Surefire (ASX:SRN) reports massive, wide & continuous vanadium intersections at Victory Bore - Kalkine Media

Highlights:

• Latest assays have boosted Surefire Resources’ (ASX:SRN) confidence in its Victory Bore vanadium deposit.
• The assays have highlighted massive, wide & continuous vanadium intersections across the deposit.
• The company reported wide vanadium intersections with widths of up to 92m @ 0.41% vanadium pentoxide (V₂O₅).
• SRN has identified three distinct parallel mineralised lodes with a combined true width of up to 154m.

Shares of Surefire Resources NL (ASX:SRN) gained more than 16% to trade at AU$0.014 midday on 15 December 2022. The share price uptick was triggered by the company update on highly encouraging initial assays from a reverse circulation (RC) drilling program completed at its 100%-owned Victory Bore Vanadium Deposit.

The company has reported massive, wide & continuous vanadium intersections as highlighted by the assays.

The RC drilling program comprised 62 holes for a cumulative footage of 5,189m. Of the 2,594 samples submitted for assaying, the company has received results for 910 samples, exhibiting wide vanadium intersections with widths of up to 92m @ 0.41% vanadium pentoxide (V₂O₅).

New lodes boosting potential for a significantly larger resource

The drilling program infilled a 1.4km portion of the resource to 100m x 25m along strike, drilling sections to enlarge and upgrade the resource category.

Drill holes targeted a South-South-Westerly trending Banded Iron Formation (BIF) dipping 72⁰ to the west within a coarse crystalline Gabbroic unit at the project.

The company is highly confident about the project potential for a significantly larger resource based on the three distinct parallel mineralised lodes that have now been identified. These three lodes hold a combined true width of up to 154m.

The three mineralised lodes are as follows:

© 2022 Kalkine Media®, Data source: Company update, 15 December 2022

West Lode: A vast zone averaging 60m true width @ 0.23% V₂O₅

SRN delineated two main vanadium lodes, the Main Lode and the Central Lode, from the previous 400m x 25m drilling. The current drilling operation centred around the above-mentioned two main lodes has resulted in additional vanadium mineralisation, called the “West Lode”.

As per the company, the zone averages 60m true width of vanadium mineralisation @ 0.23% V₂O₅. And since it was not specifically targeted, its western boundary is still open.

Hence, a possibility of its continuation towards the west also exists, as highlighted by the company.

Victory Bore: an emerging world-class vanadium deposit

As per a 2012 metallurgical scoping study by Mineral Engineering Technical Services (METS), vanadium is present within a vanadium titaniferous magnetite. A magnetic pre-concentration of the low grade is needed to obtain magnetite of the same grade as the high-grade zones.  

This metallurgical characteristic of the Victory Bore Vanadium mineralisation explains how the West Lode can be beneficiated to provide additional high-grade vanadium to the mill.

So far, the company has drilled out 1.4km at 100m x 25m spacing of an 8km BIF magnetic anomaly.

© 2022 Kalkine Media®, Data source: Company update, 15 December 2022