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

Highlights

  • Recently, Surefire announced the completion of a 2,298m RC drill program at Yidby.
  • The company holds a strong financial cash position of AU$2.9 million with no debt liabilities. With a 23% shareholding by Surefire’s management, the company is led by a seasoned management team with skin in the game.
  • Strategic land positions in the Yalgoo & Koolanooka Greenstone Belts comprise 8 ELs and 1 ELA, stretching over an area of 567 km2.

Diversified minerals exploration and development company Surefire Resources NL (ASX:SRN) continues to make strides on its broad portfolio of minerals projects in the Tier-1 mining jurisdiction of Western Australia.

The persistent effort of the management and technical team seems to be closing in on potential discoveries across the Gold, base metals, and iron projects in the Yalgoo & Koolanooka Greenstone Belts in the Mid-West region of Western Australia.

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

Strategic land positions in the Yalgoo & Koolanooka Greenstone Belts comprise 8 ELs and 1 ELA stretching over an area of 567 km2. The wholly owned suite of mineral projects is considered prospective for gold, base metals, and iron in the Poorly explored jurisdiction with minimal modern exploration.

Yidby Gold: The next big gold mine in the making

The Yidby gold project in the southern part of the Yalgoo-Singleton Greenstone Belt comprises three exploration licences stretching over an area of 114 sq. km. The gold mineralisation appears to be associated with an NW trending anticlinal axis, and only a section of the delineated long prospective zone has so far been tested by drilling. A high-resolution ground magnetic survey is being undertaken to identify controlling fault structures.

Surefire Resources

Exploration progress so far: Recently, Surefire announced the completion of a 2,298m RC drill program to target numerous high-grade MMI anomalies and intersected broad quartz-carbonate-sulphide alterations. The samples have been shared for geochemical analysis and will be shared in due course.

Surefire Resources

Drill results of the Yidby gold project Source: Surefire Resources Presentation 30 November 2021

Drilling campaigns have so far intersected broad intersections such as 40m at 3.01 g/t Au from 24m. The gold associated with quartz veins in porphyry intrusions is interpreted to extend along the NW structural corridor. Furthermore, the mineralisation remains open along the strike and extends at depth.

Read Here: Surefire Resources (ASX:SRN) delineates large prospective zones at Yidby

Extensive potential to be unveiled - Surefire's pursuit does not end here, and the company is yet to assess the sub-parallel structural corridor at Cashens Find to the NE. Additionally, the extension of the Yidby Rd mineralisation to the northwest also remains untested.

Surefire Resources

Anomalous zone at the Yidby gold project Source: Surefire Resources Presentation 30 November 2021

One recently conducted geochemical survey has identified "Money Anomaly", a large NW trending 1,000m x 250m zone with MMI gold-in-soil anomalies. Another gravity corridor to the NE hosts the Cashens Find gold prospect.

Perenjori Iron Ore Project: A high-grade iron project with superb economic potential

The Perenjori iron project holds magnetite resources in the proximity of the coast in the Mid-West. The mineral project is well connected to the Geraldton bulk commodities port by rail with existing power infrastructure in the neighbourhood.

The iron project includes over 47 kilometres strike of banded iron formation. So far, only a quarter of the interpreted strike has been drill-tested, and an inferred resource of 191.7Mt at 36.6% Fe has been estimated.

Also Read: Surefire (ASX:SRN) identifies strong conductors at Kooline Project

As many as 164 RC holes aggregating 8,107m have been drilled at the project. The Scoping Study outlined the project's potential to produce a premium product and is economical in today's market.

Surefire Resources

Economics of the Perenjori iron project Source: Surefire Resources Presentation 30 November 2021

Mining operations for a bulk commodity incur huge transportation and logistics expenses. High head grades and established connectivity to the existing port give the iron project an edge by offering a natural advantage to minimise these cost buckets.

The Perenjori project also lies in highly prospective and sought-after West Yilgarn Ni-Cu-PGE Province. The underexplored region is home to multiple world-class Ni-Cu-PGE deposits, including the Julimar Ni-Cu-PGE deposit.

Historically, BLEG geochemical surveys delineated extensive areas with strong gold and arsenic anomalies. The project has been subjected to limited drilling activity in the past, with results up to 28m @ 0.72g/t gold bolstering the potential to host large-tonnage gold deposits.

Kooline silver-lead-copper-gold project in the Ashburton Basin

The two exploration tenements at the Kooline lead-silver project stretches over 386 square kilometres. The project area covers a 50km corridor with the Baring Downs and Blair Faults, two deep crustal sutures in the Gascoyne Complex. In fact, the historical mining centres produced ores with 10% to 12% lead and 31 to 47g/t silver, the highest Pb-Ag mine in Western Australia.

Surefire Resources

Kooline project in the Ashburton Basin Source: Surefire Resources Presentation 30 November 2021

The historical explorers drilled beneath the mine surface to achieve mixed success, following which the remaining tenements remained significantly underexplored. The channel sampling program at the project returned extremely high grades up to 79%Pb, 232g/t Ag (June Audrey), 55%Pb, 249g/t Ag (Bilrose) and 12%Pb, 2.6% Cu (Phar Lap).

The re-interpretation of the airborne EM anomalies delineated the bedrock conductors at the project. At the project, EIS co-funding was secured from the bedrock conductors for the drilling program. Presently, a high-resolution aeromagnetic survey is ongoing in the north of the project.

The Way Forward

Surefire remains committed to unlocking the true potential of its portfolio projects. The company focuses on undertaking a systematic and focused exploration strategy for its projects.

Surefire Resources

Data Source: Surefire Resources Presentation 30 November 2021

The company holds a strong financial cash position of AU$2.9 million with no debt liabilities and has been funding its exploration activities from its cash reserves. With a 23% shareholding by Surefire's management, the minerals exploration and development company are led by seasoned management with skin in the game.

Surefire closed at AU$0.012 a share on 30 November 2021 with a market capitalisation of AU$13.25 million.

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