Surefire Resources NL (ASX:SRN) is advancing discussions with key stakeholders to develop the Victory Bore Vanadium and Iron Ore Project in Western Australia while also identifying new opportunities for magnetite exploitation at Unaly Hill.
The company says it has identified several key stakeholders who may assist in fast-tracking Victory Bore’s development and continues to engage in discussions.
“The continued discussions with all the key stakeholders are positive and are essential to progress critical work that’s needed to progress towards completing a definitive feasibility study (DFS) which will allow the board to make a final investment decision (FID) for this remarkable critical mineral opportunity,” Surefire Resources CEO Jan De Jager said.
Advancing multiple assets
Surefire says its discussions with stakeholders cover the various stages of development for Victory Bore, including:
- the provision of mining contractor services in relation to developing the mine;
- the provision of haulage infrastructure from the mine site to the Geraldton Port;
- the provision of shipping services from the Port of Geraldton to the Kingdom of Saudi Arabia (KSA);
- co-development of the planned KSA vanadium plant;
- product offtake partners; and
- funding to fast-track the project.
In addition to the work on Victory Bore, SRN has also identified a potential early production opportunity at the Unaly Hill magnetite deposit in Western Australia.
Surefire says metallurgical testing completed on ore from the deposit indicates a strong potential to produce high-grade iron and titanium concentrates.
The company has appointed METS Engineering to produce a concentrate with an iron content of in excess of 62% by separating out the titanium, and additionally, an assessment for the recovery of a high-grade titanium concentrate.
“This internal study has revealed the potential for the company to bring forward an early production operation from Unaly Hill,” De Jager said.
“This will allow the company to deliver significant value in producing an iron magnetite concentrate that will be able to attract a pricing premium if delivered to the Green Steel market.”
SRN has also appointed AXINO Capital in Germany to assist with a planned dual listing on the Frankfurt Stock Exchange for an initial 12-month term, which will include a marketing campaign targeted to attract German and European investors.