Surefire (ASX:SRN) appoints Perth based METS to develop advanced process for vanadium extraction - Kalkine Media

Highlights

• Surefire fully owns the Victory Bore Project (WA), and METS is a Perth based metallurgical work specialist
• SRN is progressing on its vanadium project with a view to tapping the emerging vanadium storage battery sector
• METS has substantial experience of assessment of vanadium deposits and extraction process in the WA area

Australian mineral explorer Surefire Resources (ASX: SRN) -- with interests in Vanadium, Magnetite and Gold -- has informed that it has appointed METS Engineering for development of an "advanced" process for extracting high purity vanadium from magnetite. Notably, this development relates to SRN's Victory Bore project, which is located in Western Australia, almost 400 km from the Geraldton Port.

Surefire is looking to produce high purity vanadium oxide (liquid form) to further recover clean and high purity vanadium electrolyte. SRN shares were up 11.7% at the time of writing on 1 May 2023 and were trading at AU$0.019 (market cap over AU$26.8 million).

Source: SRN ASX announcement dated 1 May 2023

The development

Surefire is positive about the increasing global demand for vanadium, which is used in the battery storage sector. Presently, SRN is doing detailed works as a part of Pre-Feasibility Study economic assessment of its fully owed vanadium project called Victory Bore. Now, it has appointed METS Engineering, an expert in the field of metallurgical works in the WA region's vanadium deposits. METS would look into developing an advanced process for extraction of the resource.

Notably, metallurgical results at the project have demonstrated spot grade vanadium within the magnetite ranges -- 1.8% to 3.9% V₂O₅. SRN has deduced that the magnetite has relatively clean intrinsic vanadium. The Company is also sure that these properties allow for easier and cleaner separation during processing. Surefire has stated that METS has "unrivalled depth" of experience in new extraction processes.

Further, the works by METS would be undertaken in parallel with the other task where Surefire is assessing the potential for production of High Purity Alumina from waste and host rock. The latter work is being done by Lava Blue Ltd, which SRN announced a couple of months back. SRN says results from both these separate studies can likely be a part of the ongoing Pre-Feasibility Study at Victory Bore.

Below is the existing Mineral Resource Estimate (321 Mt @ 0.39% V₂O₅) plus the Exploration Target Estimate (ETE) of SRN’s Victory Bore.

Source: SRN ASX announcement dated 1 May 2023

Statement by Paul Burton

The Managing Director of Surefire has lauded the onboarding of METS and commented that this can be an "exciting new pathway" for the company's vanadium deposit. He has also mentioned that SRN is actively exploring the streamlining of resource recovery with focus on the battery sector. High Purity Alumina at the site also "makes environmental and commercial sense", he added.