Surefire heads for maiden resource at Yidby as gold rallies
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Surefire Resources is starting a fresh round of drilling at its Yidby gold deposit in the extremely fertile, but lesser explored Murchison region of Western Australia.
And there’s no better time to work hard to define a maiden resource than when the gold price is staging a rebound.
Gold got a nice kick back up to just under $US1,820 ($2,489) an ounce on Friday following Federal Reserve chair Jerome Powell’s speech at the Jackson Hole Symposium.
Surefire Resources’ (ASX:SRN) is this week starting a 2,000m, 15-hole drilling program to test and extend the Yidby Road gold mineralisation.
The program will drill test a 400m wide mineralised shear corridor with the goal of not only extending the mineralisation but also defining an initial JORC-compliant resource for the Yidby project.
“We are very excited to re-commence the drilling program at the Yidby gold deposit with an aim towards progressing the mineralisation to JORC 2012-compliant status,” managing director Vladimir Nikolaenko said.
“We will be testing the gold bearing structures within this wide 400m corridor with an east-west RC fence line. This may identify new mineralisation along strike to the NW of the main ore body in a network of parallel shears.”
The project, which is located 40km from the mining centre of Payne’s Find, is surrounded by four operating gold mines – Rothsay (454,000 ounces), Kirkalocka (1 million ounces), Minjar (1.1 million ounces) and Mt Gibson (2.1 million ounces).
Surefire’s drilling to date has been successful, returning up to 100m wide intersections and high grades of up to 23.13 grams per tonne (g/t) that have extended the discovery at depth and along strike.
From the outset Yidby has been delivering for Surefire, with maiden drilling last year yielding wide zones of mineralisation that included high-grade sections close to surface and that were better than historic drilling results.
The initial hit that was the catalyst for a massive 2150 per cent share price surge late in 2020 measured 56m at 1.97g/t gold from 44m, including 4m at 14.47g/t from 76m.
The regional scale structural corridor that hosts the Yidby Road prospect mineralisation has now been identified over a greater than 5km strike length within Surefire’s tenements, offering considerable potential for the discovery of a major gold mineralised system.
Surefire will undertake an aerial drone survey by mid-September over the Yidby gold deposit and surrounding targets to progress 3D modelling of a maiden resource.
A soil geochemical survey has also been completed over the Yidby Road South East area and results are expected to be received over the next six to eight weeks.
This article was developed in collaboration with Surefire Resources, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.