ASX-listed Surefire Resources has unearthed three “exciting” new bedrock conductors at its Kooline lead-silver project in WA after modelling up old airborne electromagnetic data. The company says the conductors, that have never before seen any drilling, are linked to historic, high-grade lead-silver mines. Surefire is now planning a follow-up ground electromagnetic survey and has recently secured government funding for the subsequent drilling campaign.
Four additional conductors have also been identified that the company says are of a slightly lesser priority than the three headline conductors.
The Kooline silver, lead, copper and gold project covers about 50 kilometres of strike length within the mineralised Ashburton formation around 190km west of Paraburdoo in WA. Interestingly, the project is located about 55km from the million-ounce Paulsons gold mine.
The new work appears to add to previously conducted VTEM geophysical modelling over the project where the company’s qualitative interpretation potentially identified an intrusive related intracratonic magmatic copper-gold or “IMCG” system.
The recent airborne electromagnetic or “AEM” data was modelled using Geoscience Australia’s 1D Layered Earth Inversion software or “GALEI” that identified the three high-priority conductors.
Surefire Resources Managing Director, Vladimir Nikolaenko said:“The results obtained from quantitative modelling of the VTEM data is a substantial advance in the targeting efforts of the Company. The strong bedrock conductors identified give us strong encouragement to pursue a discovery in this grossly under-explored mineral field. Surefire will pursue these targets rigorously to realise the potential of this area.”
Surefire will now look to test the three conductors with a combination of ground electromagnetic geophysical surveys and RC drilling.
The company recently secured a $150,000 co-funding grant from the government under the Exploration Incentive Scheme which should ease a bit of the financial pain involved in drilling the conductors.
The Kooline mineral field has historically yielded high-grade silver and lead from over 40 shallow mine workings between 1940 and 1950 however, the area has seen only limited exploration for over a decade.
Surefire Resources looks keen to finish the year on a high and with three high-priority conductors identified and a bit of government money in the tin, there may still be time for a few surprises this side of Xmas.
Is your ASX-listed company doing something interesting? Contact: matt.birney@businessnews.com.au
