- Surefire Resources (SRN) has discovered potential for an intrusive-related silver-lead to copper-gold system along strike from the Kooline Project in WA
- The company reprocessed and interpreted geophysical data, including channel sampling and survey work
- The sampling returned outstanding grades including up to 249g/t silver, 79.3 per cent lead and 2.62 per cent copper
- The survey also identified conductors to the west of the project where there's significant potential for a major copper-gold system
- Surefire plans to conduct a follow-up diamond drilling program which has been granted $150,000 from the WA Government
- Company shares are up 4.17 per cent and are trading at 2.5 cents
Surefire Resources (SRN) has reprocessed and interpreted geophysical data from the Kooline silver-lead-copper project in Western Australia.
This has led to the company identifying potential for a large intrusive-related silver-lead to copper-gold system along strike from the high-grade project.
The Kooline Project is made up of two granted exploration licences which cover a 328-square kilometre area. It covers an-almost 50-kilometre strike corridor, linking the historical, high-grade workings of the Kooline mining centre which includes more than 30 mines.
Channel sampling conducted in 2018 along this 50-kilometre-long corridor yielded high grades of silver, lead and copper across four tenements.
These include 36g/t silver, 30.9 per cent lead and 1.23 per cent copper at Rainbow; 249g/t silver and 55.3 per cent lead from Bilrose; 232g/t silver, 79.3 per cent lead and 0.93 per cent copper at June Audrey; and 78g/t silver, 12 per cent lead and 2.62 per cent copper at Phar Lap.
Previous rock chip sampling also identified grades of up to 38g/t gold.
The reprocessing and interpretation of data largely focused on a previous versatile time domain electromagnetic (VTEM) survey which highlighted the large intrusive body that has the potential for a major copper-gold discovery.
The key target area includes VTEM conductors within a two kilometre-by-two kilometre area that's fairly untested.
"Through re-processing and interpretation of geophysical data the company has identified potential for a major silver-lead and copper-gold system at Kooline," Managing Director Vladimir Nikolaenko said.
"We have also identified potential for high-grade gold similar to the one-million-ounce Paulsen's deposit, and we will look to advance these targets in parallel with testing the major base and precious potential identified."
Surefire Resources plans to conduct deep diamond drilling which will target high-grade extensions of the silver-lead lode structures as well as copper-gold mineralisation.
In support of this, the WA Government will co-fund the program through the Exploration Incentive Scheme. Up to $150,000 will be offered to cover drilling costs.
Company shares are up 4.17 per cent and are trading at 2.5 cents at 11:32 am AEST.