Surefire Resources NL (ASX:SRN) provides updates on portfolio projects, shares zoom 23%

Highlights

• Surefire is progressing with the initial drilling of MMI gold anomalies at Yidby returning broad gold drill intersections.
• The diamond drill rig has arrived at the Victory Bore/Unaly Hill project and is currently, setting up to recover diamond drill cores for geotechnical and metallurgical test work.
• RC drilling is nearing approval and plans to commence infilling the currently defined resource at the Perenjori iron project.

Shares of Surefire Resources NL (ASX:SRN) skyrocketed 22.58% after the company announced updates regarding its array of highly prospective projects. The company has shared a flurry of updates relating to its Yidby gold project, Victory Bore/Unaly Hill vanadium project and the Perenjori iron project.

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

SRN traded at AU$0.038 a share with a market capitalisation of AU$42.88 million.

Drilling of MMI Gold Anomaly at Yidby

Currently, Surefire is progressing with the initial drilling of MMI gold anomalies at Yidby returning broad gold drill intersections. The MMI anomalies are located up to 400m to the west of the Yidby Road Gold Deposit within the Discovery zone.

The company is moving forward with the first 12 holes of the drill program to target the –

• Previously untested MMI gold anomalies
• Step-out extensions to previous drilling intersections (already completed)

Surefire anticipates upgrading the current gold mineralised footprint at the Yidby Road Gold Project beyond boundaries to the NW and SE.

Also Read: Surefire Resources (ASX:SRN) enhances gold footprint at Yidby

Drill targets and current mineralisation at Yidby Source: Surefire Resources Announcement 25 May 2022

The Yildby gold project is a discovery by Surefire and is strategically located on the Great Northern Highway, 40km southwest of Paynes Find. The gold project is located in the neighbourhood of several world-class gold deposits including -

• 1.1+ Moz Minjar Gold Project, approximately 65km to the northwest
• 1 Moz Kirkalocka Gold Project, approximately 70km to the northeast
• 2.1 Moz Mount Gibson Gold Project, 30km to the south
• 0.54Moz Rothsay Gold Project, 30km to the west.

Surefire also updated that the diamond drill rig had arrived.

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

Diamond drill on site, Site preparation in full swing at Victory Bore/Unaly Hill

For its wholly owned Victory Bore/Unaly Hill vanadium project, Surefire updated that the diamond drill rig had arrived on site and was setting up to recover diamond drill cores for geotechnical and metallurgical test work.

Furthermore, site preparation activities for the RC resource infill drilling are ongoing to upgrade economic parameters for the prefeasibility study. Surefire’s Victory Bore/Unaly Hill Vanadium Project holds inferred resources of 237Mt with grades of 0.43% V₂O₅, 24.9% Fe, and 5.9% TiO₂. The resource is among the largest contained V₂O₅ resources in WA.

Victory Bore/Unaly Hill Vanadium Project Source: Surefire Resources Announcement 25 May 2022

The coring data will be utilised for undertaking geotechnical studies, pit design and further metallurgical test works to optimise the process flowsheet. Surefire has involved MinRizon Projects Pty Ltd, to update the expense estimates (CAPEX and OPEX) for the upcoming prefeasibility study.

Read Here: Surefire Resources NL (ASX:SRN) on the right path at Vanadium project amid high energy storage demand

Diamond drill at Perenjori Iron Project, Resource Infill nears approval

Surefire has planned a diamond drilling campaign at its Perenjori iron project to validate and expand previous metallurgical test work. Previous test results had demonstrated potential for a high-value concentrate of 66-70% Fe with less than 5% Al2O3 + CaO via conventional magnetic separation with a relatively coarse grind of 75μm.

Subsequently planned metallurgical test work planned at the iron project includes UCS and Bond CWi, Bond RWi, Dry Mag Sep potential and DTR and Bond Ball Wi.

Previously, Surefire had defined an 870 to 1,240 million tonnes (Mt) exploration target with a grade of 29% to 41% iron (Fe). The exploration target may significantly upgrade the JORC 2004 Inferred Resource 191.7Mt at 36.6% Fe. RC drilling is planned to commence to infill the currently defined resource. The RC drill campaign is nearing its approval.

Perenjori Iron Project Source: Surefire Resources Announcement 25 May 2022

The infrastructure-rich location and, existing rail and power connectivity of the iron project, may enhance the upside of the bulk commodity project. The existing rail route is well connected to the Port of Geraldton.

Currently, Surefire is in discussions with a third-party infrastructure provider to build, own, and operate a slurry pipeline and transhipment facility.