AUS
NZ
UK
CA
USA
FRA
GER
ESP
ITA
NLD
PRT
SWE
GRC
IND
POL
BRA
ZAF
RUS
CHN
UAE
Highlights
- Surefire Resources has completed 3,651m of RC drilling across the Yidby Gold Project, including the Marshall and Fender prospects.
- Drilling operations are currently underway at the Yidby prospect.
- The drill rig will next move to the Money Anomaly, located 1.5 km south of Yidby, to test a geochemical zone identified as highly prospective.
- A total of 564 composite samples have been submitted for assay; results are expected soon.
- Surefire has received applications for 593.7 million new shares under its non-renounceable rights issue; shortfall placement is in progress.
Surefire Resources NL (ASX:SRN) has issued a detailed update on its ongoing exploration campaign at the Yidby Gold Project in Western Australia. The company has completed 27 reverse circulation (RC) drill holes across multiple prospects, totalling approximately 3,651m. Drilling at the Marshall and Fender prospects has been finalised, with current operations focused on the main Yidby prospect. At the Yidby main zone, broad zones of sulphide mineralisation hosted within quartz porphyry have been encountered.
The drill rig is scheduled to move next to the Money Anomaly, located 1.5 kilometres south of Yidby, where a geochemical zone will be tested.
About Yidby Main Gold Zone
The gold zone at Yidby extends over 900m in strike length. The company believes there is potential for a significantly larger gold system at depth, supported by the presence of higher-grade zones within the broader shear–porphyry framework.
This geological setting closely resembles Capricorn Metals’ Mt Gibson deposit—located just 30 kilometres to the south in the same greenstone belt—which hosts a resource of 3.9 million ounces of gold. Notably, Capricorn has continued to expand its landholding in the region and now surrounds Surefire’s Yidby tenements.
Sampling Update
As part of its current programme, Surefire has collected samples at one-metre intervals from each drill hole and submitted composite samples every four metres for initial assay analysis. A total of 564 samples have already been dispatched to the laboratory, with more expected to follow in the coming days.
The company anticipates reporting assay results in the near term.
Rights Issue Details
Separately, the company confirmed the receipt of applications for over 593.73 million new shares under its non-renounceable rights issue announced on 26 May 2025. Shareholders who subscribed to the offer were entitled to receive one bonus share for every four shares applied for, along with one free attaching option per new share, exercisable at AUD 0.004 per share by 11 July 2027.
The remaining shortfall from the offer, estimated at approximately 1.35 billion shares or AUD 2.7 million, may be issued at the discretion of the directors. Sanlam Private Wealth Pty Ltd has been appointed as lead manager for the shortfall placement.
SRN Shares Rally
Triggered by the update, SRN shares jumped 50% to AUD 0.003 per share at the time of writing on 11 July 2025.
