Surefire Resources (ASX:SRN) comes closer to diamond drilling on Victory Bore Vanadium Deposit

Highlights

• Surefire has secured a drilling contractor to conduct diamond drilling at the wholly owned Victory Bore Vanadium Deposit.
• The diamond drilling program will supply coring samples for geotechnical studies and follow-up metallurgical test work.
• Shares of SRN have surged by 36% in the past 5 days alone.

Shares of Surefire Resources NL (ASX:SRN) rallied over 9.7% following the announcement that the company had secured a drilling contractor to conduct diamond drilling at the wholly owned Victory Bore Vanadium Deposit.

Welcoming the significant update, shares of the company have surged by 36% in the past 5 days alone. In the past one month, the company’s shares have witnessed an impressive return of ~240%.

Currently, SRN shares trade at AU$0.034 on 27 April 2022.

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Recently, the company had updated that it was progressing well on its plans to progress on the vanadium project. It is worth noting that the Victory Bore-Unaly Hill vanadium Project holds one of the largest contained V₂O₅ resources across WA. Currently, the vanadium project holds inferred resources of [email protected]% vanadium pentoxide (V₂O₅), 24.9% Fe, and 5.9% TiO_2.

Mr Vladimir Nikolaenko, Managing Director of Surefire, noted:

“We announced on 12 April that planning had begun on undertaking further drilling on this deposit. The Company has now secured the services of a leading industry diamond driller to do that work.”

The inferred resources had been subjected to a Scoping Study in 2012, demonstrating its economic viability at current market prices. Existing resources correspond to a contained 2.26 billion pounds of vanadium pentoxide.

Subcropping vanadium-magnetite at Victory Bore deposit Source: Surefire Resources Announcement 27 April 2022

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Previously, the company in its presentation had outlined an Exploration Target of 150-200Mt with 0.4-0.7% V₂O₅, 22-40% Fe, 6-8% TiO₂ at Victory Bore. Further, Unaly Hill holds additional potential for resource expansion.

The Victory Bore deposit is hosted within a layered gabbro complex that subcrops within the Mineral resource estimate. Recently, the Directors have already concluded a site visit to the deposit to inspect and examine the likely initial mining area and also to locate the proposed drilling sites.

The diamond drilling program will supply coring samples for geotechnical studies and follow-up metallurgical test work. The data will also support designing works of the open pit and the optimisation of the beneficiation flowsheet.

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