On December 14, 2018, Surefire Resources NL (ASX: SRN) announced the exploration update of the company’s Kooline project in the Ashburton Province which link numerous clusters of high-grade historical artisanal Lead-Silver-Copper workings. The mining operation consisted of two complimentary reviews to determine the styles of mineralization and generate targets for future work.
Surefire Resources NL is an exploration company which focuses on base metals in Western Australia. The company got listed in 1999.
The Kooline project area site consists of granted Exploration Licence, E08/2373 and ELA 08/2956.
Unearthed Elements, appointed consultant, conducted field survey and mapping of the historic metal working. The survey confirmed, identified, and updated information on historical high-grade Lead-Silver-Copper workings and provided significant observations. All the observations suggest that the area has not been explored effectively. Also, it focusses on the high-grade lead-silver-copper veins related with the artisanal workings. There is no logical exploration to define the potential for large volume deposits.
CSA Global Pty Ltd reviewed the regional geochemistry and target potential. The work has specified that the historic Kooline workings are symptomatic of an IMCG mineralization system (it’s derived from magmatic fluids and a broad group of deposits that include, Iron oxide copper gold (IOCG) and the Abra Pb-(Cu-Au) deposit.
Historic geochemical data from surface sampling and drilling clearly shows that less than half the project area has been tested and less than a quarter of the area has been tested adequately for all essential minerals.
As per the available geochemical data evaluation, a handful of elements feature prominently in the elements associations that are interpreted as mineralization in surface and drill samples.
As stated by Surefire’s Chairman, Mr. Vladimir (Roger) Nikolaenko, the recent exploration and project reviews have highlighted encouraging mineralization potential. The mineral system presents across the Kooline tenements have numerous opportunities for additional exploration.
On December 11, 2018, the company announced the RC Drilling results. These results confirm the presence of significant widths of vanadium mineralization of robust grade.
As per company’s recently released annual financial results, the total annual loss this year was $1,231,789, down by 22 % as compared to $14,73,389 in the last year. Earnings per share were $0.805, as compared to $1.60 in the previous year. The Group’s cash position was $1,860,697 as on 30 June 2018. This was an exceptional increase from the 30 June 2017 cash balance of $20,554. The Group did not pay/declare any dividend.
In the last six months, the share price of the company has shown a negative return of 53.85% as on opening trading hours of 17thDecember 2018. The stock performance is 3% down over the past one month. Surefire Resources NL Limited shares are trading at $0.006 with a market capitalization of $2.64 million.