- Sabre Resources (SBR) receives a grant from the WA government of $220,000 to co-fund a diamond drilling program
- The money will support a four-hole drilling program to test nickel sulphide targets at Sabre’s majority-owned Sherlock Bay project in WA
- Drilling will focus on the Discovery and Symonds deposits with the aim of increasing the current mineral resource estimate
- Drilling is expected to begin next month
- Company shares are up 10 per cent and trading at 0.6 cents
Sabre Resources (SBR) has been granted funding from the WA government for a diamond drilling program.
The $220,000 grant will co-fund diamond drilling at Sabre’s 70 per cent-owned Sherlock Bay nickel-copper-cobalt project in Western Australia’s west Pilbara region.
The program will include four holes, for up to 2400 metres, to test the potential for higher grade to massive sulphides down plunge of the Discovery and Symonds nickel sulphide deposits.
Sabre also wants to investigate whether the massive nickel sulphide deposits are associated with the intersection of the Sherlock Bay mineralised horizon and the “neck” of the Sherlock intrusive.
“The grant of this substantial drilling co-funding by the West Australian government is a great endorsement of our new model for the Sherlock Bay nickel deposit and the original targeting approach to finding high-grade nickel sulphides at the project,” CEO Jon Dudgale said.
The Sherlock Bay Project has a mineral resource of 24.6 million tonnes at 0.4 per cent nickel, 0.09 per cent copper, 0.02 per cent cobalt for 99,200 tonnes of nickel, 21,700 tonnes of copper and 5400 tonnes of cobalt.
However, the company identified upside potential for further high-grade resources below the Symonds and Discovery resource zones.
Due to this, Sabre Resources hopes to increase and upgrade the JORC resources at the deposits to improve the economics of a recently completed scoping study.
The drilling program is expected to begin in early June.
Company shares were up 10 per cent to trade at 0.6 cents at 12:46 pm AEST.