Surefire Resources (ASX:SRN) Shares Soar On WA Exploration Plans
Surefire Resources (SRN) shares have surged almost 26 per cent after the company announced it was set to kick off fresh drilling work at some of its key prospects in WA.
The announcement comes as the company progresses exploration work at its Yidby gold project.
The Yidby project
Surefire recently began a reverse circulation (RC) drilling program at its Yidby gold project in WA.
The program will include up to 6000 metres to target an untested MMI anomaly within the Yidby discovery zone, which is located up to 400 metres west of the Yidby Road gold deposit.
Today, Surefire said drilling was progressing well with 12 holes already completed.
The company expects the ongoing drilling to expand Yidby’s mineralised footprint beyond its existing boundaries to the northwest and southeast.
The Victory Bore/Unaly Hill vanadium project
Over at Surefire’s Victory Bore/Unaly Hill vanadium project, a diamond rig has arrived on-site to undertake drilling work. The diamond drill core will be used to complete geotechnical and metallurgical testwork.
The company said it had also begun to prepare the site for a planned RC resource infill drilling program to upgrade the economic parameters for a pre-feasibility study.
The WA-based vanadium project currently has an inferred resources of 237 million tonnes at 0.43 per cent vanadium pentoxide, 24.9 per cent iron and 5.9 per cent titanium dioxide.
According to Surefire, it’s one of the largest contained vanadium resources in WA.
Perenjori iron ore project
Lastly, Surefire Resources is planning a diamond drilling program at its Perenjori iron ore project in WA to reconfirm and expand on previous metallurgical testwork.
Testwork reportedly indicated a quality concentrate of 66 to 70 per cent iron with aluminium oxide plus calcium oxide of less than 5 per cent could be achieved by conventional magnetic separation with a relatively coarse grind of 75 micrometres.
Perenjory has an exploration target of 870 to 1.24 billion tonnes at 29 to 41 per cent iron which may add to its inferred resource of 191.7 million tonnes at 36.6 per cent iron.
Surefire plans to commence RC drilling to infill the currently defined resource, but no further details on this program have been announced
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