Company
ASX:SRN
Surefire Resources NL (ASX:SRN) holds mineral exploration licences over vanadium, magnetite and gold projects in Western Australia. The company is focused on advancing its Victory Bore vanadium, critical and battery minerals project, a 321 million tonnes resource located close to existing infrastructure. In addition, Surefire's large magnetite project with up to 1 billion tonnes of high-grade iron and its gold project have the potential to add considerable value to the company.
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A drilling rig is booked for up to 4,000 metres of drilling starting in mid-April to further test the new discovery as well as additional previously untested MMI anomalies and possible extensions.
“Together with the gold and lithium potential of the lease, Kadji is shaping up to be a promising prospect for the company,” says MD.
The company “is laying the groundwork to enhancing the Perenjori Iron Project’s viability through advancing its geotechnical, mining, processing, transporting, and marketing credentials,” says MD.
The Perenjori project is centred on a multi-bedded banded iron formation featuring more than 47 kilometres of strike length on tenement 100%-owned by Surefire Resources.
“The Surefire mineralisation model points to the likelihood of a high tonnage gold deposit at Yidby. Your company is working diligently towards that goal," says MD.
The company, in conjunction with industry specialists, will plan and undertake appropriate local scale magnetics to enhance the hidden structural features on the lease, allowing for both the highly magnetic BIF and the soil cover.
Geological logging has to date identified 18 metres of quartz-sulphide alteration from 212 metres within one of the three RC holes drilled at the deposit.
“The strong bedrock conductors identified give us strong encouragement to pursue a discovery in this grossly under-explored mineral field”, says MD.
The company has used a soil geochemical survey to identify three new gold targets that are untested by historical drilling.
The precious metals explorer recently experienced bad weather and exploration setbacks thanks to the Mid-West’s commodity boom but is now prepared to get back on the proverbial horse and continue exploration at its WA gold asset.
The scoping study shows a clear pathway to meeting the company’s 30% internal rate of return hurdle for development.
This first phase of the current drilling program at Yidby Road was focused on extending the previously intersected zone that produced thick and relatively high-grade intersections.
The halt will remain in place until prior to the commencement of trading on Wednesday, June 2, 2021, or when the announcement is released to the market.
The junior has a range of projects covering gold, silver-lead-copper and iron ore and is confident that all have the strong possibility of development.
The Kooline Project area is under-explored and covers an almost 50-kilometre strike corridor linking the historical, high-grade, lead-silver workings of the Kooline mining centre (over 30 mines), as well as other lead-silver, copper-gold an
An opportunity exists for the company to undertake the development of the Perenjori project to meet that demand with a premium iron-ore product.
First results show up to an 83-metre-wide zone of gold mineralisation in the Yidby Road Structure with massive quartz-sulphide veining and felsic porphyry.
The company plans to carry out 6,000 metres of reverse circulation drilling program at Yidby Road prospect of Yidby Project, while lies on Yalgoo-Singleton Greenstone Belt near Ninghan Station Homestead.
The proposed drilling program will comprise up to 40 holes for 6,000 metres of RC drilling which will target immediate extensions of the thick and relatively high-grade gold zones at depth and along strike to the northwest and southeast.
The main objective of the test work was to assess the response of Unaly Hill ore to conventional processing methods used for similar vanadium deposits.
The company’s shares surged 94% to a new 12-month high of 3.1 cents on strong volume.
The halt will remain in place until Wednesday 15th March 2017.
Surefire Resources NL is Wednesday's ASX % Gainer in morning trade
Surefire Resources NL (ASX:SRN) has been granted a trading halt by the ASX, pending details of a capital raising.
