Surefire’s Vanadium Resources
The acquisition of the Victory Bore will significantly increase SRN’s vanadium resource base and exploration potential. The Victory Bore project in conjunction with the Company’s Unaly Hill vanadium project, will provide SRN with a combined Inferred Mineral Resource of 237 Mt grading~0.42% – 0.44% V2O5, making it a significant vanadium resource holder in Australia.
Unaly Hill and Victory Bore Vanadium Projects
The Unaly Hill and Victory Bore Vanadium Projects are located in the Mid West of Western Australia 560km north-east of Perth, the projects form a contiguous tenement holding with the Victory Bore licence E57/1036 abutting the Company’s Unaly Hill licence area E576/1068 on its northern boundary.
Figure 1: Location of Unaly Hill and Victory Bore Vanadium Projects
The Unaly Hill and Victory Bore Vanadium projects within the Atley Igneous Complex located approximately 48 km south of Sandstone in the East Murchison Mineral field of Western Australia. The Atley Intrusion is a layered gabbroic body that is elongate in a NNE/SSW orientation and runs along the axis of the regional scale Youanmi Fault, a regionally dominant geological feature. It has a maximum thickness of 4.5 km and there are exposures over a strike length of 17 km. The compositional layers recognized are gabbro, leucogabbro, pyroxenite (completely altered to talc, chlorite and tremolite), anorthosite and magnetite rock. The iron-vanadium-titanium mineralisation is situated within cyclical cumulous layers within the intrusive complex.
The Company has previously established a substantial vanadium resource from drilling 3 kilometres of anomalous magnetic targets. The mineralisation remains open at depth and along strike and magnetic target over 7 km along the anomaly remain untested.
A total of seven RC drill traverses were completed that comprised 13 holes and 2066m and revealed significant high-grade vanadium mineralisation in association with magnetite iron. Diamond drill hole UH4 was completed to a depth of 320m and ended in mineralisation and the hole included a substantial higher-grade intersection of 117m @ 0.66% V2O5, 9.6% TiO2 and 34.5% Fe.
Further high-grade intersections were also encountered in the RC drill holes and announced by the Company (ASX: 22/9/2010) and included one of 50m @ 0.72% V2O5, 10.00%TiO2, 37.8% Fe in RC hole UHN 105. Two significant high-grade zones were also identified in the resource block model.
A Maiden Inferred Mineral Resource of 86 Mt @ 0.42% V2O5 (based on a +0.30% V2O5 cut-off.) was compiled from the drill data in accordance with the JORC Code (2004) and was subsequently announced by the Company (ASX: 21/11/2011)
Table 1: Inferred Mineral Resource, Unaly Hill
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Note: The Inferred Mineral Resource (Table 1) was prepared (October 2011) by Mr. Vladilslav Trashliev of Gemcom, (an independent geological consultancy company) and Mr. Andrew Bewsher from BM Geological Services PL was the Competent Person responsible for the Independent Audit of the Mineral Resource.
Previous exploration activity conducted within the Victory Bore Tenement boundary has established a Mineral Resource in accordance with JORC Code 2012. The details provided by independent geological consultants CSA Global is shown in Table 2:
Table 2: Inferred Mineral Resource, Victory Bore
Note: The Mineral Resource was established within constraining wireframe solids based on a nominal lower cut-off grade of 20% Fe. The Resource is quoted from blocks above a specified Fe % cut-off grade of 20% Fe
The acquisition of the Victory Bore Tenement means SRN has a contiguous tenement holding over approximately 25 km of strike of the Atley Complex, the majority of which contains magnetic targets as yet untested. Therefore, the potential exists for not only an increased resource tonnage but for zones of higher-grade mineralisation. SRN is currently well advanced in its exploration drill planning for Unaly Hill and the same targeting rationale and available geophysics will enable similar methodology to be applied to the untested Victory Bore anomalous areas.