Surefire (ASX:SRN) completes RC drilling at Yidby, site emerges as “large gold mineralised system”

Highlights

• The gold explorer, with interests also in vanadium and magnetite -- has updated about the Yidby project (Western Australia)
• Surefire has stated that the gold mineralised system at Yidby is very similar to the nearby Mt Gibson gold mine (2.75MOz)
• The reverse circulation (RC) drilling program included 25 holes (variable depths), with total of over 3,380 metres

Perth, Australia-based explorer Surefire Resources (ASX: SRN) -- with interests in varied minerals including vanadium, magnetite and gold -- has completed RC drilling at its Yidby gold project. The company fully owns its Yidby project, where gold-holding extensions to quartz-porphyry have been intersected. Extensive sulphides are present, SRN has said, and gold has also been sighted in places.

The project sits within the gold-rich Yalgoo-Singleton Greenstone belt. Below are more details related to SRN’s latest announcement.

Source: SRN ASX announcement dated 5 April 2023

The development

25 holes of varied depths, for a total depth of more than 3,380 metres, were part of the RC drilling program at SRN’s Yidby Gold site. The project is in Western Australia (350km northeast of Perth) and is now emerging as a “large gold mineralisation system”. Further, the Yalgoo-Singleton Greenstone belt, where the project sits in the southern parts, has multi-million-ounce gold deposits.

The completed RC drilling program looked for extensions to the existing gold mineralised intercepts, which have previously been announced by SRN. It also tested structural targets that emerged out of SRN’s magnetic and gravity data and interpretation from CSA Global. The company collected 845 composite samples, which have now been sent for analysis and assay works to be undertaken by Nagrom Laboratories Perth.

SRN states that all the drilled holes showed intersections of Quartz-porphyry, with visible sulphides in most cases. In some places, gold has also been sighted.

The mineralised system intersected so far at Yidby Gold is extensive. It spans over 3 km in a trending strike length (NW-SE) with intercepts of gold at other targets (Yidby, Fender, and Marshall). The system, with quartz-porphyry and mafic and ultra-mafic rocks, resembles the Mt Gibson gold mine that is approximately 30km to the south.

Source: SRN ASX announcement dated 5 April 2023

Background

After acquiring the tenements in 2020 (located in close proximity to the Great Northern Highway), Surefire undertook geochemistry and geophysics works for identification of drilling targets. This has resulted in discovery of a gold system beneath transported overburden.

Source: © 2023 Krish Capital Pty. Ltd.

SRN shares jump over 9.5%

At the time of writing, SRN shares on ASX were up more than 9.5% and were trading at AU$0.023 on 5 April 2023.