Surefire Resources Advancing Well on Project Portfolio Backed by Robust Management Team

  • Nov 25, 2019 AEDT
  • Team Kalkine
Surefire Resources Advancing Well on Project Portfolio Backed by Robust Management Team

Tapping extraordinary resource development opportunity offered by Australia, Surefire Resources NL (ASX: SRN) is a base metal focused company with a rigorous approach focused around project development and exploration assets in Western Australia.

The principal activities of the Company include active engagement for exploration and advancements of its vanadium project at Unaly Hill, its multi-element Kooline project along with gold and vanadium exploration at Victory Bore.

Let’s dig deeper into SRN’s projects focusing on various mineral resources.

Vanadium - Unaly Hill and Victory Bore (E57/1068 and E57/1036)

The acquisition of Victory Bore Gold-Vanadium Project has established SRN as a significant vanadium resource owner in Australia in conjunction with the Company’s Unaly Hill vanadium project. The vanadium projects reflect following attributes:

  • Licence areas E57/1068 and E57/1036 are located approximately 500km north of Perth Sandstone in the East Murchison Mineral Field of Western Australia;
  • License areas form a 25km long contiguous tenement holding along strike of the Youanmi Shear zone;
  • Iron-vanadium-titanium mineralisation is situated within cyclical cumulous layers within the intrusive complex and is generally weathered to a depth of 10-40m;
  • Greenstones have documented gold mineralisation and provide an additional focus for current exploration activities;
  • Vanadium resources reflect the combined Inferred Mineral Resource of 237 Mt grading ~0.42- 44% V2O5, making it one of the largest vanadium resource holders in Australia.

Most of the magnetic anomalies within both licence areas remain untested by drilling the potential exists therefore for not only an increased resource tonnage but for larger zones of higher-grade vanadium mineralisation.

The recently released RC drilling results of Victory Bore Gold-Vanadium project demonstrated several vanadium bearing magnetite units, as tabulated below:

SRN has assessed an in-fill drilling programme at Unaly, designed to outline a JORC Indicated Resource within the current Inferred Resource, while still intending to advance the project to a Scoping Study.

Gold - Victory Bore E57/1036

A review of historic exploration data has identified gold mineralisation within the Company’s tenements, with the following key observations:

  • Historic RAB and MMI sampling delineated large areas of anomalous gold values on both the Victory Bore and Unaly Hill tenements;
  • Follow up RC drilling on some targets provided significant gold drill intersections with a majority of the anomalous zones and gold targets remaining untested;
  • Project areas contain greenstones that host the Atley Igneous Complex and lie within a major NNE trending shear zone that separates the Sandstone greenstone belt to the northeast from the Youanmi belt to the southwest.

SRN has recently received results from the reverse circulation drill programme at its Victory Bore gold-vanadium-iron-titanium project, indicating considerable and extremely anomalous gold assays.

To delve further, READ Surefire Optimistic On Further Gold Mineralisation; Victory Bore RC Drill Results Out

Copper/Gold/Lead/ Silver - Kooline E08/2372 and E08/2956

Centred ~55 kilometres south of the Paulsen’s goldmine and 190 kilometres WNW of Paraburdoo, Western Australia, Kooline project reflects following attributes-

  • Tenements consist of granted Exploration Licences, E08/2373 and E 08/2956 with licence tenure covering a total of 386 km²;
  • Tenements area include 48km of contiguously striking licences that link numerous clusters of high-grade historic artisanal Lead-Silver-workings and elevated gold-copper geochemical anomalies;
  • The project is situated in a relatively underexplored region in Western Australia with numerous evidences of historic gold, lead/silver workings and indications for the presence of igneous intrusions.

The Company is currently evaluating the defined interest areas in order to ascertain the priority targets for developing a comprehensive work programme.

Surefire Resources is progressing swiftly on multi-commodity projects, backed by robust management team, as discussed below-

Vladimir Nikolaenko, Executive Chairman and Managing Director

With over 30 years of experience in exploration, project evaluation, development and operations, Mr Vladimir Nikolaenko has predominantly focused in the sectors of base metals, gold and diamond.

The depth of management and corporate expertise of Mr Nikolaenko is quite rich in exploration and production, property development and technology, having held the position of managing director of four public companies over a period of more than 20 years/

Michael Povey, Non-Executive Technical Director

Mining engineer, Mr Michael Povey holds over 35 years worldwide experience in the resource sector encompassing a broad range of commodities along with senior management positions in mining operation and the explosives industry in multiple countries like Africa, North America and Australia.

Mr Povey has been handling key responsibilities including project evaluation, commercial contract negotiations, general and mine management, mine production and mine feasibility studies.

Roger Smith, Non-Executive Director

Besides having held several proprietary company directorships, Mr Roger Smith has served on several boards of listed companies in the roles of Non-Executive Chairman as well as Non-Executive Director.

Mr Smith has been successful in the operation of wholesale/retail businesses, property development and the hotel industry.

With a market capitalisation of $1.88 million, the SRN stock traded at a price of $0.002 on 25 November 2019 (1:30 PM AEST).

ALSO READ: Surefire Resources Released September Quarter Results


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