Surefire Resources NL has just announced it has acquired the Exploration Licence at Victory Bore, from High-Grade Metals Limited. SRN has paid $450k and issued 62,500,000 fully paid ordinary shares which are subject to a voluntary escrow for six months.
The Licence as well as SRN’s wholly-owned Unaly Hill vanadium project will provide the Company with a combined Inferred Mineral Resource of 237 mega tonnes consisting of 151Mt at 0.44 per cent vanadium pentoxide at the Victory Bore deposit and 86.2Mt at 0.42 per cent vanadium pentoxide at the Unaly Hill deposit.
Acquiring the Victory Bore tenement has significantly expanded the Company’s vanadium resource base and exploration potential.
Both the Unaly Hill and Victory Bore deposits are contained within the Atley Igneous Complex and SRN now has a tenement holding over 25 km of strike in this area.
SRN has identified the exploration potential at the Unaly Hill deposit but is still yet to test 7 km of strike in the area.
In terms of the exploration potential at the Victory Bore deposit, the Company believe based on the Mineral Resource model, drilling data from the Mineral Resource and the aeromagnetic interpretation completed by Southern Geoscience Consultants an additional Exploration Target of 150–200Mt of magnetite-bearing iron ore may be present.
The Company will be designing new drilling programs to establish an Indicated JORC resource in its acquired area. The next stage of metallurgical study is underway in the Company’s interest in meeting requirements for a Pre-Feasibility Study.