Junior explorer Sabre Resources (ASX:SBR) is looking to undertake a detailed geophysical program across new tenements at its Sherlock Bay Project in Western Australia.
The $13.11 million market capitalisation company says it has more than doubled its tenement footprint at Sherlock Bay to over 210km-square with a string of new tenement applications. What’s more, the company has discovered a ‘major’ lithium target in a new tenement application in the ‘Andover East’ area.
Sabre says these are ‘look-alike’ targets to Azure Minerals’ (ASX:AZS) Andover Lithium Project, which lies 50km west of Sherlock Bay.
Sabre reports sampling of these “look-a-like” outcropping pegmatite targets in the new tenement areas has identified anomalous lithium and rare metals, including caesium and rubidium, as well as gallium.
The company notes the Andover pegmatites outcrop at surface, whereas the Andover East targets lie under cover and have not been explored previously.
As such, once the tenement applications have been granted, Sabre plans to take on detailed gravity and passive seismic geophysics in the new areas to define buried targets ahead of aircore drilling that has been designed to test bedrock for lithium-pegmatite discoveries.
Shares in Sabre Resources were up 42.22% to $0.064 as of 12:45pm AEST on Friday 25 August.
Addressing the discovery and bolstered landholding, Sabre Resources Chief Executive Officer (CEO) Jon Dugdale says: “Sabre has now established a very large, more than 210 square kilometre tenement holding, directly to the east and within the same structural-intrusive corridor as the Andover lithium pegmatite discovery of Azure Minerals (ASX:AZS).
The new tenement applications include the Andover East targets identified in magnetics imagery that lie under soil cover. Pegmatite outcrops and drillcore intersections of pegmatite in the vicinity of these targets have anomalous lithium as well as other pathfinder elements. This supports the high prospectivity of the company’s Sherlock Bay tenements for the location of major lithium discoveries.
“The new tenement applications include the Andover East targets identified in magnetics imagery that lie under soil cover“
Following the grant of the new tenement applications, the next steps will include detailed geophysical programs, including gravity measurements to locate buried pegmatites that will then be tested with bedrock aircore drilling.
The drilling will test for buried lithium-bearing pegmatites within this highly prospective tenement package within what is now recognised as a world-class lithium pegmatite region.”
Sabre Resources is an ASX-listed explorer and developer of a ‘highly prospective’ portfolio of nickel sulphide, lithium, and gold assets in Western Australia.
The company’s Sherlock Bay project is located only 50km to the east and within the same structural and stratigraphic corridor as the Andover Project, where Azure Minerals has ‘significant’ nickel sulphide resources.
Sabre Resources had $4.512 million cash at hand as of 30 June 2023, according to its latest quarterly report.
Write to Adam Drought at Mining.com.au
Images: Sabre Resources