Surefire Resources (ASX:SRN) gears up for Victory Bore-Unaly Hill Vanadium Project

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Surefire Resources (ASX:SRN) gears up for Victory Bore-Unaly Hill Vanadium Project

 Surefire Resources (ASX:SRN) gears up for Victory Bore-Unaly Hill Vanadium Project
Image source: © Conceptw | Megapixl.com

Highlights

  • Surefire believes it is well positioned to develop and unlock the commercial opportunity at its Victory Bore-Unaly Hill vanadium project.
  • Currently, the project holds Inferred Resources of 237Mt with 0.43% vanadium pentoxide (V2O5), 24.9% Fe and 5.9% TiO2.
  • Currently, Surefire is planning a proposed diamond drilling program at the vanadium project.

Shares of Surefire Resources NL (ASX:SRN) zoomed 20% following the company’s strategic announcement discussing its plans to advance on the Victory Bore-Unaly Hill vanadium Project.

SRN traded at AU$0.024 on 19 April 2022 with a market capitalisation of AU$22.59 million. On the back of significant milestones, shares of the company have surged by ~140% since the beginning of 2022.

Suggested Read: Surefire Resources NL (ASX:SRN) ticks all the right boxes at WA projects

Previously, the company had reported that it believed it was well positioned to develop and unlock the commercial opportunity at its Victory Bore-Unaly Hill vanadium project in Western Australia.

Mineral Resource at the Victory Bore-Unaly Hill vanadium project Source: Surefire Resources Presentation 31 March 2022

Notably, the vanadium project holds one of the largest contained V2O5 resources in Western Australia. Currently, the project holds Inferred Resources of 237Mt with 0.43% vanadium pentoxide (V2O5), 24.9% Fe, and 5.9% TiO2. On the back of robust demand and supply disruptions, vanadium prices have grown significantly since the beginning of 2022.

“The vanadium market is fast evolving as a critical element of the mass commercialisation of large-scale battery solutions in the fast-tracked renewables energy sector. With demand pressures increasing from specialty metals producers and threats to traditional pushing vanadium prices higher, Surefire’s vanadium outlook is very positive”

The vanadium project is located in world-class mining jurisdiction and enjoys existing excellent infrastructure to support mining activities at the project. The project is also considered to hold substantial titanium and iron credits, which could substantially enhance economic returns of the mineral project.

Must Read: Surefire Resources’ scoping study paints a bright picture for Perenjori Iron Project

Next Steps

Currently, Surefire is planning the proposed diamond drilling program at the vanadium project. The drilling data would be utilised for geotechnical studies, pit design, and follow-up metallurgical tests to optimise the process flowsheet.

The company has already involved renowned consulting firm MinRizon Projects Pty Ltd to update economic estimate parameters such as CAPEX, OPEX to advance to the prefeasibility study. Surefire has already commenced discussions with possible partners for the project.

Expert Talks With Mr Vladimir Nikolaenko - Executive Director of Surefire Resources

Shares of Surefire Resources NL (ASX:SRN) zoomed 20% following the company’s strategic announcement discussing its plans to advance on the Victory Bore-Unaly Hill vanadium Project.

SRN traded at AU$0.024 on 19 April 2022 with a market capitalisation of AU$22.59 million. On the back of significant milestones, shares of the company have surged by ~140% since the beginning of 2022.

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