Sabre Resources (SBR) has entered into binding agreements to acquire an 80 per cent interest in two companies holding extensive gold and copper-gold tenements in the Northern Territory.
The acquisition covers nearly 4,000 square kilometres within the world-class Tennant Creek and North Arunta regions. The move is being hailed as a transformative opportunity for the company, providing immediate access to drill-ready targets in some of Australia’s most prospective critical metals terranes.
The Tennant Creek region is legendary in Australian mining, having historically produced over 5.5 million ounces of gold and 700,000 tonnes of copper.
Sabre’s new portfolio, which includes the East Tennant Iron-Oxide-Copper-Gold (IOCG) projects, sits on potential extensions of these mineralised corridors that have been hidden under cover for decades.
Sabre Resources CEO Jon Dugdale said the acquisition allows the company to test Tennant Creek look-alike targets that have remained largely untested.
“The acquisition of these major 4,000 square kilometre project areas in the Tennant Creek region presents the company with a transformative opportunity to test multiple drill-ready gold and copper-gold targets in extensions and potential repeats of the world-class Tennant Creek Mineral field,” the CEO said.
“Government geophysics and prospectivity modelling shows that the geology of the Tennant Creek field extends under cover east of Tennant Creek within the East Tennant Ridge, and to the south of Tennant Creek in the North Arunta area.”
The portfolio is split into two primary hubs: the East Tennant Ridge which features the Buchanan Prospect, described as an Olympic Dam scale gravity-magnetic target; and Kurundi North, which shows strong copper-gold-bismuth signatures.
The company also acquired the North Arunta Gold Project which is located along the Kroda Gold Trend. This area boasts historical high-grade intersections, including 12 metres at 15.7 g/t gold. Sabre plans to test extensions of these structures both along strike and at depth.
To fund an upcoming drilling program, Sabre has secured firm commitments for a AU$2 million placement through the issue of two million shares priced at 1 cent per share.
The funds will be deployed immediately to commence drill-testing at Kurundi North and the Kroda Trend.
The acquisition remains subject to shareholder approval, with a general meeting to be scheduled as soon as possible to finalise the transaction and the associated capital raising.