Surefire Resources Released September Quarter Results, Casting an Eye on Exploration Opportunities

The Resource and Energy commodity earnings in 2019–20 have been revised up by $12.9 billion to $285 billion, as per the March quarter edition of the Resources and Energy Quarterly Report. Let us delve into one such mineral explorer tapping the lucrative opportunity in the mining space – Surefire Resources NL (ASX: SRN), that is engaged in exploring Vanadium, Copper, Gold, Lead, Silver and other base metals.

With a positive eye on Australia offering an extraordinary opportunity for resource development, Surefire continues to seek and develop exploration projects. The Company is focused on a rigorous approach around project development coupled with the implementation of the sturdy experience of its management.

Base metals focused mining player, Surefire Resources NL recently released the September Quarter results for the period ending 30 September. Below is the snippet of the same:

Project Tenement Expansion

SRN’s project tenement licences comprise of E57/1068 (Victory Bore) and E57/1036 (Unaly Projects), located ~60km west of Mount Magnet, Western Australia. The projects cover 25km strike length of extensive greenstones, lying between the historic gold mining centres of Sandstone and Youanmi. SRN has complemented the above licenses with the addition of two new licence applications that have a common boundary with these licences.

The new licenses are expected to provide the Company with an additional 120 sq km of nearby and adjacent ground, with the total tenement area collectively held under the leases to total ~210 sq km.

 

Victory Bore – Gold: Highly Prospective Gold Targets identified

The Company identified 7 significant gold targets for drill testing at Victory Bore, based on comprehensive analysis of the detailed aeromagnetic data, available geochemistry and geology. Collectively, the targets fall into two categories that could reflect the potential of a highly underexplored gold system at Victory Bore and interconnected components of a typical gold system.

Consequently, SRN planned and completed maiden RC drill programme during the quarter, encompassing 29 holes for 2,256m over a 3.5 km x 800m area which focused on testing seven target areas highlighted by significant anomalous gold and coincident geophysical anomalism.

Maximum depth of 96m was reached under the completed drilling programme. Moreover, the Company plans to further extend the drilling to depths to 150m or more if the current results further support the historic intersections. Currently, the samples obtained from the drilling have been transported to ALS laboratories in Perth, and the analysis and assay results of these samples are awaited.

Unaly Hill – Victory Bore – Vanadium: Advancement to Scoping Study Under Planning Stage

An in-fill drilling programme, which is designed to delineate a JORC Indicated Resource within the current inferred resource at Unaly, has been evaluated and budgeted. Moreover, the Company is under the process of planning to advance the project to a Scoping Study.

Kooline Project – Lead-Silver-Copper-Gold: Refined Targeting Expected from Upcoming Exploration

The Kooline Project’s tenements consist of granted Exploration Licence, E08/2373 and E08/2956 on the 48km of contiguously striking licenses that link numerous clusters of high-grade historic artisanal Lead-Silver-workings and elevated gold-copper geochemical anomalies.

A significantly greater understanding of the geological structure within and beneath the project area’s transported cover is provided by the recently compiled geophysical and geochemical data.

Over the quarter, the evaluation of the Company’s data set was carried out by its geological consultants, Target Geoscience Pty Ltd. The consultants provided initial evaluation of the project area for further exploration while identifying multiple areas of interest.

Moving towards the north of the licence area, it is assessed that the current geochemical anomalies defined by CSA Global from earlier historic Aircore drilling are on a broadly spaced grid of 1600m x 400m.

As the mineralisation is likely to be structural/stratigraphic dependent with minimal dispersion, the Company anticipates an additional infill drilling using Rotary Air Blast or Aircore, focused between these existing anomalies on a 400m x 100m (or potentially 400m x 50m) grid spacing with a view to refining the geochemical targeting.

The target areas of interest in the south of the licence area include:

  • Major Au trend consisting of distinct magnetic horizon, which is poorly explored,
  • Pb-Ag anomalism with next to no follow-up,
  • Existing geochemical anomalies at 800m x 200m grid spacing.

The further in-fill drilling on a tighter grid spacing of 400m x 100m around these anomalies is expected to refine the targeting for upcoming exploration.

SRN is currently assessing the areas of interest as presently delineated with a view to determine the priority targets and develop a detailed work programme for the preferred areas.

SRN stock traded at a price of $ 0.007 as on 7 November 2019 with a market capitalization of $4.4 million (2:31 PM AEST). Over a period of last six months, SRN stock has provided 40% return.


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