Sabre Resources firms up ‘excellent targets’ at Bonanza gold project close to Venus and Ramelius ground
Sabre Resources noted one of the gold targets is close to Ramelius Resources’ Penny West discovery.
An airborne magnetic survey has pinpointed what Sabre Resources (ASX: SBR) describes as “excellent targets” at its Bonanza project in Western Australia’s Youanmi gold mining district.
Sabre also noted one of the targets continues directly through to Ramelius Resources’ (ASX: RMS) Penny West gold discovery.
Pegasus Geophysics conducted the survey which covered a structural target area of 2km by 3km in the north-east corner of the project’s tenement E57/1125.
The north-east corner of E57/1125 is about 500m from the Ramelius project boundary. It is also 800m from the Penny North discovery.
Sabre claims the magnetic survey has identified a high priority gold target within its tenement on the fault line that runs through to Penny West.
A second target was noted on the junction of another north-east trending fault line.
Sabre believes this may represent splay of the Youanmi Shear.
The third main target from the survey sits near the junction of a north-east trending fault line and a north-west trending splay from the Youanmi Shear.
Advancing Bonanza
Sabre is considering extending the aeromagnetic survey to cover areas to the west and south of the current survey area.
Additionally, Sabre will plan a drilling program to test the targets already identified.
The program will initially comprise aircore drilling followed by reverse circulation drilling.
In August last year, Sabre agreed to acquire Bonanza and Beacon, which is directly south.
Combined, the projects cover 33 square kilometres and are close to the Penny West open pit.
Sabre noted the region had come under the spotlight in recent months due to Venus Metals Corporation (ASX: VMC) and Rox Resources (ASX: RXL) exploration successes.
Only last week, Venus reported it had extended the known gold mineralisation at the Sovereign prospect which is north-west of Penny West.
Venus and Rox own 50% each of Sovereign, which forms part of the duo’s wider Youanmi gold project joint venture with each party owning varying stakes across the ground.
Latest drill results from Sovereign were 8m at 5.03 grams per tonne gold, including 2m at 15.83g/t and 3m at 2.86g/t.
Additionally, Venus noted further priority targets had been identified across Sovereign.