Surefire (ASX:SRN) reports 56% jump in initial MRE for Victory Bore vanadium project

Highlights

• Surefire Resources’ shares gained over 7% in the early hours of 1 February 2023.
• Initial results from the ongoing Victory Bore resource estimation indicate a 56% tonnage increase from the previous 2012 estimate.
• The total resource at both Victory Bore and Unaly Hill has increased to 321Mt @ 0.40% vanadium pentoxide.

Shares of Surefire Resources NL (ASX:SRN) edged up by over 7% during the early trading hours of Wednesday (01 Feb) to AU$0.015. The rise in the share price followed an upbeat company update concerning a significant jump in mineral resource estimate of the Victory Bore vanadium project.

The company reported initial results from the ongoing Victory Bore resource estimation. The update has boosted the company’s confidence level of the resource categories being upgraded to result in 87.1Mt @ 0.40% vanadium pentoxide (V₂O₅) to the Measured and Indicated resource category in preparation for an economic pre-feasibility evaluation.

Victory Bore vanadium resource up 56%

The resource estimate reflects an increase of 56% in tonnage to 235 million tonnes (Mt) at 0.39% V₂O₅ compared to the previous 2012 estimate of 151Mt @0.44% V₂O₅ for Victory Bore.

Below is a classification category breakdown

• Measured: 16.8 Mt @ 0.42% V₂O₅
• Indicated: 70.3 Mt @ 0.40% V₂O₅
• Total Measured and Indicated: 87.1 Mt @ 0.40% V₂O₅
• Inferred: 147.7 Mt @ 0.38% V₂O₅

Total Vanadium Resource at 321Mt @ 0.40% V₂O₅

Further, it is an addition to the contiguous to the south, Unaly Hill Project resource of 86Mt @ 0.42% V₂O₅. In total, the resource at Victory Bore and Unaly Hill has increased to 321Mt @ 0.40% V₂O₅ consisting of:

• Measured: 16.8 Mt @ 0.42% V₂O₅
• Indicated: 70.3 Mt @ 0.40% V₂O₅
• Inferred: 234 Mt @ 0.40% V₂O₅

Further estimation results for iron, nickel, titanium, cobalt, copper, aluminium, and phosphate should be completed within the week, as per the company.

The company recently completed a reverse circulation (RC) drilling campaign, on which the resource estimation upgrade is based on. The RC drilling campaign covered a total of 62 holes for 5,189 metres.

The drilling offers close spaced in-fill drilling intercepts within the vanadium resource. It has escalated the level of classifications of the resource in preparation for an economic Prefeasibility Study.

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