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DYOR on this one..
I hold a few here.. now they are just coming out to play!
v Acquisition of all issued capital of Link National Pty Ltd, holder of a 70% interest in highly prospective Ongava base metal project in Namibia;
v Independent valuation of project is A$90M (with Sabre share A$63M)
v Significant opportunity to undertake exploration in a highly prospective base metal province, which has historically hosted a number of ‘world-class’ base metal ore bodies, including the Tsumeb & Abenab mines;
Independent geologist Malcolm Castle has recently valued this project at A$90m, with the 70 per cent share held by Sabre valued at A$63m.
The Ongava project covers approximately 800km 2 of highly mineralised carbonate stratigraphy in the Otavi Mountain Land (OML). The OML hosts a wealth of mineral deposits, including the renowned Tsumeb and Kombat copper mines, as well as the historic Berg Aukas (zinc), Guchab (copper) and Abenab (vanadium) mining operations.
The project is well serviced by roads, power and rail services and lies less than 35 kilometres to the southeast of Weatherley International’s Tsumeb smelter, which processes base metal concentrates from all over southern Africa. The lead-zinc mineralisation within the deposit areas starts from surface and has yet to be extensively explored.
Sabre Resources Exploration Consultant, Tim Putt, believes the company is fortunate to have acquired such a highly prospective project in a nation that is committed to the development of world-class resources projects.
“The Ongava project occupies a strategic position within the Otavi Mountain Land, a province that already hosts a number of ‘world-class’ base-metal deposits. Until recently, depressed metal prices have resulted in very little exploration being carried out in the Ongava area,” Mr Putt said.
2 “The mineralisation in the deposit areas is ‘open’ in all aspects, and a largenumber of prospects require drill testing. The style of strata-hosted base-metal deposits found in the Otavi’s include some of the largest in the world, such as the world’s largest lead-zinc mine at McArthur River in Queensland.
“Namibia is one of the most politically stable and well developed countries in Africa, with its governments policy designed to promote investment in mining and exploration. It is currently rated amongst the top ten countries in the world in which to undertake both mining and exploration, and we look forward to working with the Namibian government in the development of this roject.”
I hold a few here.. now they are just coming out to play!
MEDIA RELEASE
2 August 2007
SABRE TO ACQUIRE 70% INTEREST IN MAJOR LEAD-ZINC
PROJECT IN NAMIBIA FOR A$13M
2 August 2007
SABRE TO ACQUIRE 70% INTEREST IN MAJOR LEAD-ZINC
PROJECT IN NAMIBIA FOR A$13M
KEY POINTS
v Acquisition of all issued capital of Link National Pty Ltd, holder of a 70% interest in highly prospective Ongava base metal project in Namibia;
v Consideration for acquisition is A$13m (cash/scrip);
v Independent valuation of project is A$90M (with Sabre share A$63M)
v Project area covers 800 km2 of the Otavi Mountain Land, including THREE insitu lead-zinc deposits and more than TWENTY TWO lead-zinc-copper-vanadium prospects;
v The insitu Lead-Zinc deposits at project represent an exploration target in excess of 16 million tonnes, grading at more than 4.5% combined Lead & Zinc, and;
v Significant opportunity to undertake exploration in a highly prospective base metal province, which has historically hosted a number of ‘world-class’ base metal ore bodies, including the Tsumeb & Abenab mines;
Australian exploration and development company Sabre Resources Ltd (“Sabre” or “the company”) has entered into an agreement to acquire 70% in the highly prospective exploration tenement EPL 3542 known as the Ongava base metals project (Ongava project) located in northeastern Namibia (refer Fig 1), for a total consideration of A$13m (cash/scrip).
Independent geologist Malcolm Castle has recently valued this project at A$90m, with the 70 per cent share held by Sabre valued at A$63m.
The Ongava project covers approximately 800km 2 of highly mineralised carbonate stratigraphy in the Otavi Mountain Land (OML). The OML hosts a wealth of mineral deposits, including the renowned Tsumeb and Kombat copper mines, as well as the historic Berg Aukas (zinc), Guchab (copper) and Abenab (vanadium) mining operations.
The project is well serviced by roads, power and rail services and lies less than 35 kilometres to the southeast of Weatherley International’s Tsumeb smelter, which processes base metal concentrates from all over southern Africa. The lead-zinc mineralisation within the deposit areas starts from surface and has yet to be extensively explored.
Sabre Resources Exploration Consultant, Tim Putt, believes the company is fortunate to have acquired such a highly prospective project in a nation that is committed to the development of world-class resources projects.
“The Ongava project occupies a strategic position within the Otavi Mountain Land, a province that already hosts a number of ‘world-class’ base-metal deposits. Until recently, depressed metal prices have resulted in very little exploration being carried out in the Ongava area,” Mr Putt said.
2 “The mineralisation in the deposit areas is ‘open’ in all aspects, and a largenumber of prospects require drill testing. The style of strata-hosted base-metal deposits found in the Otavi’s include some of the largest in the world, such as the world’s largest lead-zinc mine at McArthur River in Queensland.
“Namibia is one of the most politically stable and well developed countries in Africa, with its governments policy designed to promote investment in mining and exploration. It is currently rated amongst the top ten countries in the world in which to undertake both mining and exploration, and we look forward to working with the Namibian government in the development of this roject.”