Surefire’s (ASX:SRN) Victory Bore exploration target estimate confirms world-class vanadium project

Highlights

• The SRN stock jumped over 20 per cent on 07 March 2023. 
• Ticking off a major upgrade, Surefire Resources has announced the Exploration Target Estimate (ETE) for the Victory Bore vanadium project. 
• The ETE has been derived as a lower and upper limit range of 682 Mt to 1,190 Mt @ 0.2% to 0.43% V₂O_5.. 
• According to SRN, Victory Bore’s MRE along with the ETE takes the project’s potential in a range of 1,003Mt to 1,511Mt @ 0.2% to 0.43% V₂O₅, making it world class and potentially one of the world’s largest vanadium resources.

ASX-listed diversified mineral exploration company Surefire Resources NL (ASX:SRN) has accomplished a significant development concerning its 100% owned Victory Bore Project, after an independent assessment and calculation of an Exploration Target Estimate (ETE).

The ETE was commissioned post a recent Victory Bore mineral resource estimate (MRE) to 321 Mt @ 0.39% V₂O₅ and SRN’s immense knowledge of vanadium from its past activities relating drilling and metallurgical work.

The company says that when MRE is added to the ETE, the status of the Victory Bore Project changes to world class and potentially one of the world’s largest vanadium resources. The potential of the project falls in a range of 1,003Mt to 1,511Mt @ 0.2% to 0.43% V₂0₅.

Data source: company update

SRN shares jump 20%

SRN shares drew attention from the market participants on Tuesday, 07 March 2023, as seen by the upward momentum in its price. The stock price was up over 12 per cent and traded at AU$0.018 in the morning trading session today.

Victory Bore vanadium project - World-class status

Data source: company update

3D modelling was completed using the aeromagnetic data for the Victory Bore (E57/1036) and Unaly Hill (E57/1068) tenements by inversion aimed to model the causative magnetic bodies on the tenements for the ETE.

The Victory Bore and Unaly Hill prospect areas are collectively called the Victory Bore Project, which covers an approximate 25km strike length of near contiguous vanadiferous magnetite defined from aeromagnetic data, drilling and outcrop.  

Spread over 87.5 square kilometres covering two exploration licences, the project is located 450km from Perth in Western Australia.

Surefire’s plans for Victory Bore vanadium project

The ASX-listed company is conducting a Prefeasibility Study on the project. Further, SRN will consider the recommendations to drill test the ETE. Also, it will be included with any future drilling requirement as part of this study (if required).