Surefire Resources NL (ASX:SRN) reported continued progress across its portfolio during the June 2025 quarter, with a reverse circulation (RC) drill program underway at the Yidby Gold Project, a new electromagnetic survey at the Copper Hill prospect, and development activities progressing at its flagship Victory Bore critical minerals project.
Key highlights for the quarter include:
- RC drilling across high-priority gold targets at Yidby, including the Fender, Marshall and Money Anomaly prospects.
- Additional test work confirming strong gold recoveries at Yidby.
- Ongoing strategic discussions and development planning for the Victory Bore vanadium-titanium project, including offtake talks and Saudi downstream processing plans.
- An MLEM survey initiated at the Yidby Copper Project’s Copper Hill prospect.
- Corporate activities included a non-renounceable entitlement offer and ongoing engagement with funding partners.
Location of the 100% owned Yidby Gold Project in a highly mineralised greenstone belt.
Yidby Gold Project: Drilling and structural modelling support large-scale gold system
The Yidby Gold Project, in Western Australia’s mineralised greenstone belt, is interpreted to host a large-scale gold system similar to Capricorn Metals Ltd’s 4.5-million-ounce Mt Gibson deposit nearby. RC drilling during the quarter targeted high-priority zones at the Fender, Marshall, and Yidby prospects and the newly modelled Money Anomaly.
Drilling aimed to test extensions and infill of known mineralisation, along with new structurally interpreted targets informed by geophysics and BoxScan data. Fender returned broad intercepts associated with quartzose feldspathic porphyry, while Marshall and Money Anomaly show potential for significant growth with future drill testing.
The Yidby system benefits from structural controls including tight folding, regional shears, and demagnetised zones within fold limbs — features characteristic of gold mineralisation within the Yilgarn Craton. Recent modelling has confirmed fold repetition and newly identified structural targets, all of which are being pursued through the current drill campaign.
Yidby metallurgy and scoping study supported by strong gold recovery
Metallurgical test work at Yidby continues to return encouraging results. Gravity and cyanide leach tests demonstrated gold recoveries of between 97.6% and 99.5%, with gravity recoveries between 43.2% and 67.0%. Column leach testing achieved 66.3% gold recovery at a coarse crush size (6.3 millimetres), suggesting potential for lower-cost processing.
Furthermore, testing revealed that previous drilling likely underestimated gold grades due to coarse nugget effects. A new Screen Fire Assay program is planned to quantify this under-reporting and optimise sample analysis. The metallurgical data will underpin an upcoming Scoping Study that integrates both historical and current drill results.
These results suggest potential for a scalable, low-cost gold processing operation at Yidby, with high recovery efficiencies and favourable ore characteristics.
Yidby Copper Project: Electromagnetic survey targets copper sulphides
The Copper Hill prospect, part of the Yidby Copper Project, hosts a large, contiguous copper-zinc soil anomaly supported by earlier scout drilling and petrographic studies that confirmed volcanogenic massive sulphide (VMS) potential.
During the quarter, Surefire launched a moving-loop time-domain electromagnetic (MLEM) survey to detect electrically conductive mineralisation such as copper sulphides. The survey, carried out by Southern Geoscience, is designed to prioritise drill targets based on conductive responses associated with known VMS-style mineralisation.
Previous analysis identified blebby chalcopyrite and associated base metals such as zinc, niobium, molybdenum and antimony. The MLEM program is expected to enhance the definition of copper-rich zones for follow-up drilling.
Victory Bore Project: Critical minerals strategy gains momentum
Surefire advanced development of the Victory Bore vanadium-titanium-iron project, one of Australia’s largest vanadium resources, with a Mineral Resource Estimate (MRE) of 464 million tonnes at 0.3% vanadium pentoxide (V₂O₅). A Pre-Feasibility Study completed in December 2023 underpins a proposed mining and beneficiation operation to produce magnetite concentrate for offshore processing in Saudi Arabia.
The company is progressing offtake discussions with HMS Bergbau AG, which has expressed interest in securing critical minerals supply to Europe. Additionally, Surefire continues to develop partnerships with Saudi entities to establish a downstream processing facility producing high-purity vanadium, ferrovanadium, titanium and iron products.
Assays from Victory Bore magnetite concentrate returned high grades — 61.68% iron, 1.489% vanadium pentoxide and 9.921% titanium dioxide — with low impurities. These results reinforce the project's potential to support high-purity product development in low-cost energy jurisdictions.
Perenjori and Unaly Hill projects: Environmental and strategic steps underway
At the Perenjori Magnetite Project, located in the Mid-West near Geraldton Port, Surefire received interest from third parties and commenced permitting activities. Aurora Environmental was engaged to prepare a referral document to the Environmental Protection Authority (EPA).
Meanwhile, no exploration activity was undertaken at the nearby Unaly Hill project during the quarter. Both projects are considered strategic assets with the potential to contribute to Western Australia’s critical minerals supply chain.
Corporate and financial update
Surefire launched a non-renounceable rights issue during the quarter to raise up to A$3.88 million, offering two new shares for every three held at A$0.002 per share, with bonus shares and attaching options. The company also maintains an at-the-market placement facility with Acuity Capital, which remains undrawn.
As of June 30, 2025, Surefire held A$314,000 in cash. Quarterly exploration and evaluation spend totalled A$135,000, with A$185,000 in related party payments. The company reported negative cash flow from operations of A$636,000, with a funding horizon of less than two quarters. Further funding is expected from the entitlement offer and potential placement options.