SABRE RESOURCES LIMITED - Interim / Quarterly Report 2017

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ASX ANNOUNCEMENT 31 October 2016

QUARTERLY ACTIVITIES REPORT FOR THE QUARTER ENDED 30 SEPTEMBER 2016

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Figure 1 – Vie w of the Otavi M ountain Land, a pproaching from the southwe s t on the highw a y from Windhoek

Border Scoping Study review continues
Preparation for forthcoming mining licence applications continued during the quarter
Detailed interrogation and interpretation of historical datasets continued during the quarter.

ZINC- L EAD-SILV E R PROJECTS

Border

The sig n ificant upw a rd trend in t h e zinc pric e over the la s t two quart e rs supports t he review of the zinc and lea d opportuniti e s within the Otavi Moun t ain Land pr o ject.

Sabre’s Border Zn- P b project h a s a JORC 2012 Inferred Resource of 16.0Mt @ 1.53% Zn, 0.59% Pb and 4.76g/t Ag i s located w i thin a 25km significant r egional zin c -lead anom a lous corrid o r (Figure 2), whic h hosts a n u mber know n occurrenc e s including Border, To g genburg an d South Ridge to the East, and Harasib to the west (F i gure 3).

In light o f the increa s e in the zinc price, a review of the c apital and o perating co s t assumpti o ns in the 2011 S c oping Stud y completed at Border c o ntinues. M e tallurgical s ighter testw o rk on a bulk sample conduct e d for that s tudy show s that the m ineralisatio n responds v ery favour a bly to Hea v y Media Separat i on (‘HMS’). Border mi n eralisation u pgrades w i th HMS, b e fore grindin g and flota t ion, to a product o f 12.5% Zn + 6.3% Pb w ith recoveries of 86% and 92.5% re s pectively.

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Togge n burg

Toggen b urg is loca t ed along s t rike from B order, and is interpreted to be co n trolled by the same structur e s (Figure 2).

Anomali e s defined a t Toggenburg measure over 2.8 km long and u p to 250 m w ide and ar e open to the eas t and west. The anomalies have a n area mor e than four times the s i ze of the equivalent anomal y at Border, w here a 0.1 % Zn+Pb c u toff in the n e ar-surface a pproximat e s the footprint of zinc and lea d sulphide m i neralisation at depth.

Maximu m combined zinc and le a d values id e ntified in s h allow geochemical drilli n g at Togge n burg are in exce s s of 2.9%. F our targets have been s elected for r everse circ u lation drillin g . It is expe c ted that, like the B order Zn-Pb deposit to the west, mineralisation will dip to t h e north-nor t hwest, parallel to the host dol o mite seque n ce.

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Figure 2 – Sabre’s Bor d er and Togge n burg Zn-Pb p ro jects are loc a ted along the B order-Toggen b urg Corridor w hich hosts anomalus zinc and lead m ineralisation o v er 25km.

FURT H ER TARG E TING FO R ZINC A N D LEAD P R OJECTS

Detailed interrogatio n and interp r etation of hi s torical datasets continu e d during th e quarter. COPP E R PROJE C TS

Propos e d surveys a t Guchab South remain o n hold pending the EPL renewals.

LICEN C E RENE W ALS

Renewal applicatio n s for both E PL-3540 a nd EPL-35 4 2 were su b mitted in S e ptember 2 0 15. The Compa n y continues to await notification by the Ministry o f Mining an d Energy ( M ME) of their renewal. Meeting s were held w ith the MME during the quarter to e x pedite the r enewal pro c ess.

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Figure 3 – Proposed 5 0% reduction s (yellow) to th e Company’s E PLs in the Ot a vi Mountain L and, as mand a ted by the Ministry of Mines and E nergy. Note th a t all areas an d prospects of i n terest have b e en retained. T h e present lice n ce outlines (dashed lines) remain current until the renewals are g r anted.

PREP A RATION FOR MINING LICENCE APPLIC A TIONS

Sabre i n tends to s u bmit applic a tions for a number of M ining Lice n ces within t he forthco m ing EPL renewal period (i.e. prior to end October, 2 0 17). Sever a l potential sites have b e en selecte d , namely Border, Guchab, D riehoek, B a ltika and K a skara. The application process re q uires sub m ission of extensi v e document a tion, including detailed g eological m aps, enviro n mental rep o rts, resourc e reports, and sco p ing studies .

During t he quarter, further progress was m ade on the collection and collation of data an d mineral resourc e informatio n required fo the mining licence applications. W o rk also con t inued on pr e paration for the E nvironment a l Impact As s essments r e quired for m ining licenc application s .

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S A BRE’S OT A VI MOUN T AIN LAND COPPER A N D ZINC P R OJECT

S a bre Resources Ltd (“ Sabre ” or “ the Company ”) is a Namibia-focused, Austr a lia-based basem e tals explora t ion company . Sabre hold s a majority i n terest in a s t rategic land h olding of about 7 0 0 km[2] of gra n ted explorati o n licences a n d 350 km[2] of exploration li c ence applica t ions in the O t avi M o untain Land (“OML”) in n orthern Nam i bia. The OML is interpret e d to be an e xtension of the C e ntral African Copperbelt, w hich compri s es the Zam b ian and Katangan (DRC) C opperbelts a nd c o nstitutes the w orld’s riches t sediment-hosted copper p rovince.

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Sa b re’s Otavi Moun t ain Land copper a nd zinc project, in northern Namibia. Applications a r e subject to Minissterial approval.
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S a bre has defi n ed copper mineralisation i n two major tr e nds with pot e ntial for Tsu m eb, Kipushi a nd K o mbat brecci a -style massive sulphide pi p es, and Tsc h udi –style str a tiform miner a lisation. Copper in geochemical drilling at Gu c hab South h a s identified v i sible chalcocite and malac h ite over a 600m b y 200m zone a long trend e a st of the Kombat Copper M ine.

S a bre has also defined two m ajor trends w ith stratabou n d zinc-lead s u lphide miner a lisation. As w ell a s containing t h e Border zi n c-lead deposit (16.0 Mt @ 1.53 % Zn, 0.59 % Pb a nd 4.76 g/t A g), recent work h a s uncovered significant Z n -Pb geoche m ical anomalies at Togge n burg with u p to 2. 9 0 % Zn+Pb o ver 2.8 km s t rike length d e fined to date.

S t rategically th e Company is focusing on h igh-value de p osit styles:

High grad e , copper-ric h Tsumeb- an d Kipushi-typ e deposits. K o mbat-style e p igenetic copper mineralisation is consid e red to be a subset of this t y pe. o Tsu m eb (OML) – 2 4.9 Mt @ 5. 5 % Cu, 11.5 % Pb, 4.0 % Zn & 172 g/t A g , and o Kipu s hi (DRC) – h istorical pro d uction 60 Mt @ 10 % Cu a nd 11.03 % Z n and histor i cal reso u rces of 26 M t @ 2.18 % C u and 19.05 % Zn.

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Stratabou n d epigenetic zinc-lead de p osits with fav o urable metallurgical chara c teristics.

T h ere is also a secondary focus throughout the region on Copp e rbelt-style s t ratiform Copper d e posits (e.g. T schudi in th e OML). Expl o ration is mai n ly in the ext e nsive areas o f cover or poor o u tcrop which p revious explorers largely i g nored.

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Sabre’s strategic focus on t he Toggenburg (z inc-lead), Kaska r a (copper-
zinc- l ead-vanadium), a nd Guchab Sout h (copper) project areas.
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T h e Otavi Mou n tain Land region is well s erved by se a led roads, rail to port, hig h voltage po w er, te l ephone and water, and is close to ma j or towns an d mining processing faciliti e s, including the K o mbat copper concentrator and Tsumeb Smelter complex (one of o nly five oper a ting smelter s in A f rica).

For further information please contact:

Norman Grafton, Company Secr e tary Phone (08) 9481 7833

Or cons u lt our webs i te: http://www.sabresources.com /

Competent Person Declaration

The inform a tion in this repor t that relates to E x ploration Result s is based on inf o rmation compiled by David Chapmman who is a Director of Sabre Resources L td, and who is a Member of The A ustralian Institut e of Mining and M etallurgy. Mr Ch a pman has sufficieent experience that is relevant to the style o f mineralisation a nd type of depo s it under consider a tion and to the activity that he is undertaking to quaalify as a Compet e nt Person as defined in the 2012 Edition o f the “Australia n Code for Repor t ing of Exploration Results, Miner a l Resource and Ore Reserves”. M r Chapman consents to the inclusion in t h e report of the m a tters based on h i s information in t h e form and cont e xt in which it appeears.

Forward-Looking Statements

This document may include f orward-looking statements. Forwa r d-looking statem e nts include, but a re not limited to, statements concerning Sabre Resources L td’s planned ex p loration program m e and other sta t ements that are n ot historical fact s . When used in tthis document, th e words such as "could," "plan," "estimate," "expect," "intend," "may”, "pote n tial," "should," a n d similar expres s ions are forward--looking stateme n ts. Although Sabre belie v es that its expectations reflected i n these forward-l o oking statement s are reasonable, such statements involve risks and uncertainties and no ass u rance can be giv e n that actual res u lts will be consis t ent with these fo r ward-looking statements.

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APPE N DIX – LIC E NCE SCHEDULE.

				Tenement	Area
Coun try	State/Re	gion	Project	ID	(km 2)	G rant date	In terest
Namib ia	Otjozond	jupa	OtaviM ountain Landb ase metals	EPL3540	213.2	3 0/10/2006		80%
				EPL3542	475.5	3 0/10/2006		70%

AI assistant

SABRE RESOURCES LIMITED Interim / Quarterly Report 2017

65750_rns_2016-10-30_0c837c9d-0cb2-4013-94c7-29a7350c74e0.pdf

QUARTERLY ACTIVITIES REPORT FOR THE QUARTER ENDED 30 SEPTEMBER 2016

Border

Togge n burg

FURT H ER TARG E TING FO R ZINC A N D LEAD P R OJECTS

LICEN C E RENE W ALS

PREP A RATION FOR MINING LICENCE APPLIC A TIONS

S A BRE’S OT A VI MOUN T AIN LAND COPPER A N D ZINC P R OJECT

For further information please contact:

Forward-Looking Statements

APPE N DIX – LIC E NCE SCHEDULE.

AI assistant

SABRE RESOURCES LIMITED — Interim / Quarterly Report 2017

65750_rns_2016-10-30_0c837c9d-0cb2-4013-94c7-29a7350c74e0.pdf

QUARTERLY ACTIVITIES REPORT FOR THE QUARTER ENDED 30 SEPTEMBER 2016

Border

Togge n burg

FURT H ER TARG E TING FO R ZINC A N D LEAD P R OJECTS

LICEN C E RENE W ALS

PREP A RATION FOR MINING LICENCE APPLIC A TIONS

S A BRE’S OT A VI MOUN T AIN LAND COPPER A N D ZINC P R OJECT

For further information please contact:

Forward-Looking Statements

APPE N DIX – LIC E NCE SCHEDULE.

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SABRE RESOURCES LIMITED Interim / Quarterly Report 2017