Surefire Resources (ASX:SRN) Boosts Exploration with Positive Drilling Results and Strategic EOI

Highlights

• Victory Bore Project: SRN received an Expression of Interest (EOI) from HMS Bergbau AG for vanadium and titanium products, with ongoing discussions for offtake and funding.
• Yidby Gold Project: Initial results from follow-up drilling in two holes showed a 20m intersection with 1.73g/t gold.
• Yidby Copper Project: Maiden drilling identified anomalous values of copper and zinc.

Surefire Resources NL (ASX:SRN) made significant progress across its key projects in the December 2024 quarter. The company advanced its flagship Victory Bore project with a formal Expression of Interest (EOI) from HMS Bergbau AG for product offtake. Additionally, Surefire initiated a high-grade magnetite concentrate program, laying the foundation for further product development.

At the Yidby Gold project, the company conducted a follow-up drilling program, reporting positive results that confirmed extensions to the gold system. The Yidby Copper project saw the completion of a maiden drill program to test geochemical anomalies.

EOI, High-Grade Magnetite Concentrate at Victory Bore  

The Victory Bore project hosts one of the largest vanadium resources in Australia with a Mineral Resource Estimate (MRE) of 464Mt @ 0.39% V₂O₅, 5.12% TiO₂, 17.7% Fe, and an Ore Reserve of 93Mt@ 0.35% V₂O₅, 5.2% TiO₂, 19.8% Fe.

Additionally, Surefire commenced a campaign to produce a high-grade magnetite concentrate from Victory Bore ore. The sample material is being processed using standard beneficiation methods to produce a magnetite concentrate. Upon beneficiation is complete, the concentrate will be sent to an overseas group for technical assessment.

A 700kg sample is currently being processed at Nagrom Laboratories in Perth.

Gold Mineralisation Extension at Yidby Gold Project  

The company began a review of targets for drilling, including a review of structural targets and Induced Polarisation (IP) survey interpretations.

A follow-up drilling program began in November 2024, focusing on newly identified areas based on structural geophysical analysis, relogging of drill chips and structural interpretations. The company completed 13 RC holes totalling 1,782m. Initial results from two holes showed a 20m intersection with 1.73g/t gold.

In January 2025, the company announced an extension of gold mineralisation over 500m. The gold zone extension indicates a large apparent mineralisation width indicative of a major gold system.

Surefire plans further extensional resource drilling.

RC Drilling at Yidby Copper Project  

Soil sampling, mapping and geological investigation of the project revealed anomalous copper (up to 310 ppm), zinc (100 ppm), cobalt (100 ppm), and sulphur (452 ppm) values in the area.

The company conducted a maiden drilling program, involving 11 shallow RC holes covering 672m. The drilling aimed at confirming the near surface geochemical anomalies. The results revealed the presence of numerous sulphide minerals. Notably, the specific gravity of the rock sample increased considerably in certain areas.

Surefire Resources reported cash reserves of $568k at the end of the quarter.

SRN shares were trading at AU$0.004 per share at the time of writing on 7 February 2025.