SUREFIRE RESOURCES NL Surefire Resources NL announced that the 3rd and final tranche of assay results has been received from the recently completed RC drilling campaign. That campaign, of 62 holes for 5,189m, was designed to in-fill existing drill sections at a close spaced resource drilling proximity of approximately 25 x 100m spacing in preparation for a Prefeasibility Study. That drilling campaign has outlined four parallel vanadium mineralised lodes within a broad vanadium mineralised envelope.
Successive drilling campaigns have extended that envelope westwards. Each of the lodes feature excellent continuity throughout the drill tested area (1.4km strike of a total of 22.5km on the Surefire tenements) and massive mineralised widths of vanadium pentoxide (V2O5). Lode widths will allow bulk mining methods with a reduced mining cost, dilution, and strip ratio.
Of the four lodes currently recognised, three now have sufficient drilling to feature in the upcoming Prefeasibility Study. These three lodes are: o Main Lode up to 59m true width, up to 0.48% V2O5 o Central Lode up to 40m true width, up to 0.42% V2O5 o West Lode greater than 70m true width, and open to the west on all sections, up to 0.23% V2O5. THE MYSTERY LODE Re-levelling and interpretation of historical high resolution, aeromagnetic data covering the tenement, has produced an image with enhanced resolution.
As a result, Surefire has identified and re-prioritised a new lode located 75m to the west of the West Lode. The new discovery is called the "Mystery Lode". Data review, after production of the geophysics image, has provided one historical partial drilling intercept.
Hole VC0901, drilled inclined to the west at -60o, ended at 291m depth and was not assayed from the surface to a depth of 151m, and was also not assayed from 188m to 192m. The assay results for VC0901 are similar in V2O5 tenor to the current mineralised lodes. The results for VC0901 are as follows: 0 to 151m not sampled; 151 to 179m, 28m @ 0.40% V2O5; 179m to 235m, 56m @ 0.22% V2O5; 235m to 288m, 53m @ 0.40% V2O5 288 to 291m not sampled Next steps Data is now in the process of a QA/QC verification.
Once completed, the drill hole database will be updated, verified, and submitted for re-estimation of the Mineral Resource to conform with the JORC resource criteria. The Company continues to compile data for the completion of a Prefeasibility Study on the back of a positive Scoping Study assessment of the project. An application for conversion of the Exploration Licence to a Mining Lease was submitted to the West Australian Department of Mining Industry Resources and Safety (DMIRS) in 2022 and is awaiting determination.
