Surefire (ASX:SRN) informs about progresses made during March 2023 quarter in latest report - Kalkine Media

Highlights

• The Company has a diversified portfolio consisting of the Victory Bore (Vanadium), and Yidby (Gold) projects
• During the reporting quarter, SRN updated the Mineral Resource Estimate for its Victory Bore Vanadium Project
• At Yidby Gold, further Reverse Circulation drilling (25 holes, total depth of over 3,380 metre) activity was undertaken

Australia based mineral exploration company Surefire (ASX: SRN) -- which has licences for Vanadium, Magnetite, and Gold (all projects in Western Australia) -- has released its Quarterly Activities Report for period ended March 2023. SRN fully owns its exploration portfolio, and during the reporting quarter SRN developed its Victory Bore Vanadium and Yidby Gold Projects further. Besides, a comprehensive flora and fauna survey was also undertaken at the Perenjori Iron Ore project.

Surefire Resources is an ASX-listed entity and its shares traded at AU$0.019, with a market cap of over AU$33 million at the time of writing on 27 April 2023. Below are the major highlights included in SRN's latest quarterly report.

Projects

Victory Bore Vanadium

Located in the mid-west of Western Australia (WA), the project provides SRN access to numerous stacked vanadium-titanium-magnetite rich layers. The entire project area has two prospects, namely Victory Bore, and Unaly Hill, which SRN terms as the Victory Bore Project.

During the reporting quarter, SRN progressed the Pre-Feasibility Study, while the process of reviewing proposals for data compilation and outcomes is ongoing. A comprehensive flora and fauna survey has been done, and SRN says that results would be provided once the final report is prepared. Notably, the Mineral Resource Estimate has been updated during the reporting quarter, with a hike of 56%, and now the project total stands at 321Mt @ 0.39% V₂O₅.

The Company has further stated that when the independently calculated Exploration Target Estimate and the Mineral Resource Estimate are aggregated, the project's range becomes 1,003Mt to 1,511Mt @ 0.2% to 0.43% V₂O_5. This probably makes Victory Bore one of the biggest resources for vanadium globally.

Source: SRN ASX announcement dated 27 April 2023

Further, a petrographic study highlights that core samples show coarse ilmenite (titanium iron oxide, FeTiO3) in exsolution lamellae. This comes with very low intrinsic ilmenite or other gangue elements in the magnetite. The study also confirms that majority of the vanadium occurs within the magnetite, which would mean simpler and cleaner separation in processing.

Separately, SRN states that the project has strongly elevated Aluminium Oxide in the waste rock around the resource. During the reporting quarter, SRN appointed Lava Blue to conduct a laboratory test work and find the method for production of high purity alumina (HPA). Surefire has plans to produce high purity Vanadium for the lucrative Vanadium Redox Flow battery sector.

Yidby Gold (Au)

Located in mid-west of WA and on the Great Northern Highway, the project comes with three licences for area spanning 114 sq. km. This is within the prolific Au producing southern portion of the Yalgoo-Singleton Greenstone Belt, SRN mentions.

The Company finished additional drilling during the reporting quarter, with a view to establishing continuity of mineralisation and testing structural targets. Column leach test work at Yidby Gold has also been started. Further, the company states that the gold discoveries (strike length of 3 km) include Yidby, Fender, and Marshall deposits.

In the March 2023 quarter, Reverse Circulation drilling (25 holes, total depth of over 3,380 metre) activity was undertaken by Surefire to target extensions to the existing Au mineralised intercepts and for other purposes. Assay results are awaited.

Previous sighter metallurgy test work results show that 92% gold (extracted in two hours), with 43.2% to 67% gravity Au recovery, and 97.6% to 99.5% recovery (gravity and cyanide leach). There is low cyanide and lime consumption, with no refractory mineralisation.

Yidby Metallurgical Sighter Test Work – Yidby Gold Project test results at P80 75µm and NaCN 1000ppm; Source: SRN ASX announcement dated 27 April 2023 

Perenjori Iron Ore

Located in mid-west WA, Surefire's project is considerably closer to the coast as compared with other magnetite projects in WA. During the reporting quarter, the Company finished a comprehensive flora and fauna survey with a view to back the application for the Program of Works and Native Vegetation Clearing Permit approvals. Surefire is planning a 5,000 metre reverse circulation drilling post approval. The Mineral Resource Estimate is in the below picture.

Source: SRN ASX announcement dated 27 April 2023

Separately, Surefire has mentioned about the appointment of Mr Paul Burton, a natural resources veteran with over three decades of exploration and mining experience (both in and outside Australia), as the new Managing Director of the company, with effective date as 6 February 2023.