Surefire Resources NL (ASX:SRN) is trading higher on delivering a substantial upgrade to the conceptual exploration target at its Victory Bore Vanadium Project in Western Australia, which it says has elevated the high-grade vanadium and critical metals project to "world-class" status.
Notably, the exploration target estimate (ETE) has outlined a lower and upper limit range of 682 million tonnes to 1,190 million tonnes at 0.2% to 0.43% vanadium.
The combination of the existing mineral resource estimate (MRE) of 321 million tonnes at 0.39% V2O5 with the exploration target estimate yields a significant range of 1,003 million tonnes to 1,511 million tonnes at 0.2% to 0.43% V2O5, potentially positioning the project as one of the largest vanadium resources globally.
The markets have welcomed the news with shares trading as high as $0.018, up 20% from the previous close.
Valuable asset
Surefire managing director Paul Burton said: “The extensive linear continuity of the Victory Bore titanomagnetite and high vanadium grades where we have drilled provide a compelling prediction of the total scale of this vanadium project.
“When proven, it would place this project as one the world’s largest undeveloped vanadium resources and given its good location only 400 kilometres from the port and proximal to existing infrastructure means it is a hugely valuable asset for Surefire shareholders.”
Exploration target upgrade
The exploration target is based on the modelling of recently completed high-resolution aeromagnetic surveys, which were used to undertake 3D modelling by inversion as a basis for the ETE.
The ETE was commissioned following the recent MRE at the Victory Bore Project of 321 million tonnes at 0.39% vanadium together with the company’s extensive knowledge of vanadium from its previous drilling and metallurgical works.
The Victory Bore Vanadium Project covers about 87.5 square kilometres over two prospect areas which are Victory Bore and Unaly Hill.
Exploration target upgrade.
Forward plan
Surefire is undertaking a pre-feasibility study on the Victory Bore Vanadium Project and will provide an update on this in the coming weeks.
The recommendations to drill test the ETE will be considered and included with any future drilling requirement as part of this study