Perth-based junior Surefire Resources (ASX: SRN) has confirmed a significant upgrade of vanadium resources in exploration targets at tenements within its wholly-owned Victory Bore vanadium and critical minerals project, following an independent assessment and calculation.
The assessment calculated the project’s global exploration target estimate is between 682Mt and 1190Mt grading 0.2% to 0.43% vanadium oxide, excluding the existing JORC resources of 321Mt.
Existing aeromagnetic data was used as the primary indicator of magnetite with vanadium and 3D modelling was by inversion as a basis for the exploration target.
The inversion aimed to model the causative magnetic bodies on the tenements knowing that the correlation between magnetic signature and iron with vanadium was very strong.
Project span
The Victory Bore project covers approximately 87.5 square kilometres across two exploration licences that are 100% owned by Surefire and secures an approximate 25 kilometre strike length of near-contiguous vanadiferous magnetite defined from aeromagnetic data, drilling and outcrop; a strike length unprecedented in WA.
This exploration target estimate follows last month’s announcement of a JORC mineral resource estimate for the project totalling 321 million tonnes at 0.39% vanadium oxide.
Within this JORC estimate is a Measured resource of 16.8Mt at 0.42% vanadium oxide, an Indicated 70.3Mt at 0.40% vanadium oxide and an Inferred 147.7Mt at 0.38% vanadium oxide and an inferred resource at Unaly Hill of 86.2Mt at 0.42% vanadium oxide.
When the mineral resource estimate is added to the new exploration target, the potential of the total Victory Bore Project sits within a range of 1003Mt to 1511Mt grading up to 0.43% vanadium oxide.
World-class status
Managing director Paul Burton said the new target had propelled Victory Bore to world-class status.
“The extensive linear continuity of the Victory Bore titanomagnetite and the high vanadium grades where we have drilled provide a compelling prediction of the total scale of this project,” he said.
“When proven, it would place this project as one the world’s largest undeveloped vanadium resources… making it a hugely valuable asset for Surefire shareholders.”
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