Surefire (ASX:SRN) shares welcome Yidby gold drilling and metallurgy test work updates

Highlights

• Surefire Resources’ shares were charging higher by over 7% during the early morning trading session on 3 February 2023.
• The company has booked a drilling rig with RC drilling planned at its Yidby Gold Project in late February.
• Drilling will target the previously reported new discoveries of Marshall and Fender, along with additional untested MMI gold anomalies.
• SRN has also initiated column leach test work following up on the encouraging sighter metallurgy test work results.

ASX-listed diversified mineral exploration company Surefire Resources NL (ASX:SRN) saw a spike in its share price in the early hours of the trading session today. The shares were spotted at AU$0.015 at AEDT 11:10 AM on 3 February 2023, marking a gain of over 7% from the previous day.

The jump in the stock price followed the release of a company update concerning reverse circulation (RC) drilling at the Yidby Gold Project. The company has booked a drilling rig and plans to start the RC drilling operation in late February.

Moreover, the company has initiated column leach test work.

Surefire plans Yidby RC drilling in late February

Surefire Resources has updated on the booking of a drilling rig. The RC drilling operation covering 2,500m at Yidby is planned to follow up on the previously reported new discoveries of Marshall and Fender. The drilling will step out to the north and the south on both the Marshall and Fender gold mineralised structures.

Moreover, the campaign will test additional untested Magnetic Metals Ions (MMI) gold anomalies.

Data source: company update

Surefire initiates two-stage column metallurgy test work

Surefire has contracted ALS Perth to complete column leach test work. The latest test work initiated by the company follows up from the previous excellent metallurgy sighter test work at the Yidby project.

Data source: company update

The test work, which will be completed in two stages, will focus on diamond drill cores recovered from the recent diamond drilling during November last year.

Under the Stage 1, crushing will be performed on 4 samples of quartered diamond core. There will be a range of crush sizes – 4mm, 6mm, 8mm and 10mm. The samples will then be leached to provide a crush grade recovery curve.

The Stage 2 will undertake column leach testing of a total of 40kg of diamond drill core.

Surefire plans to proceed with the column leach test after determining the optimal crush size.

Yidby Gold Project in prolific gold-producing region

The Yidby Gold Project comprises three granted exploration licences with a total area of 114 km². It is located on the Great Northern Highway, 40km southwest of Paynes Find in the Mid-West of Western Australia within the prolific gold-producing southern portion of the Yalgoo-Singleton Greenstone Belt.

Project location (Image source: company update)

The project is surrounded by large gold deposits including the 1.1 million-ounce (Moz) Minjar Gold Project approximately 65km to the northwest, 1 Moz Kirkalocka Gold Project approximately 70km to the northeast, 2.75 Moz Mount Gibson Gold Project 30km to the south, and the 0.54 Moz Rothsay Gold Project 30km to the west.