Shares in Sabre Resources Limited
(ASX:SBR) surged 260 per cent yesterday after the mineral explorer announced a copper discovery. Sabre says drilling has intercepted extensive copper mineralisation from surface at the Guchab copper mining centre, within its Otavi Mountain Land copper project in Namibia.
The first diamond drill hole at Guchab has been described as a great success, having intersected a broad zone of visible copper mineralisation along much of the length of the hole.
Sabre advises the hole was originally designed to be 50 metres in length but was extended to 111.4 metres as visible mineralisation continued to be intersected.
Sabre’s General Manager - Exploration, Dr Matthew Painter says a copper rich intercept of more than 100 metres is an exciting start to a programme before the company starts a resource drillout programme later this year.
Shares in Sabre Resources surged 260 per cent yesterday, ending Tuesday at $0.36.
In the first half of the 2012 financial year Sabre Resources reported a net loss of $415,000.
