Source: SRN website
- Surefire Resources NL (ASX:SRN) has exploration assets in Western Australia.
- In August 2020, the Company acquired high-grade gold tenements in the Yidby and Perenjori project areas.
- Both projects have well mineralised sheer zones, banded iron formations and many untested target areas.
Surefire Resources NL (ASX:SRN) deems that Australia offers an exceptional opportunity for resource development. The company aims to continue seeking and developing projects in the enriched metals and mining zone of Western Australia.
Surefire Resources garnered special attention after it acquired high-grade gold tenements in Western Australia last year. Ever since, developments are on right track and the future seems bright.
Let us zero in on several developments across both projects which can catalyse the Company’s growth in the near and long term.
Company project locations, Source: SRN’s half-year report, Mar 2021
Yidby Project developments
Results of an MMI soil survey at the Yidby Project have shown strong anomalies NW of drilled mineralisation. Besides, a detailed gravity survey highlighted a 2km potential extension to the NW of the drilled zones.
Currently, Surefire Resources is conducting a reverse circulation drilling program (planned up to 40 holes for over 6,000m) at the Yidby Road gold prospect. The drilling began after the Company was successful in obtaining the Program of Work approval from the Department of Mines, Industry, Regulation and Safety.
The key objective of such programs is to grow the scale of the Yidby Road gold prospect and validate the potential for a significant new gold discovery.
- Drilling has intersected the mineralised structure as well as the felsic porphyry (at depth) along with the north of preceding drilling. The mineralisation is open in each direction.
- A second RC drill rig was recently mobilised and kicked off drilling. It is testing for extensions of the mineralised zone at depth and to the SW (targeting a doubly plunging zone, potentially extending both to the NW and SE).
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Notably, Surefire Resources is also planning a program to test the regional scale mineralised corridor that was found in geophysical imagery and extend for up to 5km within the Company tenement.
Perenjori Gold - Base Metals Project developments
In February 2021, Surefire Resources notified that the Perenjori Iron Project review has been completed. It was revealed that-
- Existing resource of 192mt is reportedly upgradable to 70% Fe (at 86% yield).
- There is potential to increase resource >500mt.
- The project produces a high-grade concentrate with very low impurities.
Current resources (JORC 2004), Source: SRN’s announcement, Feb 2021
Notably, the project produces a high-grade concentrate with very low impurities and is perfectly located to leverage the existing infrastructure. Surefire Resources intends to upgrade the current resource and follow it up with a feasibility study. It is in a strong position to make the most of the current iron ore market and record high prices.
All in all, both acquisitions seem to be a boon for Surefire Resources as it continues to pursue and develop projects in Western Australia on the back of its rigorous approach and rich management experience.
SRN traded with a volume of over 43 million shares on 8 April 2021 at $0.024.