Surefire Resources (ASX: SRN) recent developments boost progress across projects

Highlights

• At Victory Bore, Surefire received assay results from its infill drill activity, which depicted ‘excellent continuity of vanadium zones’.
• The company has boosted the Victory Bore mineral resource estimate by 56%.
• At the Yidby Gold Project, reverse circulation (RC) drilling is planned to start late February while column leach testwork is underway.
• Surefire plans RC infill drilling at the Perenjori Iron Ore Project, subject to necessary approvals.
• Assays from 17 samples at the Perenjori Rare Earth Project returned anomalous rare earths mineralisation results.

Surefire Resources NL -- a listed entity (ASX: SRN) with exploration of mineral resources as its primary activity – continues to make serious strides across its wholly owned assets in Australia.

In the recently released December 2022 quarterly activities report, the company has shone light on its works at Victory Bore (vanadium), Yidby (gold) and other projects related to gold, iron ore, and rare earths. Notably, the company continued to witness encouraging developments at its projects in early 2023.

Surefire unlocking vanadium potential at Victory Bore – Unaly Hill   

The deposits -- in mid-west of Western Australia -- have numerous stacked vanadium-titanium-magnetite rich layers within a layered gabbro Weathering. The project is said to have over 2.2 billion pounds of vanadium pentoxide, making it a dominant vanadium resource in Australia, as per the company update.

During the quarter, Surefire received assay results from its 5,188 metres infill drill activity, which was completed in the preceding quarter. The assay results at Victory Bore demonstrated ‘excellent continuity of vanadium zones’, besides helping identify three distinct parallel mineralised lodes. The latter, Surefire states, increase the potential for a significantly larger resource.

Surefire states that new metallurgical testwork and infill drilling program are designed to take further Victory Bore to pre-feasibility level, with resource modelling on results already underway.

In early February, the company announced the initial results update from the ongoing Victory Bore resource estimation.

Data source: company update

Subsequent to the quarter, the company reported encouraging outcomes from a detailed petrographic study, validating positive mineralogical characteristics.

Surefire indicated that the results ‘continue to build the Victory Bore project into a world class resource which will be ideally suited for the emerging Vanadium Redox Battery sector.’ To know more about this development, read here.

Yidby Gold Project - drilling, metallurgical testwork

The project lies in the mid-west of Western Australia, and Surefire states that it continues to be developed as a site with increased gold mineralisation potential.

During the December quarter, Surefire caried out five-hole diamond drill (DD) program at the Yidby Gold Project. These DD holes are designed to gain information about controls of mineralisation completed at the site. CSA Global wrapped up core logging, and the initial draft report is also complete, which Surefire is reviewing.

SRN has mentioned ‘excellent results’ from metallurgical tests on reverse circulation composite samples. These include gold total recoveries (between 97.6% and 99.5%), and high gravity recoverable gold (from 43.2% to 67.0%). The results also confirmed rapid gold leach with the majority of precious metal extracted in two to four hours.

Yidby Diamond Drillhole Locations (Source: SRN’s December 2022 Quarterly Report) 

The company is gearing up for RC drilling across the project late this month. Moreover, column leach testwork is underway. Know more

SRN eyes drilling across Perenjori Iron Ore Project

The Mid-West mining district (Western Australia) located Perenjori project has features like rail links and a high voltage transmission line within close proximity. The tenements are under-explored, SRN has mentioned, and are highly prospective with gold, base metals, and iron-ore deposits.

During the December quarter, Surefire completed the flora and fauna survey, and the final detailed report is expected soon. The company states that the survey was a critical step toward the approval of Program of Works and Native Vegetation Clearing Permit, required for the planned 5,000 metres reverse circulation infill drill program.

It is also mentioned that infill drilling program is planned at the site for obtaining samples for Prefeasibilty level metallurgical testwork.

Anomalous rare earths mineralisation at Perenjori  

SRN has Perenjori exploration lease E70/5311, wherein a reconnaissance survey/site visit (peripheral to the existing iron resource project) was conducted during the December quarter. Assays from 17 samples returned anomalous rare earths mineralisation results, including up to 345ppm Total Rare Earth Oxides and rare metals including Rubidium Oxide.

Surefire plans to undertake a new review of the aeromagnetic data. It is noted that the historical interpretation was largely focused on the site’s Iron BIF unit. The new review would include detailed geological mapping and local geochemistry, with a probable shallow drill testing to explore pegmatites and kaolin occurences.

Surefire appoints new Managing Director

Early this month, Surefire also announced the appointment of Mr Paul Burton as its new Managing Director. An experienced natural resources executive, CEO and Managing Director, Burton has worked across Australia and internationally. Notably, he is among the most experienced professionals in projects focused on vanadium, and other battery minerals. 

The company ended the quarter with AU$3.148 million cash.

Surefire highlights that the current focus is on advancing its ‘key vanadium projects at Victory Bore and Unaly Hill, Perenjori Iron Ore and the emerging Yidby gold discovery.’  

SRN shares traded at AU$0.014 midday 22 February 2023.