- SRN shares zoomed 36% following the announcement regarding the identification of an Exploration Target at Perenjori.
- The potential quantity for the Exploration Target has been estimated to range between 870 to 1,240 Mt with a grade of 29% to 41% iron (Fe).
- Currently, the iron project holds an existing JORC 2004 compliant Inferred Resource of 191.7Mt with a grade of 36.6% iron (Fe).
Shares of Surefire Resources NL (ASX:SRN) shot up 36.36% during trading session on Thursday following an upbeat announcement. The explorer said that it had defined an Exploration Target at its Perenjori Iron Project.
Exploration Target bolsters potential of Perenjori
The potential quantity for the Exploration Target has been estimated to range between 870 to 1,240 Mt with a grade of 29% to 41% iron (Fe). The Exploration Target was defined based on the modelling of aeromagnetic data and geology and controlled by 123 drill holes.
The estimated quantity is exclusive of the already existing JORC 2004 compliant Inferred Resource of 191.7Mt with a grade of 36.6% iron (Fe). The existing resources were estimated by renowned industry consults CSA Global and announced by Quest Minerals Ltd (ASX:QNL). Surefire considers that the Inferred Resource and Exploration Target support the Scoping Study.
Total Magnetic Intensity at the Perenjori Iron Project Source: Surefire Resources Company Announcement 3 February 2022
A high definition, helicopter-borne aeromagnetic survey has already been concluded at the Perenjori Iron Project. The survey data has been used for modelling the causative magnetic bodies giving rise to the observed magnetic anomalies.
Perenjori – A premium project with substantial untapped magnetite potential
Perenjori Iron Project Source: Surefire Resources Company Announcement 3 February 2022
The Perenjori Iron Project is concentrated on a multi-bedded banded iron formation with strike length of more than 47km at the company’s wholly owned tenements. The current Inferred Resource is based on only 25% of the potential strike length and only one bed of the multibedded banded iron formation. On the processing side, the Grind Tests, Davis tube assays, and metallurgical tests suggest that a concentrate product with iron grade of 63% to 70% can be obtained with grind sizes of 35 to 106µm (80% passing size).
Existing Infrastructure to support development - The project is endowed with the presence of excellent existing infrastructure and is located within ~15kms from the Morawa-Peronjori trunk rail line and the Karara rail spur. The latest Scoping Study includes trucking to these rail lines or developing a spur line to the deposit. The rail distance to the Port of Geraldton is over 219kms.
Furthermore, the Three Springs – Golden Grove power transmission line is located less than 8km from the deposit. Adding to the ease of development of the project, the deposit is in vicinity of numerous towns that might supply the required workforce other Infrastructures.