On the back of a stellar share price performance throughout the current financial year, ASX-listed Surefire Resources has tabled more wide gold intercepts at its open pit-mineable Yidby Road and Cashens Find prospects in the Murchison Goldfields north of Perth in WA.
The latest intersections to be revealed come from two key mineralised corridors at Yidby Road and Casshens Find. Of the two remaining RC drill holes in the current program at Yidby Road, the best one returned 16m at 1.51 grams per tonne gold from 50m, including 4m at 4.18 g/t with one rich metre going 13.43 g/t gold from 51m downhole. A second remaining drill hole at Yidby Road hit 9m at 1.60 g/t gold from 71m, including 2m at 4.62 g/t.
The two remaining drill holes at the Cashens Find prospect, located a tad under 2km to the north of Yidby Road, were equally robust with one giving up 9m at 4.17 g/t gold from a shallow 18m, including 3m at 9.41 g/t gold from only 24m downhole. The second Cashens Find intercept returned 3m at 2.04 g/t gold from 30m.
The Perth-based company was an unloved gold stock earlier this year as the share price flat-lined around $0.003 at the back end of WA’s Coronavirus-inspired lockdown.
However, it seems to have since become somewhat of a market darling during the last seven months as its share price steadily rose, peaking at around $0.05 before settling recently at its current price of $0.033, delivering a ‘ten-bagger’ for its loyal shareholders, so far.
The latest intersections come just a couple of weeks after Surefire rolled out some handsome maiden numbers at Yidby Road including a standout 56 metres at 1.97 grams per tonne gold, with 4m at 14.47 g/t and a stunning 40m at 3.01 g/t gold with a rich 4m at 26.57 g/t gold from only 24m down-hole.
The company says that its RC drilling demonstrates the prospect’s mineralisation is hosted by gold-bearing quartz-carbonate veins within a porphyry intrusion on two major northwest-trending structures, each having at least 5km of strike length.
Not surprisingly, a follow-up drilling campaign is planned at both prospects after what, so far, has been a perfect strike rate for Surefire. All 20 drill holes chasing the gold-rich system along strike in its maiden campaign intersected gold mineralisation and all of them have hit significant intersections.
Surefire Resources Managing Director, Vladimir Nikolaenko said:“These exceptional new intersections confirm the extensive, thick and high-grade, gold mineralisation at Yidby Road, and also highlight the potential of Cashens Find to represent a second significant discovery.
“Drilling will now be planned to extend these new discoveries, that are associated with interpreted regional structures that each continue for up to 5km in Surefire’s tenements.”
Surefire has joined a gaggle of gold hopefuls now clambering into the gold-rich region north of Perth. The terrane is becoming increasingly crowded with gold hopefuls, due to both the growing evidence of prospectivity and the sustained buoyancy in the Australian dollar gold price still trading at over $2,400 an ounce. Prominent members in the crowd include Silver Lake Resources, south of Yalgoo and Ramelius Resources at Mt Magnet.
Other explorers to recently join the throng in the region include White Cliff Minerals at Reedy’s South and Emu at Gnow’s Nest. Terrain Minerals is also in the mix at its Smokebush project which sits adjacent to the massive developing Mt Mulgine tungsten-gold mine south of Yalgoo.
Surefire’s Yidby gold project lies 320km north-east of Perth and is conveniently located along the Great Northern Highway which runs through the region’s uber-rich gold mining centres of Mt Magnet, Cue and Meekatharra.
Interestingly, the Yidby discovery also lies only 30km to the north of the dormant, 1.5 million-ounce-plus Mt Gibson gold camp, with the geology and mineralisation at Yidby showing similarities to several of the substantial ore bodies within its gold and silver-rich system.
Surefire’s ground covers over 110 square kilometres of the Yalgoo-Singleton greenstone belt which has seen little gold exploration in the last 20 years. It is yet another previously overlooked gold terrain now being exploited by the State’s current rack of gold hopefuls.
The company seems to have vectored in perfectly with its maiden program at Yidby and it is fair to say, so far, the market likes what it sees. The proof in the Christmas pudding will be Surefire’s ability to duplicate these results with its next campaign.
Is your ASX listed company doing something interesting? Contact: matt.birney@businessnews.com.au
By Matt Birney
