Surefire Resources NL (ASX:SRN) is trading higher after unearthing wide intersections of vanadium mineralisation at the Victory Bore Vanadium Deposit in Western Australia, including 92 metres at 0.41% vanadium pentoxide.
A reverse circulation (RC) drilling campaign of 62 holes for 5,189 metres has been completed and the company has now received 910 results out of 2,594 samples submitted for laboratory assay, meaning more than 60% of samples are still pending.
Surefire has identified three parallel mineralised lodes so far, which the company believes greatly increases the potential for a larger resource estimate once drilling and modelling are complete.
The top results from the three lodes are (in true widths):
- Lode 1 Main Lode – results up to 56 metres at up to 0.45% vanadium;
- Lode 2 Central Lode – results up to 38 metres at up to 0.42% vanadium; and
- Lode 3 West Lode – results up to 60 metres at up to 0.23% vanadium
SRN’s interpretation of magnetics data for the project has also identified a parallel and thus far untested banded iron formation (BIF) lode, 100 metres to the west of West Lode.
Investors have responded positively with shares as much as 25% higher intra-day to $0.015.
"Shaping as world-class deposit"
“Vanadium has been identified by the Australian Government as a critical mineral required to make advanced technologies that will support the global push for decarbonisation,” Surefire Resources managing director Vladimir Nikolaenko said.
“The drilling results from Victory Bore display huge true widths and exceptional continuity both along strike and down dip, which are ideal for bulk mining.
“Based on these results, Victory Bore is shaping up to be a world-class vanadium deposit.”
Overall, Surefire has drilled 1.4 kilometres of an 8-kilometre-long BIF magnetic anomaly in 100-metre by 25-metre spacing, leaving plenty of potential to unearth further mineralisation.