Surefire Resources NL (ASX:SRN) is confident it is sitting on considerable iron potential, having defined a large exploration target of 870 to 1,240 million tonnes, at a grade of 29% to 41%, at the Perenjori Iron Project.
The iron target has been pinpointed by aeromagnetic data and geology and controlled by 123 drill holes.
This find supports the existing inferred mineral resource of 192 million tonnes at 36.6% iron and is exclusive of the inferred resource. The inferred resource and exploration target also support the company’s recently announced scoping study.
The Perenjori project is centred on a multi-bedded banded iron formation featuring more than 47 kilometres of strike length on tenement that is 100%-owned by Surefire Resources.
The area is covered by a high-definition, helicopter-borne aeromagnetic survey, and the data has been used to model the causative magnetic bodies with the potential to give rise to observed magnetic anomalies by dividing the earth into cubes or voxels.
The voxels are assigned magnetic susceptibilities until the theoretical magnetic anomalies match the observed ones.
While it recognises the potential opportunity, the company notes that the quantity and grade of the iron over the area of the target is yet to be fully determined and it is uncertain if further exploration will result in an increased mineral resource.
Surefire managing director Vladimir Nikolaenko said: “With only a fraction of the available 47 kilometres of strike of banded iron formation (BIF) tested by drilling, the Perenjori Iron Project’s potential has yet to be fully realised.
“Surefire will be working diligently to fully explore the opportunity this project presents.”
The Perenjori project represents a potentially huge untapped magnetite resource, consisting of multiple units of banded iron formation (bif) that have been repeated by faulting.
The project area contains around 47 kilometres’ strike length of bif that ranges up to 80 metres in thickness. Only around 25% of the potential strike length is included in the current inferred resource, and then only one bed of this multi-bedded banded iron formation.
Perenjori is exceptionally well-positioned in an infrastructure rich area, within 15 kilometres of both the Morawa-Perenjori trunk rail line and the Karara rail spur. The rail distance to Geraldton Port from there is 219 kilometres.
The Three Springs – Golden Grove electricity transmission line is within 8 kilometres of the deposit and numerous towns in the district could supply the workforce and infrastructure for project development.