Surefire Resources’ (ASX: SRN) September quarter marked by advances at Victory Bore vanadium and HPA project

Highlights

• Victory Bore Project, which is currently in the PFS status, encompasses vanadium and high purity alumina opportunities.
• In the September quarter, the company confirmed production of 4N (99.99%) HPA from initial test work.
• The company joined hands with MISA for mineral processing opportunities.
• Hydrogeological assessment delivered excellent outcome for the vanadium project.
• The company is in offtake and offshore discussions.

Surefire Resources NL (ASX:SRN) is a Perth-based mineral exploration firm, focused on advancing its Victory Bore Project, which sits within the Mid-West region of Western Australia.

The project comprises high purity alumina and vanadium along with other commodity opportunities for downstream processes, Presently, the project is in the pre-feasibility study (PFS) status.

Here are the advancements made across the project during the quarter ended 30 September 2023.

4N HPA produced successfully

The company intends to produce HPA as a secondary product from its Victory Bore project. The company had appointed Lava Blue to undertake a study on the potential for producing HPA from the project.

During the quarter, the company received assays which confirmed the production of 4N (99.99%) HPA from the project and the highest value achieved was 99.992%. These initial results are expected to be enhanced with further optimisation.

MOU offers mineral processing opportunities

During the quarter, a memorandum of understanding (MOU) was inked with the Ministry of Investment, Kingdom of Saudi Arabia (MISA) for mineral processing opportunities of ore from the project.

The company intends to produce Vanadium Pentoxide, Ferro-Vanadium, Titanium Oxide slag, Pig-Iron, High Purity Vanadium for Vanadium Electrolyte and Hematite Pigment from the feedstock. These products are in demand in the Kingdom of Saudi Arabia (KSA).

Recently, the company was introduced to the Royal Commission for Jubail and Yanbu (RCJY). During the latest meeting, the autonomous organisation of the KSA – RCJY had proposed a suitable location for downstream vanadium processing operation – Ras Al-Khair industrial region.

The advantages offered by the location include a fully serviced industrial port and town. There is suitable land size, along with access to regional infra, logistics and utilities, which would decrease the upfront capital cost.

Hydrogeological assessment delivers encouraging outcome

The quarter saw the company’s engagement with specialist hydrological and environmental consultants “Rockwater” for a hydrological assessment of the proposed mining operation at Victory Bore.

The conclusions from the report were highly encouraging as it comprised-

Data source: company update

The company informed that this assessment marks a significant step towards meeting the permitting and regulatory requirements as it advances the project’s PFS and development plans.

SRN shares traded at AU$0.009 on 23 November 2023.

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