Broad Gold Sends Surefire Resources’ Share Price Skywards (ASX:SRN)
The share price of WA-focused base metal explorer Surefire Resources NL [ASX:SRN] has been sent skywards today thanks to broad gold found at its Yidby Gold Project.
Excitement has been building in the SRN share price since the explorer announced it had completed its maiden drill program at Yidby at the beginning of November.
Momentum started gathering in mid-August when SRN first revealed the drilling program at Yidby as speculators began to pile in under the 1-cent mark.
At time of writing, the SRN share price is up 38.71% to trade at 4.3 cents per share, bringing the 12-month return to 1,333%.
First holes set solid foundation
Today, SRN released results from eight of the 20 holes drilling as part of its maiden drill campaign at Yidby.
The explorer said that each hole intersected significant mineralisation, highlights include:
- 56m at 1.97 grams of gold per tonne (g/t) from 44m, including 12m at 7.73 g/t from 68m
- 40m at 3.01 g/t from 24m, including 4m at 26.57 g/t from 52m
- 36m at 1.51 g/t from 32m, including 5m at 5.86 g/t from 55m
Source: Surefire Resources
Not only is the grading impressive but the width of the mineralisation also lends itself to speculators betting on a large gold deposit.
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Though it wasn’t guesswork from SRN.
Historic drilling conducted between 1996 and 1998 and 2006 returned similar results to today’s assays.
The explorer said drilling intersected broad zones of massive quartz veining associated and concentrated within a mineralised quartz-feldspar porphyry.
If you excuse the geological jargon, a porphyry is a term for a rock that consists of large-grained crystals, such as quartz.
The geological process that forms porphyries can generate rich, localised metal deposits, like gold and copper.
SRN believes the porphyry has likely introduced high-grade mineralised fluid into the surrounding rocks at Yidby.
What can we expect from Yidby?
The similarity between today’s drilling results and the historic drilling results are a pleasing start for SRN with mineralisation remaining open at both ends.
Yidby is situated within the southern portion of the Yalgoo-Singleton Greenstone Belt.
Yalgoo has risen to notoriety this year thanks to the likes for Firefly Resources Ltd [ASX:FFR].
FFR experienced similar share price gains when it first released results from its Yalgoo Gold Project in September.
Yidby is also situated nearby the +1.1 million-ounce Minjar Gold Project, owned by the Jinan High-tech Development Co Ltd [SHA:600807].
SRN said a further four drill holes at Yidby Road Prospect are expected in the coming weeks along with three from Cashen’s Find and five drill holes at Delaney Well.
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For The Daily Reckoning Australia