Sabre Resources (ASX:SBR) is lining up future drilling to test potential priority targets uncovered from ongoing exploration at the ‘extensive’ Ngalia Basin uranium tenement package in the Northern Territory.
The $10.5 million market capitalisation company says future aircore (AC) and reverse circulation (RC) drilling is being planned after Sabre announced today (18 December) that it has begun various exploration activities at the Dingo and Lake Lewis uranium projects.
Exploration at Dingo will target an extension of the Mt Eclipse Sandstone, which hosts the ‘high-grade’ Bigrlyi uranium-vanadium mineral resource of 7.46 million tonnes (Mt) @ 1,283 parts per million (ppm) triuranium octoxide (U3O8) and 1,197ppm vanadium oxide (V2O5).
Recent upgraded processing and imaging of radiometrics and satellite imagery have highlighted ‘large’ and untested uranium anomalies in exposed parts of the Mt Eclipse Sandstone.
The company notes the anomalies link to ‘extensive’ and potentially uranium-bearing palaeochannel targets identified from satellite imagery.
Sabre states other key targets include immediate extensions to the ‘high-grade’ Camel Flat uranium mineral resource, which represents a tabular Mt Eclipse Sandstone-hosted deposit that occurs within the company’s tenement area.
The company also notes the recently started exploration will comprise detailed radiometrics, gravity, and drone magnetics, as well as induced polarisation (IP) surveys.
Chief Executive Officer (CEO) Jon Dugdale says the exploration has begun following a 200% increase in the uranium price over the last 6 months to 15-year highs as major economies look to nuclear power to help reduce carbon emissions.
“The Ngalia Basin is one of the most favourable uranium exploration and development regions in Australia, especially given uranium mining and development is actively encouraged by the Northern Territory government and ground and access conditions are very favourable.
Sabre has commenced an aggressive and fully-funded geophysical program that will target immediate extensions of high-grade deposits such as Camel Flat, while also testing soil-covered targets on extensions of the key target unit – the Mt Eclipse Sandstone, and potential palaeo-channel deposits.
The aim of this exploration phase is to define priority high-grade uranium targets for aircore and RC drilling programs in 2024.”
Sabre Resources is an explorer and developer focused on its portfolio of nickel sulphide and lithium assets in Western Australia and uranium-vanadium prospects in the Northern Territory.
The company’s Ngalia Basin tenements include 1,100km-square of granted exploration licences and applications in what is considered one of the most favourable areas for uranium exploration and development in Australia.
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
