To say “there’s nickel” at Sabre Resources’ (ASX:SBR) very own Sherlock Bay Project might be a bit of an understatement.
First quarter 2023 activities have been running strong, with results from early December last year confirming more evidence of a significant nickel sulphide system on-site.
The project, which boasts a resource of around 100,000 tonnes of nickel, is also prospective for cobalt and copper.
That may be upgraded soon, with a Mineral Resource Estimate (MRE) boost one of the key things Sabre has its eyes on to deliver to shareholders in early 2023.
All three metals are used in Electric Vehicle (EV) battery supply chains. Not only that, but the nickel market broadly is set for a deficit in 2025 according to Sabre’s calculations.
“Planning is already advanced for a new drilling program which will test the strong electromagnetic conductors we have identified, including the strongest conductor identified to date,” company CEO Jon Dugdale said.
“Drilling also provides metallurgical samples for new sulphide concentrate testwork and development studies into a major new nickel-sulphide project development.”
Sabre Resources reported the following assay results from its latest drilling at Sherlock on Monday:
17m @ 0.6% Nickel Equivalent (NiEq)* from 359m depth, including:
04m @ 0.8% NiEq from 366m
1.66m @ 01% NiEq from 367
Investor information provider Undervalued Equity classifies high-grade nickel as that in concentrations over 2%. Nickel Equivalent is a method of putting different hits of metal together.
Comprising the latest assay results in aggregate were nickel, copper, and cobalt.
Nickel sulphide is a superior form of mineralisation compared to laterite for EV battery chains and a premium is often paid for the former style of nickel.
“The latest intersection of higher-grade nickel, copper and cobalt reinforces potential to discover further massive and breccia-matrix sulphides at Sherlock Bay and upgrade the existing resource,” Dugdale added.
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