Surefire Resources intersects more gold at Yidby Road, RC drilling to commence soon - Kalkine Media

Highlights

• SRN announced the receipt of an additional promising assay result from the outstanding surface geological anomaly at its Yidby Road.
• The drilling of the YBRC 053 hole returned an 8m wide, shallow intercept with 1.43g/t gold grade from 18m.
• Shares of SRN surged 13.88% to AU0.041 with a market capitalisation of AU$40.67 million.

A day after an update regarding the diamond drilling program at its Victory Bore Vanadium Deposit, Surefire Resources NL (ASX:SRN) is back with another exciting announcement. In a cheery update, SRN announced the receipt of an additional promising assay result from the outstanding surface geological anomaly at its Yidby Road Gold Prospect in the new discovery zone.

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Triggered by the positive drilling result, shares of SRN surged 13.88% to AU0.041 with a market capitalisation of AU$40.67 million. Interestingly, shares of SRN have increased by over 310% during the past one month. In the last five days alone, SRN has offered a return of over 78.26%.

Yidby Road Gold Prospect Source: Surefire Resources 28 April 2022

The Yidby gold project stretches over three granted tenements over a total area of 114m² and comprises three prospects where substantial gold mineralisation has been discovered. This is surrounded by substantial gold deposits, including the 1.1+ million-ounce Minjar gold project to the northwest, 1-million-ounce Kirkalocka gold Project to the northeast and the 2.1-million-ounce Mount Gibson gold Project to the south and the 0.54 million ounce Rothsay gold Project to the west.

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Previously, in January and March, the company had shared assay results and delineated targets from geophysical interpretation, geological logging and surface geochemical anomaly.

Drill intersections and RC drill collar locations Source: Surefire Resources 28 April 2022

The assay results from hole YBRC 053 have now been received. The drilling of the hole returned an 8m wide, shallow intercept with 1.43g/t gold grade from 18m. The hole was designed to target southeast extensions of the newly discovered zone in YBRC033 and an MMI surface gold anomaly. This zone is interpreted to be associated with a broad N-W trending shear zone and the latest assay result suggests that the zone is actually wider than initially interpreted. This zone has not been closed to the southeast.

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The drill results substantially expand the footprint of the deposit with further potential to grow in all directions and depths.

Next Steps

SRN plans to commence a <4,000m RC drilling program at the main Yidby Road gold deposit to the north and to the east-south-east. In the east-south-east section, the drilling will test possible extensions of gold mineralisation intercepted in the YBRC045 hole.