Surefire Resources NL (ASX:SRN) is trading higher on fielding a material upgrade to the mineral resource estimate (MRE) for the Victory Bore Vanadium Project in Western Australia, generated from a drilling program of 62 reverse circulation (RC) holes for 5,189 metres.
The Victory Bore MRE has been raised 56% to 235 million tonnes at 0.39% vanadium pentoxide, with a classification category breakdown as follows:
Measured: 16.8 million tonnes at 0.42% vanadium;
Indicated: 70.3 million tonnes at 0.40% vanadium;
Total measured and indicated: 87.1 million tonnes at 0.40% vanadium; and
Inferred: 147.7 million tonnes at 0.38% vanadium.
Investors have warmed to the upgrade with shares trading as much as 21.5% higher this morning to $0.017.
High economic potential
“Surefire is well positioned to have the Victory Bore Vanadium Project enter the market at a critical time in the vanadium industry,” managing director Vladimir Nikolaenko said.
“Excellent metallurgical properties and economic benefits from bulk mining and preconcentration beneficiation will put the project at the low end of the cost curve.”
Surefire has achieved strong metallurgical results with samples from Victory Bore so far, recovering about 89% of vanadium pentoxide with various beneficiation methods.
This new resource upgrade, added to the Unaly Hill Project resource directly to the south, brings SRN’s total vanadium resource to 321 million tonnes at 0.40% vanadium, with 16.8 million tonnes in the measured category, 70.3 million indicated and 234 million tonnes inferred.
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