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Surefire Resources (ASX:SRN) Hits High-Grade Gold Mineralisation at Yidby, Stock Soars 32%

  • November 30, 2020 07:38 PM AEDT
  • Team Kalkine
Surefire Resources (ASX:SRN) Hits High-Grade Gold Mineralisation at Yidby, Stock Soars 32%

Summary

  • Surefire Resources NL (ASX:SRN) has announced substantial, high-grade intersections from drilling at the Yidby Gold Project.
  • RC drillholes intersected gold mineralisation; drilling intersected broad zones of massive quartz veining associated and concentrated within a mineralised quartz-feldspar porphyry.
  • Assays for further four RC drill holes at Yidby Road, five drill holes at Delaney Well and three drill holes at Cashen’s Find are expected in the coming weeks.
Gold MTF non-AMP

On 30 November 2020, Surefire Resources NL (ASX:SRN) announced a promising drilling update at its Yidby Gold Project. The update evidently fetched ample investor attention as SRN traded up by a whopping 32.25% at $0.041 on the day, with a volume of over 123 million shares.

The company was delighted to notify that it had achieved substantial, high-grade intersections from drilling at the Yidby Road Prospect on the Company’s Yidby Gold Project, depicting up to 56m wide zones of gold mineralisation in massive quartz veining.

The Company announced the project acquisition in August 2020. Since then, it has fast-tracked developments at the project, which is surrounded by several significant gold projects.

Under the maiden RC drilling program at the Yidby Gold Project, the Company targeted the Yidby Road, Cashen’s Find and Delaney Well Prospect areas. A total of 20 drill holes were covered for a total of 1,687m. It should be noted that each of Surefire’s 2020 RC drillholes intersected gold mineralisation!

Spectacular Results From Yidby Gold Project

Outstanding results were received from the first eight Reverse Circulation (RC) holes. Besides, assays show high-grade zones within shallow broad mineralised intercepts.

The Company further informed that mineralisation correlates strongly with the massive quartz-carbonate veining. A notable add-on, mineralised felsic porphyry intrusions are also related to mineralisation at the Company’s nearby Cashen’s Find and Delaney Well Prospects.

Maiden RC Drilling Program- An Overview

The drilling hit broad zones of massive quartz veining concentrated and associated with a mineralised quartz-feldspar porphyry. The porphyry has possibly introduced high-grade mineralised fluid into the nearby high magnesium basalts and talc-chlorite schistose rocks.

The recent RC drill results display broader zones of mineralisation with higher grade intersections relative to historic drilling. Further, the mineralisation remains open along strike as well as down dip of the (shallow) intersections.

On this note, let us walk through a few interesting facts about drilling at the Yidby Gold Project-

  • No drilling has been conducted at the Yidby Gold Project in the past 14 years.
  • Historic drilling intercepted the mineralised porphyry, originally by Normandy Exploration Pty Ltd. It was followed by Monarch Gold Mining Company Ltd (intersecting formerly reported historic results).

Way Forward

Developments at the Yidby Gold Project seem to be progressing well. The Company has established a Program of Works (PoW) with the Department of Mines, Industry, Resources, and Safety (DMIRS) besides planning and executing its maiden drilling program.

The assays for further four RC drill holes at Yidby Road Prospect, five drill holes at Delaney Well and three drill holes at Cashen’s Find are expected in the coming weeks.

 

 


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