Surefire Resources NL (ASX: SRN, “the Company”) is pleased that it has signed a binding Heads of Agreement (“HOA”) providing a three month exclusive option to acquire the Ashburton Cobalt Project (“the Project”).
SRN’s Executive Director, Don Valentino commented “The Ashburton Cobalt Project has high grade cobalt mineralisation identified at surface and represents a significant target with a considerable strike length to explore.
The operating synergies of the Ashburton and Kooline Projects, which are located within 30km of each other, will provide significant cost savings with respect to completion of the upcoming exploration activities across both Projects.
2017 has represented a year of significant transformation for Surefire through the acquisition of Kooline Silver-Lead Project and the Ashburton Cobalt Project. Considerable exploration activities are planned to be completed across both the Kooline and Ashburton Projects during the coming months.”
The Ashburton Project is located approximately 100km south west of Paraburdoo and consists of four exploration licence applications covering a total land area of 189km2.
The Ashburton Project covers the north-western extent of the Edmund Basin where it lies unconformably on the Ashburton Basin. The Talga Fault strikes north west to south east through the Project. The Ashburton Basin is represented by the Wyloo Group, a 12 km thick south-east trending sequence of low grade meta-sediments and meta-volcanic rocks, the upper sequences of which are present in the Project area. Several major cross cutting north-east trending faults have been locally infilled by dolerite dykes.
The Talga Fault which transects the Project appears to have acted as a major basin-margin or growth fault, controlling sedimentary deposition and basin development.
Cobalt-Manganese mineralisation within the Ashburton Project is hosted within a dolomitic unit which extends along the Talga Fault Zone. Detailed mapping and sampling of the defined prospect areas is planned to be conducted.