Sabre Resources Ltd. announced that diamond hole SBDD003A, from the latest drilling campaign at its Sherlock Bay nickel sulphide project in Western Australia's Pilbara region, has intersected high-grade nickel, copper and cobalt mineralization associated with massive, breccia matrix and stringer sulphides. The new intersection includes: 17.0m at 0.6% NiEq (0.44% Ni, 0.14% Cu, 0.03% Co, 0.06 g/t 3E) from 359m incl. 4.0m at 0.8% NiEq (0.65% Ni, 0.13% Cu, 0.03% Co, 0.03 g/t 3E) from 366m incl.

1.66m at 1.0% NiEq (0.81% Ni, 0.20% Cu, 0.04% Co, 0.02 g/t 3E) from 367m. The sulphide intersection in SBDD003A, which includes massive and matrix-breccia sulphides, occurs between lobes of the Sherlock mafic-ultramafic intrusive. The higher-grade nickel-copper-cobalt sulphide zone in SBDD003A correlates with the C3 downhole electro-magnetic (DHEM) conductor detected from previous hole SBDD002, which includes massive and matrix-breccia sulphide grades of up to 1.18% NiEq (1.02% Ni, 0.16% Cu, 0.05% Co) Significantly, 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 recently detected, 1km long, strong surface EM anomaly is located.

Results are pending for drillhole SBDD005, which also tested below the Discovery Zone and intersected two zones containing massive, semi-massive and stringer sulphides across lobes of the Sherlock Intrusive, over a combined 23.6m intersection width. This hole, which was drilled below previous drillhole SBD072A (24m at 0.8% Ni, 0.13% Cu, 0.04% Co, including 7m at 1.02% Ni, 0.14% Cu, 0.04% Co)3, also detected a strong off-hole conductor, indicative of massive sulphides west of SBDD005. Also from the recently completed program, SBDD0043, intersected a 35m zone of sulphide mineralisation including semi-massive and stringer sulphides from the Symonds Zone.

Multiple pegmatite zones were identified in the upper part of this hole and are being logged and examined for lithium potential. Core is currently being processed for submission to the lab. Following receipt of results from these final two holes, a new reverse circulation (RC) and diamond drilling program will commence with the aim of expanding the resource potential to the west and below the SBDD003A4, SBDD0021 and SBDD0053 sulphide intersections.

This new drilling program will also test the new, strong, surface EM anomaly that extends for over 1km at the western end of the Sherlock Bay deposit. Following the next stage of drilling, Sabre plans to upgrade the Mineral Resource estimate for the Sherlock Bay deposit. Sabre will also shortly commence metallurgical studies on producing nickel-copper-cobalt sulphide flotation concentrate suitable for Class 1 high-purity nickel production for Lithium-ion batteries.

Thereafter, the Company plans to complete a pre-feasibility development study into what is shaping up as a major new nickel sulphide project. 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 at 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 at 0.38% Ni, 0.11% Cu, 0.025% Co; Indicated: 6.1Mt at 0.59% Ni, 0.08% Cu, 0.022% Co and Inferred: 6.1Mt at 0.27% Ni, 0.06% Cu, 0.01% Co5.

Sabre completed a Scoping Study6 on the Sherlock Bay nickel sulphide deposit in January 2022 which highlighted significant cash-flow potential at a nickel price of USD 10/lb (USD 22k/t). The nickel price has since increased by over 30% to around USD 13/lb (USD 29k/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 27th January 20226.

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 SBDD0028 (and subsequently SBDD003A and SBDD005) which intersected mafic intrusive rocks to the east of the mineralised horizon and which continued to intersect massive, breccia-matrix and stringer sulphides at the base/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 at 1.41% NiEq (1.11% Ni, 0.47% Cu, 0.05% Co).

The deposit is also similar in style to other, major mafic-ultramafic intrusive related deposits in WA such as the Nova Bollinger deposit of IGO Ltd., which had an initial Mineral Resource of 14.3 Mt at 2.3% Ni, 0.9% Cu, 0.08% Co10, and the Julimar deposit of Chalice Mining Ltd. which has a Mineral Resource of 350Mt at 0.16% Ni, 0.10% Cu, 0.015% Co, 0.94g/t Pd+Pt+Au (3E) (0.58% NiEq).