Sabre Resources (ASX:SBR) has snapped up two new tenement applications along-strike from Azure Minerals’ (ASX:AZS) Andover pegmatite discovery in Western Australia’s Pilbara region.
Sabre, which has a $9.61 million market capitalisation, plans to get straight into geophysics and aircore drilling work in the area to start testing its new pegmatite targets. The new tenements are additional to Sabre’s tenements and applications at its Sherlock Bay Nickel-Copper-Cobalt Project that cover its Andover East targets.
Sabre says the move makes it one of the largest tenement holders in what’s emerging as a ‘world-class’ lithium province, with 235km-square of tenure now under its control.
The new tenement applications lie just 5km northeast of Andover, which has produced lithium hits of up to 209.4m @ 1.42% lithium oxide, according to Sabre. Moreover, Sabre says the Andover pegmatites occur in a northeast-trending structure.
Sabre will purchase one of the tenements, ELA47/5030, via a $30,000 share purchase deed with Zircon International, with shares to be issued to Zircon at a price equivalent to Sabre’s 10-day volume-weighted average price.
The other tenement, ELA47/5044, was pegged by Sabre.
Sabre Resource CEO Jon Dugdale says the geology of its new tenement applications appears similar to Andover, with the only difference being the extent of cover over its target areas.
“Following the grant of the new tenement applications, the next steps will include detailed geophysical programs including gravity measurements to locate buried pegmatites which 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”
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’s planned geophysical program in the new areas will include gravity and passive seismic measurements to detect low-density pegmatite intrusive with the structural corridors along-strike from Andover.
The aircore drilling to bedrock will then test these buried targets for lithium-bearing pegmatites.
Sabre Resources primarily focuses on nickel and gold discoveries in WA. The company’s flagship Sherlock project is prospective for nickel, copper, and cobalt, and Sabre has defined a 100,000-tonne nickel resource in the area.
Meanwhile, Sabre also holds a portfolio of gold exploration assets in the Youanmi Terrain region of Western Australia.
Sabre had just over $1.4 million cash and cash equivalents at hand as of 30 June, according to its latest quarterly report.
Write to Joshua Smith at Mining.com.au
Images: Sabre Resources
