SABRE RESOURCES LIMITED - Interim / Quarterly Report 2015

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QUARTERLY ACTIVITIES REPORT FOR THE QUARTER ENDED 31 DECEMBER 2015

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Figure 1 – Vie w of the Otavi M o untain Land, approaching fro m the southwes t on the highw a y from Windho e k..

Drill sites finalised for the next phase of exploration at the Toggenburg ZnPb-Ag prospect and the Guchab South Cu-Ag prospect which will commence on renewal of licences and cessation of wet season rains.
New geochemical survey technique being trialled at and around Guchab in order to define the extent and intensity of the hydrothermal event responsible for copper-silver mineralisation.
Detailed mapping and environmental studies are underway at several project areas in preparation for forthcoming Mining Licence applications at Border and the Guchab area.
Interrogation of geophysical and other remote datasets identifies additional Zn-Pb-Ag targets.
Cost-reduction initiatives implemented across Sabre’s Australian and Namibian offices.

ZINC- L EAD-SILV E R PROJECTS

Togge n burg

During the quarter, s ites were cleared and p reparations made for deeper drillin g at selecte d sites at Toggen b urg.

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Four drill sites wer e identified f or a series of 100 m d eep revers e circulation drillholes w hich are designe d to test the down-dip extent of zinc a nd lead mi n eralisation a t Toggenbu r g. It is expe c ted that, like the B order depo s it to the we s t, mineralis a tion will dip moderately to steeply t o the north-northwest, parallel t o the host dolomite seq u ence.

Drilling a t Toggenb u rg will reco m mence on renewal of t he licence a nd cessati o n of the w e t season rains. B e ing entirely under cover of black soi l plains, Tog g enburg is i n accessible d uring wet w eather.

The To g genburg pr o spect is lo c ated along s trike from S abre’s Border zinc-lead-silver depo s it and is interpreted to be controlled by the same st r uctures as Border. The Toggenbur g prospect m easures over 2. 8 km long and up to 250 m wide, with maximum combined z inc and lea d values in e xcess of 2.9 %. T he anomali e s defined a t Toggenb u rg, which a r e open to the east an d west, hav e an area more th a n four time s the size of the equival e nt anomaly at Border, w here a 0.1 % Zn+Pb cu t off in the near-su r face approximates the f o otprint of z i nc and lea d sulphide mineralisation at depth. T h e JORC 2012 Inf e rred Reso u rce at Bord e r is 16.0 Mt @ 1.53 % Zn, 0.59 % P b and 4.76 g / t Ag.

COPP E R PROJE C TS

Gucha b South

At Guchab South, s e veral drill si t es have be e n identified and prepara t ions made f or drilling. Drilling will comme n ce on rene w al of the lic e nces and the end of the wet season .

Addition a lly, work is continuing o n refining t he detailed parameters for the high-powered E M survey propose d for the G u chab Sout h area. Fea t ures at Gu c hab South, such as th e conductiv e Kombat Shale o v erlying the potential h o st dolomite sequence, a s well as t h e highly co n ductive railway line, can co m plicate or o bscure the electrical re s ponse of p ossible sul p hide miner a lisation. Modelling is continui n g to ensure the appropriate techniq u e is used.

Gucha b Mining C entre

A new g eochemical survey is u nderway o v er the Guc h ab Mining C entre. A s e ries of sa m ples has been collected at 2 5 0 m interva l s in a line r unning nort h ward from t he Otavi V a lley, over t h e mining centre a nd to the H oba Valley in the nor t h. The sta b le isotope v alues of these samples will be measur e d in an effort to define t he hydroth e rmal footpri n t of the co p per mineral i sation at and around Guchab . Use of this technique in copper a n d gold dep o sits elsewh e re has defi n ed distinct h aloes to minerali s ation that h a ve resulted in further di s coveries.

This is v ery much a t rial progra m as the technique has n o t been use d previously i n the Otavi Mountain Land. If successful, f urther sam p les will be t a ken with th e intention o f defining ha l oes to, and therefore vectors t o, additiona l mineralisat i on at Guch a b. The initi a l batch of s amples is p r esently pas s ing throug h customs a n d will be a n alysed in P e rth upon its deliv e ry.

FURT H ER TARG E TING FO R COPPER, ZINC AND LEAD P R OJECTS

Detailed interrogati o n of geoph y sical and o t her remotely sensed d a tasets continues throu g hout the licence areas. Sev e ral new zi n c and lea d targets h a ve been i d entified an d will be r a nked on complet i on of the int e rpretation.

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LICEN C E RENE W ALS

Renewal applications for both E P L-3540 an d EPL-3542 were submi t ted during t h e previous reporting period. T he Compa n y is presen t ly awaiting notification b y the Ministry of Minin g and Energy of their renewal , and is not a ware of any issues that w ould precl u de renewal of each of t h e licences.

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Figure 2 – Areas to be re t ained in yellow after the statu t ory 50% reduc t ion to the Company’s EPLs i n the Otavi Mountain Land, as manda t ed by the Mini s try of Mines an d Energy. Note that all areas and prospects o f interest have b een retained.

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. p rior to end O ctober, 20 1 7). Several sites are sh o rtlisted whi c h include t h e Border Zn-Pb- A g deposit a n d the Guchab Cu-Ag d e posit, amo n gst others. The applica t ion proces s requires submission of exte n sive documentation, in c luding deta i led geologi c al maps, e n vironmental reports, resourc e reports, an d scoping st u dies.

During t he quarter, progress w as made o n the colle c tion and c o llation of d ata for the detailed geologi c al maps. W o rk also commenced on p reparation f or the envir o nmental re p orts.

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CAPIT A L RAISING AND REVIEW OF E XPENDI T URE

Sabre r a ised $400, 0 00 on 26 October 20 1 5 by the i s sue of 25, 0 00,000 sh a res at $0.016 each, togethe r with 12,500,000 free options exerci s able at $0.025 each on o r before 1 A ugust 2018 .

During t h e quarter, a n internal review of exp e nditure in b o th Australia and Namibi a was completed and a numb e r of cost-re d uction initia t ives implemented.

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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 base2 m e tals explora t ion company . Sabre has a strategic la n d holding of about 350 k m of explora t ion li c ences curre n tly being renewed, and 3 5 0 km[2] of exploration lice n ce applicati o ns 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.
Stratabou n d epigenetic zinc-lead de p osits with fav o urable metallurgical chara c teristics.

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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 (copperzinc- l ead-vanadium), a nd Guchab Sout h (copper) project areas. 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:

David C h apman, M a naging Dire c tor Phone (08) 9481 7833

Or cons u lt our webs i te:

http://www.sabresources.com /

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Competent Person Declaration

The inform a tion in this report that relates to E x ploration Results is based on infor m ation compiled b y David Chapmaan who is Managi n g Director of Sabre Res o urces Ltd, and w ho is a Member o f The Australian Institute of Mining and Metallurgy. Mr Chapman haas sufficient experience that is relevant to t he style of miner a lisation and typ e of deposit unde r consideration a n d to the activity t h at he is undertakking to qualify as a Competent Person as d efined in the 2012 Edition of the “Australian Cod e for Reporting o f Exploration Results, Mineral Resoource and Ore R eserves”. Mr Chapman c o nsents to the in c lusion in the report of the matters b ased on his infor m ation in the for m and context in whhich it appears.

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.

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 2015

65750_rns_2016-01-28_4671257a-294d-4e60-8f23-81e469ff494b.pdf

QUARTERLY ACTIVITIES REPORT FOR THE QUARTER ENDED 31 DECEMBER 2015

ZINC- L EAD-SILV E R PROJECTS

Togge n burg

COPP E R PROJE C TS

Gucha b South

Gucha b Mining C entre

FURT H ER TARG E TING FO R COPPER, ZINC AND LEAD P R OJECTS

LICEN C E RENE W ALS

PREP A RATION FOR MINING LICENCE APPLIC A TIONS

CAPIT A L RAISING AND REVIEW OF E XPENDI T URE

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

For further information please contact:

Competent Person Declaration

Forward-Looking Statements

APPE N DIX – LIC E NCE SCHEDULE.

AI assistant

SABRE RESOURCES LIMITED — Interim / Quarterly Report 2015

65750_rns_2016-01-28_4671257a-294d-4e60-8f23-81e469ff494b.pdf

QUARTERLY ACTIVITIES REPORT FOR THE QUARTER ENDED 31 DECEMBER 2015

ZINC- L EAD-SILV E R PROJECTS

Togge n burg

COPP E R PROJE C TS

Gucha b South

Gucha b Mining C entre

FURT H ER TARG E TING FO R COPPER, ZINC AND LEAD P R OJECTS

LICEN C E RENE W ALS

PREP A RATION FOR MINING LICENCE APPLIC A TIONS

CAPIT A L RAISING AND REVIEW OF E XPENDI T URE

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

For further information please contact:

Competent Person Declaration

Forward-Looking Statements

APPE N DIX – LIC E NCE SCHEDULE.

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SABRE RESOURCES LIMITED Interim / Quarterly Report 2015