SABRE RESOURCES LIMITED - Interim / Quarterly Report 2016

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ASX ANNOUNCEMENT

QUARTERLY ACTIVITIES REPORT FOR THE QUARTER ENDED 31 DECEMBER 2016

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Figure 1 View of the Otavi M o untain Land, a p proaching fro m the southwes t on the highwa y from Windho e k

Preparation for forthcoming mining licence applications continued during the quarter
Detailed interrogation and interpretation of historical datasets, together with geological mapping and sampling continued during the quarter

ZINC- L EAD-SILV E R PROJECTS

The sig n ificant upw a rd trend in the zinc pric e continued over the las t quarters s u pporting th e ongoing review o f the zinc a n d lead opp o rtunities wit h in the Otavi Mountain L and project. A summar y of these opportu n ities follows:

Border

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 5).

Metallur g ical sighter testwork on a bulk sam p le conduct e d for that st u dy shows t h at the mineralisation respond s very favo u rably to Heavy Media S eparation ( ‘HMS’). Bor d er minerali s ation upgr a des with HMS, b e fore grinding and flotation, to a pro d uct of 12.5 % Zn + 6.3 % Pb with r e coveries of 86% and 92.5% r e spectively.

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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.

Auros

Sabre’s regional soi l sampling programs ha v e identified significant zinc-lead an o malism in t h e AurosNageib- W olkenhauben area (Fi g ure 3) whi c h is the p o ssible wes t ern limit of a regional zinc-lead anomal o us corridor extending e ast about 2 0km to Sa b re’s Drieho e k prospect. Over 1087 samples were c o llected res u lting in the definition o f the Auro s zinc-lead a nomaly wh i ch covers o ver 300 hectare s , measuring over 2.5 k m by 5.0 km (Figure 3).

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Figure 3 – The Auros Zin c ‐Lead anomal y

The Auros anomaly has been d e fined using a 0.1% Zn + Pb cutoff (as at Togge n burg) and c o ntains a peak value of 8.25 % Zn+Pb ( 6 .30 % Zn a nd 1.95 % P b – deter m ined by po r table XRF) near the historic N ageib wor k ings. Nume r ous percen t age-grade r esults were obtained in areas with n o known historic m ining activity. One su c h area, whi c h recorded soil values up to 4.65 % Zn+Pb (3.20 % Zn and 1.4 5 % Pb), ex h ibits outcro p ping brecci a te and diss e minated sp h alerite and g alena mineralisation (Figure 4 ).

Detailed interpretati o n of high-r e solution ae r omagnetic d ata over th e Auros are a shows tha t bedding and its interaction w ith several important cr o ss-cutting s tructures s e em to contr o l the distri b utions of intense zinc and l e ad anomalism throug h out the ar e a. Auros m ineralisati o n appears to show similariti e s to zinc-l e ad minerali s ation at Dri e hoek, whic h is located along strike around 20 k m to the east. Auros howev e r is much larger in ext e nt than the Driehoek group of dep o sits, prosp e cts, and occurre n ces.

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Figure 4 – Outcropping disseminated g alena (dark g r ey) and sphalerite (brown‐grey) mineralis a tion with sec o ndary zinc oxides (br o wn) in the Auros area.

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Baltik a

Baltika i s located within and tow a rd the west of Sabre’s E PL 3540 and produced 5 ,820t of co n centrate grading 9% vanadiu m pentoxide between 1 9 31 and 194 2 . Vanadium mineralisat i on is associated with east-we s t trending zinc and lea d - bearing s t ructures pr o ximal to th e contact wh i ch hosts th e Kombat and Gu c hab Cu-Zn- P b mining c e ntres to the east within t he Kombat C orridor.

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 with the M M E during t h e quarter t o expedite t h e renewal p rocess. Th e delay in licence r enewals is c ommon to all exploratio n companies in Namibia a nd is not li m ited to Sab r e alone.

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Figure 5 – Proposed 50 % reductions (y e llow) to the Company’s EPLs in the Otavi Mountain Land, a s mandated by t he Ministry of Mines a nd Energy. N o te that all areas and prospec t s of interest h a ve been retained. The prese n t licence outlines (dashed lines) rem a in current until the renewals are granted.

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 pro g ress was m ade on do c umentation required f o r the minin g licence applications.

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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 i n the Otavi M o untain Land (“OML”) in n o rthern Nami b ia. T h e OML is int e rpreted to b e an extensio n of the Cent r al African Co p perbelt, whi c h comprises the Z a mbian and K atangan (D R C) Copperb e lts and cons t itutes the w o rld’s richest s ediment-hosted c o pper provinc e .

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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 2016

65750_rns_2017-01-30_f33ad4b3-73d0-48a0-a822-acd676d3c67c.pdf

ASX ANNOUNCEMENT

QUARTERLY ACTIVITIES REPORT FOR THE QUARTER ENDED 31 DECEMBER 2016

ZINC- L EAD-SILV E R PROJECTS

Border

Togge n burg

Auros

Baltik a

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

COPP E R PROJE C TS

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 2016

65750_rns_2017-01-30_f33ad4b3-73d0-48a0-a822-acd676d3c67c.pdf

ASX ANNOUNCEMENT

QUARTERLY ACTIVITIES REPORT FOR THE QUARTER ENDED 31 DECEMBER 2016

ZINC- L EAD-SILV E R PROJECTS

Border

Togge n burg

Auros

Baltik a

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

COPP E R PROJE C TS

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 2016