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SABRE RESOURCES LIMITED Interim / Quarterly Report 2013
65750_rns_2013-04-29_49bf4b92-d60f-4eb8-8eec-06134ad18ad4.pdf
Interim / Quarterly Report
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QUARTERLY ACTIVITIES REPORT
FOR THE PERIOD ENDED 31 MARCH 2013
Figure 1 – Copper carbonate and iron oxide mineralisation in GCDD0017 from Guchab.
HIGHLIGHTS
This quarter Sabre has continued to drill test its two primary target areas, namely the Guchab copper mining centre and the Kaskara prospect.
Guchab Mining Centre - Kombat Trend (Cu-Ag)
Diamond drilling from Pad 5 has returned a number of significant results, including:
GCDD0014 53.10 metres @ 1.23% Copper & 11.20 gpt Silver from Surface GCDD0015 51.85 metres @ 1.35% Copper & 15.45 gpt Silver from 0.31 metres GCDD0016 29.27 metres @ 0.80% Copper & 10.86 gpt Silver from 57.37 metres
Kaskara Prospect - Lucas Post Trend (Cu-Pb-V)
- A total of 34 RC holes have been completed at Kaskara, with the deepest hole penetrating to over 280 metres depth.
- Drilling has intersected a broad halo of mineralisation, with better intercepts including:
KKRC0023 8.00 m @ 3.78% Pb+Zn, 0.21% V2O5 & 0.07% Cu from 3.00 m KKRC0027 12.00 m @ 2.41% Pb+Zn, 0.73% V2O5 & 0.24% Cu from 31.00 m KKRC0038 16.00 m @ 4.28% Pb+Zn, 1.30 % V2O5 & 0.26% Cu from 54.00 m
Corporate
Sabre remains well funded with over A$7 million in cash at the end of the quarter.
INTROD DUCTION
Sabre's metal pr Guchab focus is the roject in nor Mining Cent exploration a rthern Nami tre and RC d and develop bia. Explora drilling at the ment of the ation during Kaskara pro Otavi Mount the quarter ospect. ain Land (OM focused on ML) copper a n diamond d and base drilling at
Explorat over Ch construc Compan tion recomm hristmas, at cted during ny's explorati enced in the the end of the 2012 fie on program. e Otavi Mou f 2012. As eld season, ntain Land i a result of the presen n mid-Janua infrastructu nt 'wet seas ary 2013, fol re, including on' has had llowing a sh g all weathe d little effec ort break er roads, ct on the
GUCHA AB MINING G CENTRE - KOMBAT T COPPER TREND
The Guc which w breccia s 1% copp chab Mining was mined in style deposit per. Centre is a s n the early 2 ts over more series of hist 20th century. e than 4 km toric copper Epithermal of strike, w mines 10 kilo copper min with soil anom ometres eas neralisation h malies in exce st of the Kom has formed ess of 10,00 mbat mine vein and 00 ppm or
Guchab Kombat Sabre's represents a mine to Guc exploration i a portion of chab in the n 2013. a much larg east over m ger mineralis ore than 10 sed system t kilometres o hat extends of strike, and from the we d will be the est of the e focus of
Diamond intersect d drilling at G t significant c Guchab durin copper miner ng the quarte ralisation. er moved fro m Pad 4 to P Pad 5 (Figure e 2) and con ntinued to
Figure 2 – Sateliite imag surface geoche gery of the Guc emistry with drill chab area show pad locations. wing infrastructu ure, and an out tline of the
A. Results from Drill Pad 5
Diamond drilling continues at Pad 5 at Guchab, south of Pad 1,. Ten drill holes (GCDD0013-0022) have been completed from this pad, with hole GCDD0023 currently in progress - all holes have intersected copper mineralisation (Figure 3).
Figure 3 - Plan view of Pads 1 & 5 from Guchab (viewed obliquely from the east) showing drillhole and reported copper mineralisation.
T The results f for the first of f these holes s, GCDD001 3-0016, are reported bel low:
G GCDD0013 3
T S This hole w Structural in mineralised s was targeted nterpretation shoot, showi at a shallo of the hole ing a broad i ow angle (-4 e indicates t intercept of: 40°) to the that it may northeast, b have interse back towards ected the to s Pad 1. op of the
G GCDD0013 Including 31.50 m 2.00 m metres @ 0.2 etres @ 1.03 29% Copper 3% Copper r & 2.30 gpt & 5.40 gpt t Silver Silver from Surfac from Surfac ce ce
G GCDD0014 4
T e This hole wa extensive co as targeted a opper minera at -60° towar alisation: rds the north heast, below hole GCDD0 0013 and int tersected
| GGCDD0014 | 53.10 mmetres @ 1.223% Copperr & 11.20 gppt Silver | from Surfacce |
|---|---|---|
| Including | 6.55 meetres @ 2.177% Copper && 9.50 gpt SSilver | from Surfacce |
| 9.00 meetres @ 2.955% Copper && 19.10 gptt Silver | from 12.00metres |
G GCDD0015 5
T s This hole wa steeper angl mineralisatio as targeted b le (-80°) tow on: below hole G ards the nor GCDD0014 ( rtheast. The (53.10m @ hole intersec 1.23% Cu & cted a broad & 11.20 gpt A d zone of >1% Ag), at a % copper
| GGCDD0015 | 51.85 mmetres @ 1.335% Copperr & 15.45 gppt Silver froom 0.31 mettres |
|---|---|
| Including | 15.28 mmetres @ 2.881% Copperr & 28.66 gppt Silver froom 17.72 meetres |
G GCDD0016 6
T a This hole wa and intersec as targeted a cted two distin at -49° to th nct zones of e southeast, copper mine , extending t eralisation: the zone of known mine ralisation
| GGCDD0016 | 12.22 mmetres @ 0..67% Copper & 5.87gpt Silver ffrom 20.000 metres |
|---|---|
| Including | 1.12 mmetres @ 2.114% Copperr & 4.10 gptt Silver fromm 25.75 mettres |
| 29.27 mmetres @ 0.880% Copperr & 10.86 gpt Silver froom 57.37 mmetres | |
| Including | 2.58 mmetres @ 2.449% Copperr & 27.03 gppt Silver froom 63.73 meetres |
| AAnd | 6.66 mmetres @ 1.006% Copperr & 15.09 gppt Silver froom 71.44 meetres |
* *See Appendix 1 for a full list o of drill results fro om Guchab.
The evo extensiv lving model f ve, structurall for the epithe ly-controlled ermal copper zone of mine r mineralisat eralisation, r tion at Gucha requiring sys ab indicates t tematic drill t that it is an testing.
B. Styles of Copper Mineralisation at Guchab
The majority of the mineralisation identified to date at Guchab is from the upper, weathered portion of the deposit, down to a vertical extent of less than 100 metres. Weathering appears to be deep and penetrative, which is common amongst the major mineral deposits of the Otavi Mountain Land. The main minerals observed to date to be associated with mineralisation at Guchab include the following:
| Mineral | Formula | Description | Occurrence at Guchab |
|---|---|---|---|
| Malachite | $Cu2CO3(OH)2$ | A green-coloured mineralcommon in the oxidised portionsof copper deposits | Most common copper mineralat Guchab, to date. |
| Chalcocite | Cu 2 S | A blue-grey copper-rich sulphidecommon in the oxidised portionsof copper deposits. | Second most common coppermineral at Guchab to date. |
| Hematite | Fe 2 O 3 | Iron oxide | Commonly associated withmalachite and/or shattuckite,Common within the ore bodiesat Kombat. |
| Dioptase | CuSiO 3 ·H 2 O | A green secondary coppermineral common in the oxidisedportions of copper deposits indry climates | Less common, usually in latestage veins and veinlets |
| Shattuckite | $Cu_5(SiO_3)_4(OH)_2$ | An uncommon, sky blue coppersecondary mineral | Earthy shattuckite isassociated with hematite instrongly weathered zones |
| Table 1 – Major minerals of Guchab copper deposit | ||||
|---|---|---|---|---|
| --------------------------------------------------- | -- | -- | -- | -- |
A suite of other minerals are also directly associated with mineralisation at Guchab, but in lesser proportions. Notable trace and accessory minerals include:
| Table 2 - Trace and accessory minerals of Guchab copper deposit | |||
|---|---|---|---|
| ----------------------------------------------------------------- | -- | -- | -- |
| Mineral | Formula | Description | Occurrence at Guchab |
|---|---|---|---|
| Chalcopyrite | CuFeS 2 | Metallic yellow primary sulphideof copper and iron | Grains of chalcopyrite inisolated zones unaffected byweathering |
| Bornite | Cu 5 FeS 4 | Metallic grey to peacock-coloured primary sulphide ofcopper and iron | Grains of bornite in isolatedzones unaffected byweathering |
| NativeCopper | Cu | Metallic elemental copper,located in the oxidised portionsof copper deposits | Present in some high-gradezones |
| Azurite | $Cu_3(CO_3)_2(OH)_2$ | A blue-coloured mineralcommon in the oxidised portionsof copper deposits | Accessory mineral associatedwith malachite |
| Chrysocolla | $(Cu, Al)_2H_2Si_2O_5(OH)_4 \cdot nH_2O$ | A light blue secondary coppermineral | Trace amounts in someweathered zones. |
| Cuprite | Cu 2 O | A red secondary copper mineral | Rare crystals in weatheredzones |
| Tenorite | CuO | A black coloured secondarycopper mineral | Present in some weatheredhigh-grade zones |
| Pyrolusite | MnO 2 | A common black-colouredmanganese mineral | Associated with weatheredcopper mineralisation |
| Sphalerite | $(Zn, Fe)$ S | Primary ore mineral of zinc | Accessory mineral associatedwith conner mineralization |
Figure 4 - Primary chalcopyrite (left, GCDD0005, 12.1m), largest grain 1mm long. Bornite with chalcocite and malachite, mineralised clot around 50mm long, (right, GCDD0021, ~37m)
Importantly, the mineralisation at Guchab shows textures evident in fresh mineralisation at Kombat copper mine, 10km to the west. Sabre can therefore confidently state that the mineralisation at Guchab is the weathered portion of an epithermal copper deposit.
The main copper minerals within the weathered (oxidised) zone are common ore minerals in major copper mines. Sabre will assess the metallurgy of both the weathered and fresh mineralisation in due course.
C. Geophysical Surveys (EM)
In December 2012 a program of surface and downhole EM (electomagnetic) surveys was completed across the Guchab area (Figure 4). The surveys show a subdued response, even in the zones of intense copper mineralisation identified through drilling and sampling.
This subdued EM response is most likely due to the discordant and oxidised nature of the mineralisation in the 'near surface' environment at Guchab. This is not uncommon in the deposits of the Otavi Mountain Land (OML), which can show oxidation to depths greater than 500 metres below surface.
The EM had been targeted to look for potential massive zones of near surface high-grade chaclocite (Cu2S) and primary sulphide mineralisation. A number of other geophysical targeting methods are now being investigated, including Inverse Polarisation (IP) which has proven successful in other areas of the OML.
KASKA ARA PROSP PECT – LU CAS POST T COPPER- -LEAD-VAN NADIUM TR REND
The Luc strike w geochem cas Post Tre within Sabre' mistry and ho nd is a 'prov s project ar osts the Kask vincial-scale' rea. The tre kara prospec structure co end is highl ct. overing more ighted by s e than twent trong coppe ty five kilom er anomalism metres of m in soil
A. Kaskara R RC Drilling
T t The Reverse thirty four ho e Circulation oles (KKRC0 ('RC') drillin 018-0051) w ng at Kaskara were drilled a a commence cross the ou ed in late Oct tcropping mi ctober 2012. ineralised zo A total of one.
T The results Kaskara, tha show that S at extend to d Sabre has su depth. Signifi uccessfully i icant interce intercepted b pts include: broad zones s of minerali isation at
| KKKRC0018 | 3.00 m @@ 1.33% Pbb+Zn, 0.06%% V2O5 & 0.006% Cu fromm 76.00 m |
|---|---|
| KKKRC0019gIncluding | 8.00 m @@ 2.76% Pbb+Zn, 0.91%% V2O5 & 0.224% Cu fromm 12.00 m3.00 m @@ 6.34% Pbb+Zn, 2.21%% V2O5 & 0.559% Cu fromm 12.00 m |
| KKKRC0020dAnd | 19.00 mm @ 1.01% PPb+Zn, 0.26%% V2O5 & 0.10% Cu froom Surface10.00 mm @ 1.28% PPb+Zn, 0.09%% V2O5 & 0.05% Cu froom 114.00 m |
| KKKRC0021 | 3.00 m @@ 1.57% Pbb+Zn, 0.07%% V2O5 & 0.008% Cu fromm 47.00 m |
| KKKRC0022 | 7.00 m @@ 1.95% Pbb+Zn, 0.26%% V2O5 & 0.007% Cu fromm 4.00 m |
| KKKRC0023 | 8.00 m @@ 3.78% Pbb+Zn, 0.21%% V2O5 & 0.007% Cu fromm 3.00 m |
| KKKRC0026 | 6.00 m @@ 2.19% Pbb+Zn, 0.47%% V2O5 & 0.113% Cu fromm Surface |
| KKKRC0027 | 9.00 m @@ 1.36% Pbb+Zn, 0.33%% V2O5 & 0.008% Cu fromm Surface |
| dAnd | 12.00 mm @ 2.41% PPb+Zn, 0.73%% V2O5 & 0.24% Cu froom 31.00 m |
| KKKRC0028 | 3.00 m @@ 2.27% Pbb+Zn, 0.51%% V2O5 & 0.112% Cu fromm Surface |
| dAnd | 11.00 mm @ 1.10% PPb+Zn, 0.21%% V2O5 & 0.06% Cu froom 56.00 m |
| KKKRC0030 | 2.00 m @@ 1.03% Pbb+Zn, 0.04%% V2O5 & 0.003% Cu fromm 39.00 m |
| KKKRC0031 | 18.00 mm @ 1.16% PPb+Zn, 0.27%% V2O5 & 0.09% Cu froom Surface |
| dAnd | 21.00 mm @ 1.09% PPb+Zn, 0.21%% V2O5 & 0.07% Cu froom 107.00 m |
| KKKRC0032 | 35.00 mm @ 1.17% PPb+Zn, 0.11%% V2O5 & 0.31% Cu froom 157.00 m |
- K KKRC0033 And And 3.00 m @ d 8.00 m @ d 3.00 m @ @ 1.42% Pb @ 1.25% Pb @ 1.18% Pb b+Zn, 0.34% b+Zn, 0.21% b+Zn, 0.08% % V2O5 & 0.0 % V2O5 & 0.0 % V2O5 & 0.1 07% Cu from 06% Cu from 10% Cu from m 53.00 m m 242.00 m m 281.00 m
- K KKRC0034 8.00 m @ @ 1.03% Pb b+Zn, 0.01% % V2O5 & 0.0 03% Cu from m 171.00 m
- K KKRC0035 16.00 m m @ 1.01% P Pb+Zn, 0.28% % V2O5 & 0 .07% Cu fro om 155.00 m
- K KKRC0036 And And Including And 2.00 m @ d 3.00 m @ d 23.00 m g 3.00 m @ d 10.00 m @ 3.18% Pb @ 1.16% Pb m @ 1.17% P @ 5.03% Pb m @ 1.14% P b+Zn, 1.01% b+Zn, 0.07% Pb+Zn, 0.11% b+Zn, 0.29% Pb+Zn, 0.34% % V2O5 & 0.2 % V2O5 & 0.0 % V2O5 & 0 % V2O5 & 0.1 % V2O5 & 0 24% Cu from 04% Cu from .06% Cu fro 11% Cu from .15% Cu fro m 57.00 m m 176.00 m om 190.00 m m 206.00 m om 234.00 m
- K KKRC0038 And And And 7.00 m @ d 7.00 m @ d 4.00 m @ d 16.00 m @ 3.41% Pb @ 1.80% Pb @ 6.02% Pb m @ 4.28% P b+Zn, 0.97% b+Zn, 0.28% b+Zn, 1.80 % Pb+Zn, 1.30 % V2O5 & 0.2 % V2O5 & 0.1 % V2O5 & 0. % V2O5 & 0 22% Cu from 13% Cu from 42% Cu from 0.26% Cu fro m Surface m 28.00 m m 43.00 m rom 54.00 m
- KKRC0039 2.00 m @ @ 1.17% Pb b+Zn, 0.02% % V2O5 & 0.0 02% Cu from m 91.00 m
- K KKRC0041 And And And 5.00 m @ d 2.00 m @ d 4.00 m @ d 4.00 m @ @ 3.05% Pb @ 1.40% Pb @ 1.29% Pb @ 1.08% Pb b+Zn, 0.79% b+Zn, 0.29% b+Zn, 0.40% b+Zn, 0.28% % V2O5 & 0.2 % V2O5 & 0.1 % V2O5 & 0.1 % V2O5 & 0.0 21% Cu from 11% Cu from 12% Cu from 08% Cu from m 2.00 m m 26.00 m m 66.00 m m 104.00 m
- K KKRC0045 10.00 m *A cavity or mined m @ 5.39% P ty exists in th d out zone of Pb+Zn, 1.57% his intercept f high grade m % V2O5 & 0 t from 29-33 m mineralisatio .16% Cu fro m and may re on. om 19.00 m epresent a w weathered
- Followed by 4.00 m @ @ 3.30% Pb b+Zn, 0.89% % V2O5 & 0.1 10% Cu from m 33.00 m
K KKRC0047 And 3.00 m @ d 7.00 m @ @ 1.79% Pb @ 4.11% Pb b+Zn, 0.12% b+Zn, 1.14% % V2O5 & 0.0 % V2O5 & 0.1 01% Cu from 12% Cu from m 16.00 m m 29.00 m
A t c A number of identified at the calculate KKRC0033 continued to f drill holes w depth. These ed depth of th drilled to a o intersect ox were targeted e holes exten he upper por a vertical de xide minerali d below the nded below 2 rtion of the IP epth of over isation. This oxide zone a 200 metres v P geophysica r 280 metre in turn caus at Kaskara to vertically from al anomaly, w es. However sed significa o test the IP m surface, w with the dee r, these dee ant problems anomaly which was pest hole ep holes with drill holes collap identify the s psing and pr source of the reventing ho e IP anomaly oles being c y. completed. T The drilling did not suc ccessfully
T u These deepe undertake do phase of dr program. er drill holes own hole geo rilling will be have now b ophysics to b e planned b been cased t better target based upon to prevent fu the source o the targets rther collaps of the anoma s generated se and will be aly at depth. by this geo e used to A further ophysical
e Kaskara has metres of st evaluation a s shown to b trike and ext nd testing pr be a large a tends to dep rior to the nex and extensive pth. Kaskara xt phase of d ely mineralis remains a p drilling. sed system t priority targe that covers et but require over 900 es further
CORPO RATE ACTIV VITIES
Sabre h seventh investors compani osted a boo of February s and fellow ies present a oth at Minin y, 2013. Th w industry p at Indaba. g Indaba he he Company participants, eld in Cape y received a being one Town, Sou a significant of the the th Africa, fro amount of few copper om the four attention fr r-focused ex rth to the rom both xploration
Immedia Otavi M ongoing, the proje ately followin ountain Lan , drilling at bo ect area. g the confer nd, northern oth Kaskara rence, Sabre Namibia. T and Guchab e hosted sev These group b, as well as veral investor ps were sho a number of r groups at i own the Com f other prosp ts project ar mpany's rec pect areas th rea in the cent, and hroughout
F Figure 5 – Sabr re's exploration team presents t to a group of inv vestors on Pad 4, in the High V Valley at Gucha b.
Overall forward t interest, and to working cl d feedback, losely with se in regard to everal of the o the Namib ese groups as bian projects s the various was excelle s prospect ar ent and Sab reas develop bre looks p further.
CONCLUSION
Exploration continues in the Otavi Mountain Land, with the overall program now focusing on the Kombat Copper-Silver Trend. The main area of interest is the area between the Kombat mine and the Guchab mining centre (covering approximately 10 kilometres of mineralized strike), with the aim of delineating a substantial resource inventory in 2013.
The construction of Sabre's own XT600 diamond drilling rig has now been completed in the Phillipines and the rig is now in transit to Namibia. Commissioning is expected to be completed in late May 2013 prior to the drill rig commencing work in the area of Pad 4 in the High Valley at Guchab.
Sabre remains well funded, with in excess of A$7 million in cash at the end of the quarter, and looks forward to updating shareholders as the exploration program continues.
| For further information please contact: | ||||
|---|---|---|---|---|
| Tim Putt, Chief Executive Officer | Phone (08) 9481 7833 | |||
| Dr Matthew Painter, General Manager - Exploration | Phone (08) 9481 7833 | |||
Or consult our website:
Competent Person Declaration
The information in this report that relates to Exploration Results is based on information compiled by Dr Matthew Painter of Sabre Resources Ltd. who is a member of The Australian Institute of Geoscientists. Dr Painter has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves". Dr Painter consents to the inclusion in the report of the matters based on his information in the form and context in which it appears.
The information in this report that relates to Mineral Resources or Ore Reserves is based on information compiled by Luke Marshall of Kalgoorlie Mine Management, who is a member of The Australian Institute of Geoscientists. Mr Marshall has sufficient experience that is relevant to the style of mineralisation and type of deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resource and Ore Reserves". Mr Marshall consents to the inclusion in the report of the matters based on his information in the form and context in which it appears
Forward-Looking Statements
This document may include forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning Sabre's planned exploration program and other statements that are not historical facts. When used in this document, the words such as "could," "plan," "estimate," "expect," "intend," "may", "potential," "should," and similar expressions are forward-looking statements. Although Sabre believes that its expectations reflected in these forward-looking statements are reasonable, such statements involve risks and uncertainties and no assurance can be given that actual results will be consistent with these forward-looking statements.
SABRE'S OTAVI MOUNTAIN LAND COPPER PROJECT
The Otavi Mountain Land Copper Project ('OML') is located in northern Namibia, lying within the triangle created by the mining towns of Tsumeb, Otavi and Grootfontein.
The entire region is well served by sealed roads, rail to port, high voltage power, telephone and water, and is close to major towns and mining processing facilities, including the Kombat copper concentrator and Tsumeb Smelter complex (one of only five operating smelters in Africa).
Sabre's OML project consists of two Exclusive Prospecting Licences (EPL 3540 & 3542), which cover more than 800 km2 of highly prospective base metal stratigraphy. Sabre has identified two key copper trends within its project area, each covering more than 25 km of strike, defined by surface geochemistry and historical workings. These extensive copper trends, namely the Lucas Post and Kombat Trends, are the present focus of exploration.
The region hosts a number of world class Copper, Zinc, Lead, Silver and Vanadium mines, including the Tsumeb & Kombat Copper mines. The Otavi Valley tenement (EPL 3540) surrounds the Kombat Copper mine on all sides and covers the strike extensions of the mine stratigraphy. To date, the Kombat Mine has produced more than 8.7 Mt @ 3.1% Cu, 1.1 Pb and 26 gpt Ag.
Sabre's focus is currently the Guchab Copper prospect in the Otavi Valley and the Kaskara Copper-Lead-Vanadate prospect in the central Otavi Mountain Land.