Surefire Resources (ASX: SRN): Saudi vanadium processing talks progress, Victory Bore PFS on track

Highlights

• Pre-feasibility study on Victory Bore is on track with completion due by November 2023.
• Discussions with the Ministry of Investment, Kingdom of Saudi Arabia, for processing vanadium ore from Victory Bore and the HPA project are progressing well.
• Extraction test work at Yidby Gold Project is near completion.

ASX-listed mineral exploration company Surefire Resources NL (ASX: SRN) has shared an update on activities advancing across its Western Australian projects.

The company is undertaking highly detailed work under the pre-feasibility study economic assessment of the Victory Bore Project that is scheduled for completion by November 2023.  

In August 2023, a Memorandum of Understanding (MOU) was executed with the Ministry of Investment, Kingdom of Saudi Arabia (MISA), for processing ore from SRN’s Victory Bore Vanadium project and the HPA project. Discussions concerning this development are also advancing well.

Metallurgical test work focused on the Yidby Gold Project has been progressing. The company has commenced column leach test work after encouraging metallurgical testwork. Results are anticipated by November end.

Meanwhile, for the Perenjori Iron Ore Project, Aurora Environmental Consultants has been roped in to evaluate recent environmental survey outcomes and deliver development pathway options.

Moreover, plans for the next drilling stage to expand the JORC Code resource have been submitted.

Victory Bore PFS likely in November

The company is advancing the project at a time when the demand for vanadium from the traditional steel and vanadium redox batteries space is increasing in the global market. 

The project PFS is expected to be finalised by November 2023.

In parallel with the PFS, the company is conducting vanadium extraction testing and a separate study on the potential production of high-purity alumina (HPA) from the host rock and waste of the Victory Bore project.

Discussions with Saudi government progressing well  

The company had multiple meetings with the MISA and recently got introduced to the Royal Commission for Jubail and Yanby (RCJY), an autonomous body which manages and promotes the industrial city hubs for the mineral resource and mining industry.

RCJY has proposed a suitable location for SRN’s downstream vanadium processing operation – Ras Al-Khair industrial region.

The location proposed is fully serviced with existing utilities, infrastructure and logistics such as Ras AL Khair Industrial port, King Fahd International Airport and Industrial city of Al Jubail and the city of Damman.

Column leach test work commences at Yidby Gold Project

The 70-day column leach test work involves additional preliminary test work for a selection of a suitable size fraction for the leachate.

The current campaign would deliver data to assist a commercial cyanide leaching operation. The program is being conducted at Perth based ALS laboratories, and results are expected by the end of November 2023.

To expand the existing gold mineralisation, a further drilling programme is being planned on new targets, subject to metallurgical test work results.

Meanwhile, SRN continues to assess new opportunities to add value to its existing exploration portfolio.

SRN shares traded at AU$0.013 on 12 October 2023.