Image source: Company announcement, Mar 2021
- Surefire Resources NL (ASX:SRN) has fast-tracked reverse circulation (RC) drilling at the Yidby Road gold prospect.
- A second RC drilling rig has commenced drilling at the site.
- The second rig aims to test extensions of the mineralised zone to the south-west and at depth.
Western Australia-based explorer Surefire Resources NL (ASX:SRN) is progressing developments over its recently acquired Yidby Gold Project. Drilling at the Yidby Road gold prospect commenced in March 2021. On 1 April 2021, the Company notified that a second RC drilling rig has commenced drilling at the site.
Upon the release of this significant market update, the Surefire Resources stock- SRN soared on the ASX by more than 9 per cent and was trading at $0.028 (1:15 PM AEDT). The trading volume was over 13 million shares, and the market capitalisation stood at $28. 52 million.
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Second rig in action at Yidby Road Gold Prospect
The second RC drilling rig has commenced drilling at the Yidby Road gold prospect-
- Drilling has reportedly intersected the mineralised structure along with the felsic porphyry (at depth) and to the north side of the preceding drilling.
- The mineralisation is open in every direction.
- The second rig is testing for extensions of the mineralised zone. It will focus on testing this at depth as well as to the south-west.
- It is aiming at a doubly plunging zone that possibly extends to the north-west as well as the south-east.
With the second rig drilling at the site, Managing Director Vladimir Nikolaenko opines that Surefire Resources can “accelerate this very exciting program.”
Yidby Road drilling program
The key objective of the drilling program is to grow the scale of the Yidby Road gold prospect and verify the potential for a key new gold discovery.
The total drilling program is up to 6,000m. It is focused on extending the formerly intersected zone, which generated thick and relatively high-grade intersections from an east dipping, mineralised zone (straddling the boundary between sheared ultramafic/mafic rocks and a huge felsic “porphyry” intrusion).
By now, drilling has intersected extensions of the mineralised zone to the north and at depth.
As of now, the gold mineralised zone at the site has been tested for 150m strike length and to a shallow depth of under 100m. Exceptional intersections are-
Yidby Gold Project location on regional geology with major gold projects & mineral occurrences (Source: Company announcement, Mar 2021)
Historical aircore drilling intersected mineralisation across a 400m zone to the west of the recently intersected zone. MMI soil sampling results have confirmed that-
- The 400m-wide anomalous corridor.
- The zone is likely to extend at least another 400m to the north-west.
- This relates to a significant structural corridor recognised via interpretation of gravity imagery. It continues to the north-west and south-east of the (drilled) Yidby Road mineralisation.
- It appears to have off-set the surrounding ultramafic and mafic rocks.
Surefire Resources is likely to plan air-core drilling to test regional targets at Yidby Road. Currently, the Company looks forward to reporting the first results of the ongoing drilling program within weeks.