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Surefire Resources’ (ASX:SRN) Share Surges After Encouraging Results From Yidby Road Gold Project

Summary

  • Surefire Resources NL (ASX:SRN) has intersected new, high-grade gold mineralised zones up to 83m in width at the Yidby Road Gold Prospect. The system remains open at depth and along the strike.
  • The assay results of the first 5 holes from the current phase of drilling program intersected gold grades up to 26.47 g/t.
  • SRN shares zoomed 11.11% and trades at A$0.03. SRN offers a 52-week return of over ~1400%.

Western Australia-based explorer Surefire Resources NL (ASX:SRN) revealed that new, high-grade gold mineralised zones up to 83m in width have been intersected in the first 5 of 18 holes at the Yidby Road Gold Prospect. The results suggest that the system remains open at depth and along the strike.

MUST READ: Surefire Resources completes first-phase drilling at Yidby Road, exploration begins at Perenjori

Yidby Road Gold Prospect is in the prolific and highly prospective south-west Murchison Province of Western Australia. The drilling program targeted to follow up and further test the previously intersected thick and high-grade mineralised zones from the maiden drilling program. The RC drilling samples were collected at 1m intervals.

Assay Results with Gold Grades Up To 26.47 G/T Recorded

The current phase of the campaign has already drilled over 18 holes for a total advance of 2,791 metres at the gold project. The first 5 holes for which the assay results have been received include extremely thick intersections and high-grade gold mineralised assays related to a northerly plunging shoot, which is understood to widen at depth.

READ HERE: Surefire Resources Aims To Up The Ante at Gold Projects

The initial assay results recorded gold intersections with grades up to 26.47 g/t. Some of the best intersections include –

YBRC019 - 44m @ 2.77 g/t Au from 149m or

     32m @ 3.68 g/t Au From 150m, including

     3m @ 26.47 g/t Au from 150m

YBRC017 - 83m @ 0.64 g/t Au from 112m, including

     4m @ 6.31 g/t Au from 112m

Longitudinal projection of Yidby Road Prospect with new gold intersections, Source: Company announcement, May 2021

The assay results for the remaining 13 holes include wide intersections of quartz sulphide veining/ felsic porphyry on 3 lode structures, which converge at depth. All RC drill samples have been submitted for assaying and the results are anticipated in the upcoming weeks.

The first phase of the current drilling program focussed on extending the previously intersected mineralised zones. Some of the high-grade intersections from the maiden drilling program include –

YBRC007: 56m @ 1.97 g/t Au from 44m including 4m @ 14.47 g/t Au

YBRC008: 40m @ 3.01 g/t Au from 24m including 4m @ 26.57 g/t Au

In its first phase, the current drilling program has successfully extended the mineralised zone along the strike and at depth and remains open in all directions. The high-grade gold intersections such as the ones recorded at the first five holes also underpin the project's economic potential, given that the gold discovery hosts wide mineralised zones close to the surface.

ALSO READ: Surefire Resources going great guns at Yidby Road gold prospect

What Next?

The key objectives of the current and planned drilling programs will be to grow, through drilling, the scale of the Yidby Road gold prospect and confirm the potential for major, new gold discovery.

The follow-up drilling will test the high-grade, thickening extensions at depth for the lode structures to unlock the true potential of the burgeoning gold discovery in the Yilgarn Craton of WA.

Stock Performance

The market has reacted positively to the update as the stock of SRN traded at A$ 0.030 a share on 5 May 2021 at 11:23 AM AEST, 11.11% up against the previous close.

SRN stock price chart,  Source: Eikon Refinitiv

The significant news flow, backed by the accelerated exploration programs at Yidby, has successfully garnered market attention. The stock enjoys a strong momentum and offers a 52-week return of over ~1400%.

SUGGESTED READ: How the recent gold acquisitions might propel Surefire Resources’ growth

(All financial information pertains to the Australian Dollar unless stated otherwise).

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