade the resource base at the Sherlock Bay project. These targets include: Further testing of immediate extensions associated with strong EM and surface EM anomalies below and west of the Discovery Zone nickel-copper-cobalt sulphide resource. Initial testing of the new, strong EM anomaly on the southern contact of the Sherlock Intrusive along strike from the sulphide occurrence intersected by SBDD002. Samples from SBDD003A and SBDD005 will be submitted for metallurgical studies on producing nickel-copper-cobalt sulphide flotation concentrate suitable for Class 1 high-purity nickel production for lithium-ion batteries. Results are pending for drillhole SBDD004, which intersected a 35m zone of sulphide mineralisation
including semi-massive and stringer sulphides from the Symonds Zone. Multiple pegmatite dykes were identified in the upper part of this
hole, from 205m to 214m and 262m to 272m. These zones have also been submitted for lithium and associated elements analysis. The Sherlock Bay nickel-copper-cobalt project is located 50km east of Roebourne in Western Australia's highly-prospective Pilbara region. Sherlock Bay has a current JORC 2012 Mineral Resource of 24.6Mt @ 0.40% Ni, 0.09% Cu, 0.02% Co (0.45% NiEq) containing 99,200t Ni, 21,700t Cu, 5,400t Co (117kt NiEq), 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% Co. Sabre completed a Scoping Study on the Sherlock Bay nickel sulphide deposit in January 2022 which highlighted significant cash-flow potential at a nickel price of $10/lb ($22k/t). The nickel price has since increased to around $11/lb to $12/lb ($22k/t to $26k/t)
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 27 January 2022. The recently-completed, 2,414.6m diamond drilling program targeted higher-grade to massive nickel (copper, cobalt) bearing sulphides at the projected intersection of the sulphide mineralised horizon with the contact of the Sherlock mafic/ultramafic 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. The Sherlock Intrusive was identified by gravity survey results to be at depth and on the southern side/contact of the Sherlock Bay mineralised horizon . This was initially confirmed by drilling in SBDD002 (and subsequently SBDD003A and SBDD005) which intersected mafic intrusive rocks with sulphides across the contact zone to the east of the mineralised horizon and which continued to intersect massive, breccia-matrix and stringer sulphides at the base/northern contact of the Sherlock Intrusive gabbro sill, associated with the strong C3 DHEM conductor. 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. Andover has a recently announced Mineral Resource estimate of 4.6Mt @ 1.41% NiEq (1.11% Ni, 0.47% Cu, 0.05% Co). 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. Andover has a recently announced Mineral Resource estimate of 4.6Mt @ 1.41% NiEq (1.11% Ni, 0.47% Cu, 0.05% Co) .