Australia’s largest state, Western Australia, is a rich warehouse for metals and mining prospects and has continued to attract explorers, producers and developers to date. Seeking the region’s hoard of benefits while fruitfully registering progress is base metals focussed company, Surefire Resources NL (ASX: SRN) with exploration assets in Western Australia.
SRN focusses on a rigoured approach around project development and applies its study management experience. The company vouches that Australia still offers an extraordinary opportunity for resource development and persistent towards the same, SRN will continue to seek and develop projects. The company has its registered office in Perth and was listed with the ASX in 1999.
The company’s management team is robust, with real and demonstratable experience in project development from resource through to operations, many base metal commodities and jurisdictions.
In this article, we would focus on a significant milestone achieved recently by Surefire Resources at the Victory Bore Project- the successful completion of its maiden reverse circulation drilling program.
Let us dive right in!
Completion of RC Drilling Program at the Victory Bore Project
On 11 October 2019, SRN pleasingly notified that it had successfully concluded its maiden reverse circulation drilling program at the Victory Bore Project, E57/1036. The drilling was targeted at various mineralised corridors (defined by the historic drilling), along a 3.5km structurally complex zone along the eastern margin of the Atley Intrusion.
The recently completed drill program tested the possible strike extensions of the high-grade intercepts (previously reported by the company in historical drilling) in order to better understand their lateral extent/
Below are the details of the RC Drilling:
- 29 RC holes were drilled for an aggregate of 2,256 metres with a maximum down-hole depth of 96m;
- The holes were oriented to the west and dipping at -60 degrees with collars spaced 40m apart along seven east-west drill traverses;
- Several drill-holes displayed epidote-albite alteration zones with quartz-carbonate veining and iron sulphide mineralisation that may host gold mineralisation;
- To the north of the current drilling program are several areas of structural complexity that provide potential targets for gold mineralisation, representing areas where ore forming fluids can exploit low pressure dilation zones and deposit gold mineralisation with veins within faults and shears;
- Samples ranged from between 1m to 4m composites and have been submitted to Australian Laboratory Services for gold and multi element analysis.
However, the results from the analysis are awaited and expected in a couple of weeks. The pending results are the consequence of a few mechanical delays pertaining to the drilling rig that was endured and eventually overcame, even though the drill program began timely.
Reconnaissance exploration of target Two was carried out during the course of the RC drilling program. Several sub-cropping quartz veins occur along banded iron formations and sub-cropping tholeiitic basalt units.
SRN will consider the best ways to geochemically evaluate these targets and plan the next phase of field programs to coincide with follow up sampling and evaluation of the pending RC drilling assays.
Historic Drilling Vs Recent Drilling
The below depiction highlights the key traits of the historic drilling, which was executed majorly by Battle Mountain Australia Inc., and the recently completed RC drilling program:
Successful Placement Completion
Another recent feather in SRN’s cap has been the successful completion of a placement of $1,150,000 before costs. The proceeds of this were to be applied to the progressing exploration at the West Australia gold targets. On 3 October 2019, SRN issued 125 million fully paid ordinary shares at $0.0092 each to sophisticated and professional investors.
Share Price Information
After the trade session on 14 October 2019, the SRN stock quoted $0.011, zoomed up by 10% on ASX. With a market capitalisation of $6.28 million and approximately 628.15 million outstanding shares, the stock has delivered a YTD return of 66.67% and six months returns of 233.33%.
Given the positive present and an equally optimistic future, investors continue to closely monitor SRN. We encourage you to watch out this space for more insight about this metals and mining magnate.
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