Base metals exploration focussed company, Surefire Resources NL (ASX: SRN),with assets in Western Australia, strives to exploit the extraordinary opportunity that Australia still offers for resource development and is optimistic to continuously seek and develop projects.
The Company is backed by a strong management team with demonstratable experience in project development and in many base metal commodities and jurisdictions. The Company’s project portfolio that the management team looks after is based on the mineral opportunity in the project areas.
SRN Stock Increases 25% During Last 5 Days
On 06 December 2019, SRN stock closed the day’s trade at a price of $0.003, up by massive 50% with a market capitalisation of $1.26 million. In the last five days of trading from 28 November 2019 to 04 December 2019, the SRN stock has increased by 25%.
To get a drone-view of SRN’s project portfolio and management team, READ: SRN Advancing Well on Project Portfolio Backed by Robust Management Team.
Here we shall bring the SRN’s Kooline Copper/Gold/Lead/ Silver Project under the spotlight.
Let us begin with locating the SRN’s base metal Kooline Project:
- The project is placed 55 kms to the south of the Paulsens goldmine while also 190 kilometres WNW of Paraburdoo in the Western Australian province of Ashburton, with the licence tenure now encompassing a total area of 386 km²;
- The project area tenements consist of granted Exploration Licence (E08/2373 and E08/2956) on the contiguously striking licenses of 48 km that connect several clusters of high-grade historic artisanal Lead-Silver-workings and prominent gold-copper geochemical anomalies.
The added advantage with the Kooline Project is that it is situated in a comparatively underexplored region in Western Australia with several historic gold, and especially lead/silver evident workings.
The tenements of SRN’s Kooline Project strike along a modestly defined magnetic and gravity anomaly, that indicates the possible occurrence of moderately deep igneous intrusions which are considered significant as a heat source to steer the movement of hydrothermal fluids enriched in the numerous base and precious metals.
Let us now dig deeper into the Geophysical and Geochemical Data Compilation at the SRN’s Kooline Project.
More Accurate Testing for Copper/Gold Potential Through New Datasets
Surefire reported the following developments during the year ended 30 June 2019:
- Activity on the project centred on a comprehensive review of the geochemical data undertaken by geological consultants CSA Global and the completion of the geophysical data compilation and processing by Southern Geoscience;
- CSA’s analysis of the geochemical data concluded that the anomalous geochemical results determined in their review are indicative of an Intra Cratonic Magma Copper Gold (IMCG) mineralisation system where a major regional structure (the Baring Downs Suture) has channelled mineralised fluid into the project area;
- CSA established four exploration target areas in the northern section of the licence that enclose, or are along strike from geochemical anomalies present or adjacent to the project area.
The geophysical data compiled provides a significantly greater understanding of the geological structure within and beneath the project area’s transported cover, particularly providing far greater detail of magnetic responses of the lithology.
The new datasets are expected to enable the detailed structural analysis, and their combination with the geochemical data empower the advancement of an exploration strategy to more accurately test the target areas for their copper/gold potential.
On the journey to understanding SRN’s Kooline Project; you might also consider giving a READ: Shedding Light on SRN’s Unaly Hill and Victory Bore Vanadium Projects.
Mineralisation Results of up to 79% Lead and 232g/t Silver
Rock-chip samples containing galena, cerussite and silver returning several exceptional high-grades have been witnessed by more than thirty mines at the Project, along with below mentioned attributes-
- The high-grade nature of the mineralisation with results up to 79% Lead and 232g/t Silver has been validated by the assay results from the several rock chips samples collected from key areas/
- The Kooline area has only witnessed deficient exploration, spatially or at depth, with the historic focus been placed on the high-grade Lead-Silver-Copper veins related to the artisanal workings.
- There has been an inconsistency in the exploration for defining the potential for large volume Lead-Silver-Copper deposits; however, copper seems to have been treated as a by-product.
- Despite a historic intercept of 1m @ 3.87g/t (AK09RC04 at 25m) at the Bilrose working and minor artisanal gold workings in the area, gold was not the focus of a consistent exploration programme.
- The accumulation of all the existing historical geochemical data from surface sampling and drilling directs to the inference that
- less than half the project area has been tested and less than a quarter of the area has been tested effectively for all relevant minerals, and
- anomalous results are common at places where the area has been tested.
CSA proposed the following metric for SRN’s Kooline Project, which they consider to be a very good way to highlight the mineralisation:
INDEX_5 = Log Pb + Log Au + Log Cu + Log As + Log Sb,
Taking a closer look at the figure below; two clear trends can be observed:
- Area 1 area is near to the potentially major mineralised fluid pathway in the Baring Downs Suture, and the area consists of highly anomalous results even with the broad spaced data.
- Area 2 consists of the historic Kooline Lead-Silver-Copper workings and additional anomalies, which include gold either along strike or sub-parallel to the main mineralised trends.
SRN anticipates exposure to further lucrative exploration opportunities that could be brought in with the mineral system possibly present across the Kooline tenements.
Recent Quarterly Progress Report
SRN’s progressed swiftly at the Kooline Project during the quarter ended 30 September 2019, with the following key developments:
- Target Geoscience Pty Ltd (SRN’s geological consultants) evaluated the data suite and provided an initial evaluation of the project area for further exploration and multiple areas of interest identified;
- In the north of the licence area, existing geochemical anomalies defined by CSA Global from previous historic Aircore drilling are on a widely spaced grid of 1600m x 400m;
- In an attempt to refine the geochemical targeting, SRN anticipates additional infill drilling using Rotary Air Blast or Aircore focused between these existing anomalies on a 400m x 100m or potentially 400m x 50m grid spacing as the mineralisation is likely to be structural/stratigraphic dependent with minimal dispersion;
- Identified four priority areas in the northern licence area;
- SRN’s target areas of interest in the south of the licence area include:
- Major Gold trend consisting of the distinct magnetic horizon, which is poorly explored,
- Pb-Ag anomalism with next to no follow-up, and
- Existing geochemical anomalies at 800m x 200m grid spacing.
To get a complete view of SRN’s quarterly progress, READ: SRN Releases September Quarter Results, Casting an Eye on Exploration Opportunities
Currently, SRN is in the process to evaluate the areas of interest as presently delineated in an attempt to determine the priority targets and build a comprehensive work programme for the ideal areas. For future activities, SRN anticipates for additional in-fill drilling around the anomalies to improve the target areas for upcoming exploration.
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