Latest study outcomes boost Surefire (ASX:SRN) confidence in Victory Bore vanadium project

February 13, 2023 05:45 PM AEDT | By Manisha
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  • Surefire Resources has received positive results from a petrographic study on samples from vanadium mineralised resource structures at the Victory Bore project.
  • As per study results, the Victory Bore magnetite deposit provides a clean vanadium concentrate with low titanium and deleterious elements.
  • Spot grade vanadium within the magnetite varies from 1.8% to 3.9% V2O5, according to Scanning Electron Microscope (SEM).
  • SRN is reviewing proposals for Pre-Feasibility Studies (PFS) for Victory Bore as well as planning to conduct more analysis of the magnetite.

Diversified mineral exploration player Surefire Resources NL (ASX:SRN) has received positive results from a petrographic study undertaken on samples collected from within the vanadium mineralised resource structures at its 100%-owned Victory Bore Vanadium project.

The samples were collected from the Main and Central lodes, which have significant true widths of continuous and homogeneous vanadium grades.

The Main Lode is up to 59m in true width, to a grade of up to 0.48% V2O5, while the Central Lode is up to 55m in true width, to a grade of up to 0.42% V2O5.

Schematic stacked cross sections showing massive ore widths and along strike continuity 

Image source: company update 

Petrographic Study on Victory Bore – Key details

The detailed petrographic study on Surefire’s Victory Bore Vanadium Project was conducted by Diamantina Laboratories. A thin section analysis was performed by Mr. R Townsend.

Data source: Company update; Image source: © 2023 Krish Capital Pty. Ltd.

The study results have encouraged the firm as it comes post the recent significant resource upgrade for Victory Bore/ Unaly Hill to 321Mt with a 56% surge, making it one of the largest undeveloped vanadium resources in Australia with significant continuity of mineralisation.

With such positive results, the company looks forward for future considerations of beneficiation treatment of the resource and for planning in developing the project.

As per the study, it has been concluded that there was good metallurgical separation of ilmenite from magnetite. It was confirmed under the SEM that most of the vanadium occurs within the magnetite. As a result, the Victory Bore magnetite holds relatively clean intrinsic vanadium, which should enable a simpler and cleaner separation in processing.

Management commentary

At present, Surefire is reviewing proposals for Pre-Feasibility Studies (PFS) for Victory Bore. Also, Surefire is planning to conduct more analysis of the magnetite, along and across the Main and Central Lodes. This will establish the intrinsic grade and suitability of the material for Vanadium Redox Flow batteries.

More to come…


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