Surefire Resources (ASX: SRN) advances Victory Bore and Unaly Hill projects, plans dual listing

Highlights

• Discussions are underway with key stakeholders to advance critical work needed to complete a definitive feasibility study (DFS) for the Victory Bore project.
• New metallurgical test work has commenced at the Unaly Hill magnetite deposit.
• AXINO Capital has been appointed to support in facilitating a dual listing on the Frankfurt Stock Exchange.

Surefire Resources NL (ASX: SRN) has provided an operational update on the progress of its Victory Bore Vanadium and Iron Ore project and the Unaly Hill magnetite deposit in Western Australia.

Additionally, SRN announced the appointment of AXINO Capital for an initial 12-month term to facilitate the proposed dual listing on the Frankfurt Stock Exchange. This dual listing is expected to attract European and German investors.

Stakeholder engagement advances for Victory Bore Project

The company is making significant progress in advancing its flagship project, the Victory Bore Vanadium and Iron Ore Project.

To accelerate the project development, the company has identified key stakeholders and is actively engaging with them, as well as with others who will be involved at various stages. These stakeholders will play crucial roles in several areas, including:

• Providing mining contractor services for mine development
• Providing haulage infrastructure from the mine site to Geraldton Port
• Offering transportation services from the port to the Kingdom of Saudi Arabia (KSA)
• Securing funding
• Establishing off-take partners for the product
• Co-developing the planned vanadium plant in the KSA

The company has indicated that discussions with these stakeholders are advancing well and showing positive progress.

New metallurgical test work starts at Unaly Hill

A new metallurgical test work programme has begun at the Unaly Hill magnetite deposit. The company conducted an in-house review of previous testwork and identified significant potential for the deposit to produce titanium and iron concentrates.

The company has engaged with METS Engineering to oversee the development and management of an assessment aimed at producing an iron concentrate with content exceeding 62% by separating the titanium out from the ore. Additionally, METS will undertake an assessment for recovering a high-grade titanium concentrate.

The production process for iron and titanium concentrates is well understood. It involves grinding and crushing, followed by a gravity and magnetic beneficiation process.

Previous metallurgical test work at Unaly Hill, conducted by SRN, yielded Fe grades of up to 63% and TiO₂ grades of up to 10.9%. Since then, magnetic separation processes have advanced significantly, now including the use of rare-earth magnets, leading to the recovery of high-grade iron, vanadium and titanium magnetic concentrates.

SRN shares were trading at AU$0.008 apiece at the time of writing on 27 June 2024.