Sabre Resources (ASX:SBR) is hoping to define new drilling targets on immediate extensions of known uranium deposits at the Ngalia Basin tenements in the Northern Territory from a new exploration program.
Chief Executive Officer (CEO) Jon Dugdale says exploration will begin once landholder access agreements are in place.
“The identification of high-grade uranium of up to 5,194ppm eU3O8 in previous drilling within our granted Dingo tenement highlights the prospectivity of our Ngalia Basin projects for high-grade uranium discoveries.
Uranium exploration in the Ngalia Basin is actively encouraged by the Northern Territory government and its location in an arid area 300km northwest of Alice Springs makes it one of Australia’s best regions for uranium development.”
The $10.5 million market capitalisation company says the new exploration program has begun at the Dingo Uranium Project to follow-up on ‘high-grade’ results up to 5,194 parts per million (ppm) eU3O8 identified in previous drilling at the Eclipse 1 prospect.
Eclipse 1 sits in the ‘highly prospective’ Mt Eclipse Sandstone, which is interpreted to continue for over 50km within Sabre’s granted tenements and new applications.
Sabre reports only 5km of the sandstone contact has been partially tested with previous shallow drilling. This includes the ‘high-grade’ results at Eclipse 1 and the Camel Flat mineral resource of 211,000 tonnes @ 1,384ppm U3O8. The resource remains open in all directions.
The company notes new exploration will include drone magnetics to map the sandstone contact, detailed gravity and passive seismic surveys to locate palaeochannels, and follow-up drilling to extend the ‘high-grade’ zones.
Sabre Resources is focused on the exploration and development of a ‘highly prospective’ portfolio of nickel sulphide, lithium, and gold assets in Western Australia, and uranium-vanadium prospects in the Northern Territory.
Dugdale adds: “The company’s 1,100km2 tenement package in the highly-prospective Ngalia Basin is surrounded by ‘high-grade’ uranium deposits and remains largely unexplored due to shallow soil cover.”
As of 30 September 2023, Sabre Resources had $3.616 million cash and cash equivalents at hand, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Sabre Resources