Surefire Resources’ shares soar 27% on wide gold intersections at Yidby

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Surefire Resources’ shares soar 27% on wide gold intersections at Yidby

SRN advancing gold discovery
Image source: SRN Website

Highlights

  • Surefire Resources has reported wide gold intercepts from the recent drilling on the Yidby Road Gold Project.
  • High-resolution ground magnetic survey undertaken recently drives the development of gold mineralisation model.
  • The updated mineralisation model for the Yidby Road Gold Project points towards high tonnage gold system.

Surefire Resources NL (ASX:SRN) shares surged over 27% midday on 19 January 2022, triggered by the release of encouraging drilling results from the Yidby Road Gold Project.  The Company has reported wide gold intercepts from drilling on the project.

With the mineralisation model updated for the project, Surefire is using it to define targets for the next drilling campaign. Significantly, the new interpretation highlights that the gold mineralisation drilled to date is just a part of a much larger gold, possibly multiphased, gold system.

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ALSO READ: Surefire Resources (ASX:SRN) delineates large prospective zones at Yidby

Significant drilling results

Twenty-two RC (Reverse Circulation) holes for 2,298 metres have been completed on the Yidby Road Gold project to follow up of discovery drilling at the Yidby Road gold deposit and initial testing of several Mobile Metal Ions (MMI) gold anomalies.

The gold mineralisation continuity of strike and depth extensions was tested by drilling on the Yidby Gold deposit.

Significant gold intersections

Source: SRN Update, dated 19 January 2021

RC drill hole YBRC045 confirms the presence of an exceptionally broad near-flat lying gold mineralised zone in the south of the discovery area. This gold mineralisation is open both down dip and up dip.

ALSO READ: Surefire Resources (ASX: SRN) unearths three new gold targets at Yidby gold project

Drilling of MMI gold anomalies

A Mobile Metal Ion (MMI) geochemistry survey completed in the discovery area in 2021 highlighted many separate drilling targets. A total of 17 RC holes for 1,271m were drilled to test several of the MMI gold anomalies. Initial drilling results have successfully intersected shallow and wide down hole zones of gold mineralisation.

The Company indicated that drillhole YBRC033 returned a shallow wide intercept of 15m @ 0.38g/t gold from 15m beneath an MMI anomaly.

The gold in drilling intersections confirm the validity of the MMI method in this area with barren transported overburden. The Company plans to drill test further MMI gold anomalies, with the resumption of drilling activities at Yidby in 2022.

ALSO READ: Surefire Resources NL (ASX:SRN) set to kick off 2,000m RC drilling at Yidby, shares up ~7%

High-resolution ground magnetic survey aids in developing gold model

During December last year, Surefire completed a high-resolution ground magnetic survey over the discovery area. The ground magnetic data was further interpreted by consulting geophysicists to give several insights.

Ground magnetic data interpretation

Source: Copyright © 2022 Kalkine Media®, Data Source: SRN Update, dated 19 January 2021

While the gold mineralisation drilled to date lies on the 1.6km long MMI gold anomalies on the south-western flank, the north-eastern flank of the interpreted antiform remains largely undrilled. Saddle gold reefs have been identified as an important element of this model. These Saddle reefs have the potential to host many simultaneous styles of gold mineralisation within the one larger gold mineralised system.

Road Ahead

Drilling plans

Source: Copyright © 2022 Kalkine Media®, Data Source: SRN Update, dated 19 January 2021

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