Surefire (ASX:SRN) says Victory Bore PFS progressing on track for November completion

Highlights

• Western Australia (WA) based listed company Surefire Resources fully owns its vanadium resource -- the Victory Bore Vanadium Project
• Pre-Feasibility Study (PFS) is progressing well, and the company expects that all works involved in the process will be finished by November
• Surefire is also advancing on the High Purity Alumina (HPA) extraction potential of the Victory Bore Project

Perth-based exploration company Surefire Resources (ASX: SRN) has released an update related to its Victory Bore Vanadium Project. Notably, the asset that is situated 400km from the Geraldton Port in WA is fully owned by SRN and presents an opportunity to the company amid increasing demand for vanadium in steel and the emerging vanadium redox batteries industry. Presently, "highly detailed work" under the PFS economic assessment is being undertaken.

Additionally, Surefire is taking forward key value addition initiatives at the project. These include novel vanadium extraction and the extraction potential of Victory Bore for High Purity Alumina (HPA). Let us know more.

Victory Bore Resource; Source: Company update

Pre-Feasibility Study

METS Engineering is Surefire's partner for the completion of the Pre-Feasibility Study. This follows a review of the metallurgical information and METS Engineering's earlier involvement in the project. It is pertinent to note that METS has "unrivalled depth" of metallurgical experience with respect to evaluation of WA-based vanadium deposits and carrying out of PFS and feasibility studies.

Surefire has stated that the Pre-Feasibility Study work is on track for completion by November this year. Below is the status of the tasks.

Source: Company update

Vanadium extraction progress

The company is conducting this exercise concurrently with the PFS. The objective is to attain extraction of vanadium directly. It is also highlighted that the preliminary test plan has been developed and testing is in progress. In the event of positive outcomes, it will be made part of the Pre-Feasibility Study.

High Purity Alumina progress

This exercise is also progressing alongside the PFS. SRN is evaluating the potential for high purity alumina production at the project from waste and host rock at the project. Lava Blue Ltd has been engaged by Surefire for this task.

Notably, initial testwork -- which includes leaching and concentration of liquor -- has been completed. Investigation regarding approaches to optimising aluminium recovery in leachate is progressing.

Surefire mentions that aluminium chloride hexahydrate -- which was found to be 99.8% pure (contaminants identified) -- has been produced from the leachate.

Source: Company update

Separately, SRN is also assessing options for processing of concentrate in offshore locations in view of attaining operating and market advantages. Offtake and offshore discussions are also underway.

The Company’s ASX-listed shares traded at AU$0.017 (market cap over AU$28 million) at the time of writing on 6 June 2023.