Surefire Resources NL (ASX:SRN) has enhanced its Western Australian gold portfolio with the acquisition of a new tenement, three kilometres from the township of Perenjori in the Northern Wheatbelt.
The newly granted Perenjori West tenement (E70/5572) contains an additional, previously unrecognised, portion of the Koolanooka Greenstone Belt with an under-explored subsurface north-west trending Greenstone Sequence.
Encouragingly, better gold grades from historical Sons of Gwalia and BHP BLEG sampling are found on and in the vicinity of both lithological contacts and the major fault/shear structure which transects the tenement diagonally.
Surefire shares are up 10% today to 1.1 cents.
New tenement
The newly acquired Exploration Licence E70/5572 is wholly owned by Surefire and comprises a large tenement area of 160 square kilometres.
This tenement is 330 kilometres northeast of Perth and adjacent to the Wubin-Mullewa Road.
Notably, the tenement is within typical granite-greenstone terrains of the southern Murchison Geological Province of the Archaean Yilgarn Craton. The greenstones consist of metamorphosed and deformed volcanic basalts (mafic schist), felsic volcanics.
Furthermore, additional and related volcanogenic sedimentary rocks (quartz-feldspar-muscovite schist), anticlinal dolerite sill add to the local structural complexity.
Newly granted tenement.
Gold mineralisation
The local area outside of the tenement is considered highly prospective for gold and base metal mineralisation with geological similarities to the Golden Grove area.
Historical work completed on the lease comprised of mapping and surficial BLEG soil sampling in the 1980s.
Notably, a higher grade BLEG sample, 0.98 g/t gold, sits on the eastern periphery of a moderate tenor northwest-trending magnetic anomaly having a strike length above 2.5 kilometres.
Interpreted regional surface geology.
Regional magnetics
A review of the regional Magnetics on E70/5572 indicates that most of the tenement sits in the western shadow of the 100% Surefire high-grade magnetite rich Banded Iron Formation (BIF) on Exploration Lease E70/5311.
It is possible that the image peripheral to the BIF, on the eastern portion of the Perenjori West Exploration Licence, has low resolution because it has been overwhelmed by the strong magnetic signature of the BIF.
Moving forward, Surefire, in conjunction with industry specialists, will plan and undertake appropriate local scale magnetics to enhance the hidden structural features on the lease, allowing for both the highly magnetic BIF and the soil cover.
Regional magnetics.