Sabre (ASX:SBR) chase hot uranium at Dingo
January 18, 2024Sabre Resources exploration will chase high-grade uranium of up to 5,194ppm eU3O8 identified in previous drilling at the Dingo Uranium Project in Australia’s Northern Territory.
The follow-up comes as uranium prices rise above $92/Lb. in January, extending the surge from late 2023 to the highest since late 2007, amid increasing signs of solid demand and risks to supply.
The company plans to test high-grade sandstone-hosted uranium targets and resource extensions under shallow ground with detailed geophysics and drilling.
Previous shallow drilling has tested only 5km of the sandstone contact, including high-grade results at Eclipse 1 and Camel Flat Mineral Resource of 211k tons at 1,384ppm U3O8.
New exploration involves drone magnetics, detailed gravity, and passive seismic to locate palaeo-channels, followed by drilling to extend high-grade zones.
“The identification of high-grade uranium of up to 5,194ppm eU3O8 in previous drilling within our granted Dingo tenement highlights the prospectivity of our Ngalia Basin projects for high-grade uranium discoveries,” Sabre Resources CEO Jon Dugdale said.
“Sabre’s 1,100km2 tenement package in the highly prospective Ngalia Basin is surrounded by high-grade uranium deposits and remains largely unexplored due to shallow soil cover.
“Uranium exploration in the Ngalia Basin is actively encouraged by the Northern Territory Government, and its location in an arid area 300km northwest of Alice Springs makes it one of Australia’s best regions for uranium development.
“Our recent interpretation of previous geophysics and drilling has highlighted these previous high-grade results and over 50km of prospective extensions to the key Mt Eclipse Sandstone contact zone.
“An aggressive field program of detailed drone magnetics, gravity and passive seismic will commence as soon as landholder access agreements are in place and will aim to define priority high-grade uranium targets for aircore and RC drilling programs in 2024.”
Uranium Demand
Volatile fossil fuel prices and ambitious decarbonisation goals drove the US and 20 other countries to announce that their nuclear power will be tripled by 2050. The large bets on nuclear energy are led by China, which is building 22 of 58 global reactors. At the same time, Japan restarted projects to increase nuclear power output, and a new reactor in Finland marked Europe’s first new facility in 16 years. Consequently, utilities signed contracts for 160 million pounds of U3O8 in 2023, the most since 2012. The developments were met with increasing.
About Sabre Resources
Sabre Resources Limited (ASX:SBR) is an Australian company that focuses on exploring and developing highly prospective nickel, lithium, gold, uranium, and vanadium assets in Western Australia and the Northern Territory. The company’s flagship project is the Sherlock Bay nickel-copper-cobalt project in Western Australia, and it also has significant lithium potential in the Eastern Goldfields region. In addition, Sabre holds an 80% interest in the Ngalia Uranium-Vanadium Project in the Northern Territory.
$0.014Please note the following valuable information before using this website.
Independent Research
Market Open Australia is intended to be used only for educational and informative purposes, and any information on this website should not be taken as investment advice or guidance. It is important to conduct your own research before making any investment decisions, which should be based on your own investment needs and personal circumstances. Any investment decisions based on information contained on this website should be taken in line with independent financial advice from a qualified professional or should be independently researched and verified.
