Shares in Sabre Resources jumped 11% after the company announced that ongoing exploration at the its polymetallic Ongava Project in Namibia continues to delineate extensive base metal mineralisation in southern Africa.
During the morning trade, the company's share price shot up 4.5c, or 11.1%, to 45c.
Sabre’s ongoing exploration of the highly prospective ground around the Kaskara copper-lead-zinc prospect has resulted in the identification of three new prospects, including Lucas Post, Lucas Post East and Kaskara West.
The Kaskara copper-lead-zinc prospect is located on Sabre’s Ongava Poly-Metallic Project in northern Namibia, southern Africa.
Numerous high-grade gossans were discovered at Kaskara in September 2009. Sabre is ‘fast-tracking’ exploration at Kaskara.
The prospects are located in a 2500 metre long corridor along the recently identified Lucas Post Trend, within the Lucas Post-Kaskara prospect area.
The Lucas Post prospect is similar in style to Kaskara, with gossans and base metal sulphides & ‘vanadates’ exposed over a strike length of more than 400 metres. Several historic workings have exploited copper-lead-zinc vanadate mineralisation but investigations show that mining does not appear to have intercepted the primary base metal sulphides at depth, which presents a strong target for future exploration.
The Lucas Post East prospect is located on the adjacent hill to the east of the Lucas Post prospect. A number of discontinuous gossans are hosted within a brecciated zone of alteration and mineralisation as they are at the Lucas Post prospect. Minor mine workings, in the form of trenches and a small shaft are present.
The limited exploration at Lucas Post East, has returned highly encouraging results, from spot sampling, which include assays of over 4% Copper, 24% Lead and 6% Zinc.
The Kaskara West prospect is located approximately 400 metres to the west of Kaskara. It comprises a network of strong, green coloured mottramite-bearing veins closely associated with an east-west-trending shear zone, which shows strong alteration including iron oxide concentration.
A number of spot samples were assayed at Kaskara West, and returned values as high as 9.15% copper, over 35% lead, and 12.35% zinc.
Detailed follow up exploration is continuing on the new locations.