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Highlights
- Surefire Resources has reported a new gold discovery at the Yidby Gold Project.
- The company has validated historic WMC sampling and identified a 2km mineralised corridor.
- Surface samples at the Loot prospect returned grades up to 12.037 g/t gold.
- Mineralisation interpreted to extend at depth with higher-grade intercepts recorded.
- Strategic realignment initiated with external advisory support engaged.
Surefire Resources NL (ASX:SRN) has reported a new gold discovery, named Loot, at its 100%-owned Yidby Gold Project.
The company released assay results from on-surface rock chip sampling conducted in a previously unexplored felsic albitite unit returning grades of 1.70 g/t, 3.66 g/t and 12.04 g/t gold. The findings build on historic work and point to a broader gold-bearing corridor, introducing additional exploration potential within the project footprint.
Historic Clues Revisited
Exploration activities were initiated following the identification of historical results from Western Mining Corporation (WMC), dating back to the 1970s. The earlier work described “abundant float” located approximately 800 metres south of the Cashens Find open-cut goldmine. These findings were associated with a gold-mineralised felsic Albitite dyke, though the exact location had remained indistinct.
Recent fieldwork by Surefire Resources has validated these historical observations, confirming the presence of gold mineralisation in the area. This validation has led to the identification of a 2-kilometre gold mineralised corridor that had not been previously tested.
Geological Setting and Mineralisation
Gold mineralisation at the Loot and Cashens Find prospects is hosted within a grey, fine-grained felsic Albitite composed of more than 90% albite. The rock features relict euhedral sulphide casts measuring 2 to 3 millimetres, indicating hydrothermal alteration processes.
Albitite formations in Western Australia are commonly associated with gold deposits, particularly within the Archean Yilgarn Craton. These formations are typically linked to major shear zones, which are known to host several established gold occurrences across the region.
Sampling Results and Prospect Link
The area where historical float samples were collected lies approximately 1,500 metres north of the Yidby gold deposit and 500 metres south of the Cashens Find prospect. Historical production at Cashens Find totalled 700 tonnes at 4.7 g/t gold, with additional gold remaining in tailings.
Recent inspection of the Cashens Find open pit identified gold hosted within the same Albitite unit observed at the newly named Loot prospect. Surface sampling at Loot has returned grades of up to 12.037 g/t gold, reinforcing the continuity of mineralisation between the two areas.
The drill holes tested the workings of the Cashens Find. Previous RC drill results recorded are as follows:
Depth Potential Emerging
The mineralisation is interpreted to plunging to the the north-west, associated with a nearby antiform structure. Drilling results suggest that higher gold grades may occur at depth, as seen in intercepts such as 2 metres at 12.54 g/t gold from 177 metres. This indicates the potential for repeating mineralisation that remains open at depth and along plunge.
Strategic Shift Underway
Following a review of its performance, Surefire has initiated a strategic realignment aimed at improving operational execution and advancing its Western Australian asset portfolio. The company has engaged Rowntree Pty Ltd to support this transition, with Principal Marcus Flis assisting in operations and project development.
Mr Flis brings over 35 years of experience in mineral exploration, project development, and corporate leadership. His background includes work in resource assessment, feasibility studies, and global mergers and acquisitions advisory roles.
As part of the restructuring, the company has accepted the resignation of CEO Andrew Whitehead. The CEO position will remain vacant while the company progresses its revised strategic direction.
Shares of SRN traded at AUD 0.0010, at the time of writing on 26 March 2026.
