Surefire Resources (ASX:SRN) Further Progresses WA Projects Over March Quarter
Surefire Resources (SRN) has further progressed its WA projects over the March quarter.
During the period, the company posted net operating cash outflows of $277,000, with $134,000 spent on exploration and evaluation.
At the end of the quarter, Surefire had $1.9 million in cash and cash equivalents.
Over the March quarter, Surefire made progress on developing and expanding exploration targets at its Yidby gold project, updating an economic assessment of its uranium assets, and defining an exploration target at the Perenjori premium iron project.
Yidby gold project
During the March quarter, drilling at the Yigby gold project in mid-west WA confirmed wide gold intercepts, including 56 metres at 0.60 grams of gold per tonne (g/t gold) from 12 metres and 52 metres at 1.40 g/t gold from 65 metres.
Through its drilling work, Surefire discovered drill hole YBRC024, located 400 metres northwest of the Yidby gold deposit. This hole represented a new centre of gold mineralisation, according to the company.
The company is now planning a 4000-metre reverse circulation drilling campaign to extend Yidby.
Victory Bore and Unaly Hill vanadium projects
The Victory Bore and Unaly Hill vanadium projects also lie in the mid-west WA.
Surefire said it had engaged with MinRizon to review and update an economic assessment study for the project. This study will build on a 2012 study completed under the company’s predecessor, Quest.
Surefire has secured a drilling contractor to undertake a diamond drilling program at the project.
The price of vanadium has seen a steady increase over the past four months due to increasing demand for battery, chemical, and space and defence activity coupled with decreasing supply from traditional sources in China and Russia.
Perenjori iron ore project
In early February, Surefire announced an exploration target had been calculated for the Perenjori iron project.
Not long after, the company began negotiations with potential transport and off-take partners for the project.
Shares in Surefire Resources were up 7.69 per cent to 4.2 cents each at 11:29 am AEST.
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