- Sabre Resources (SBR) signs a binding agreement with Metals Australia (MLS) to earn 80 per cent interest in the Nepean South project near Coolgardie
- Under the agreement, Sabre will pay $40,000 in cash to Metals and will then earn the 80 per cent interest by spending $200,000 within five years of signing
- Sabre plans to rapidly advance detailed ground magnetics and EM to assist drill-targeting for massive nickel sulphides
- Additionally, the company has acquired interest in two other nickel sulphide projects in WA
- Shares in Sabre have been in the grey at 0.5 cents, meanwhile shares in Metals have been up 100 per cent trading at 0.2 cents
Sabre Resources (SBR) has signed a binding agreement with Metals Australia (MLS) to earn 80 per cent interest in the Nepean South project near Coolgardie.
The project covers a 12-kilometre corridor of ultramafic rocks south of the Nepean sulphide mine and includes previous nickel-copper RAB intersections.
Under the farm-in and joint venture agreement, Sabre will pay $40,000 to Metals on signing. Sabre will then earn 80 per cent interest by spending $200,000 on exploration within five years. An additional $70,000 will then be paid to Metals to before a contributing joint venture is formed.
The company plans to rapidly advance detailed ground magnetics and EM to assist drill-targeting for massive nickel sulphides. The company also says it will reverse circulation (RC) drill underneath existing known mineralised zones. This includes an intersect of six metres at 1.84 per cent nickel and .02 per cent copper from 18 metres.
Additionally, the company has acquired interest in two other nickel sulphide projects in WA.
Sabre shares were in the grey at 0.5 cents with Metals up 100 per cent trading at 0.2 cents at 1.27 pm AEDT.