Surefire Resources NL (ASX:SRN) has provided an update on its 100% owned projects in Western Australia including Victory Bore, Yidby Gold Project, Perenjori Iron Ore Project, and the Kooline Project.
The company reports that the pre-feasibility study (PFS) for the Victory Bore project is on track; discussions with the Saudi government for processing of vanadium magnetite are progressing well; vanadium extraction and high-purity alumina (HPA) assessment are advancing; and Yidby Gold extraction test work is nearing completion.
Victory Bore Project
Surefire continues to progress the Victory Bore project, completing highly detailed work as part of a PFS economic assessment, and in parallel is working on value adding initiatives in novel vanadium extraction and the potential for HPA extraction.
The company says this work is being done at a key time when global markets have an increasing demand for vanadium in both traditional steel, and emerging Vanadium Redox batteries.
Pre-feasibility study underway
The PFS is progressing on track and the company expects it to be complete by November 2023. The company provided the following summary of PFS work completed and in progress:
Vanadium extraction progress
Surefire is aiming to achieve extraction of vanadium directly with work on this front being conducted in parallel with the PFS. Testing is now underway and the company expects all works involved in the PFS and other studies to be completed by the end of November 2023.
High purity alumina (HPA)
This work comprises a separate study on the potential for production of HPA from the waste and host rock at the Victory Bore vanadium project.
Initial results have shown that production of 4N (99.99%) HPA is achievable from the Victory Bore material. A new test work program to increase recovery of aluminium oxide for scoping study purposes is being progressed.
Vanadium processing plant in Kingdom of Saudi Arabia
Surefire has executed a Memorandum of Understanding (MOU) with Saudi Arabia’s Ministry of Investment for mineral processing opportunities of high-grade ore from its Victory Bore vanadium and HPA project.
The company was also recently introduced to the Royal Commission for Jubail and Yanbu (RCJY) — an autonomous organisation to promote and manage the industrial city hubs for the mining and mineral resource industry.
The RCJY proposed that a suitable location for Surefire’s downstream vanadium processing operation would be in Ras Al-Khair — a fully serviced industrial town and port currently under development.
Here, suitable land size is available for Surefire’s proposed processing operation and the land is also serviced with existing regional infrastructure, utilities and logistics that will greatly reduce the upfront capital cost.
The company also says it is progressing discussions with interested offtake parties and will provide an update when any agreements are reached.
Yidby Gold Project
Metallurgical test work
Following the encouraging metallurgical testwork at ALS laboratories last November, the company started a 70 day leach test work program, involving further preliminary test work to select a suitable size fraction for the leachate.
The initial bottle roll test work provided good indications of the gravity recoverable gold content, the cyanidable gold content, the overall gold recovery, the nature of the gold leach kinetics, lime and sodium cyanide reagent consumption rates.
The current program will provide information to support a commercial cyanide leaching operation. This test work is also being conducted at ALS laboratories in Perth and Surefire reports it is proceeding well with results expected by the end of November.
The company is planning a further drill program on new targets to expand the current gold mineralisation, subject to the results of the metallurgical tests work.
Perenjori Iron Ore Project
Aurora Environmental consultants have been engaged to assess the recent environmental survey results and provide a development pathway options.
The company has submitted plans for the next stage of drilling to expand the current JORC resource and provide more samples for metallurgical test work. This project is also being introduced to Saudi companies to provide a ready feedstock of “green iron” for the large infrastructure projects currently being undertaken in the Kingdom.
Kooline Project
At the Kooline Project, Surefire has compiled a list of anomalies for further ground field work following a detailed review of structure, geochemical results, and VTEM geophysical interpretations.
The company says it continues to evaluate new opportunities to add value to its exploration portfolio.
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