Surefire Resources NL provided an update on its 100% owned Victory Bore Vanadium project is favourably located approximately 520 Km north-east from Perth in the emerging Mid-West mining district in WA. As part of the Company's continued evaluation of the resource, a detailed petrographic study was undertaken on samples collected from within the Main and Central Lodes within the vanadium mineralised resource structures at Victory Bore. The Main and Central lodes have significant true widths of continuous and homogeneous vanadium grades as follows: Main Lode (up to 59m in true width, to a grade of up to 0.48% V2O5) and Central Lode (up to 55m in true width, to a grade of up to 0.42% V2O5).

The detailed petrographic study was completed by Diamantina Laboratories with thin section analysis caried out by Mr. R Townsend. The study highlighted and confirmed the following: The core samples consistently display coarse ilmenite (titanium iron oxide, FeTiO3), in exsolution lamellae and very low intrinsic ilmenite or other gangue elements in the magnetite. (Exsolution lamellae of ilmenite result from unmixing: When a titanium magnetite melt cools slowly the titanium separates from magnetite to form separate planar titanium bodies, in crystallographically controlled orientation); and Scanning Electron Microscopy (SEM) of magnetite, completed by the CSIRO Perth, provide spot vanadium grades ranging from 1.8% to 3.9% V2O5.

These positive outputs are important for future considerations of beneficiation treatment of the resource and for planning by the Company in developing the project. This study concluded that with the coarse ilmenite there was good metallurgical separation of ilmenite from magnetite and the SEM confirmed that most of the vanadium occurs within the magnetite. As a result, the Victory Bore magnetite hosts relatively clean intrinsic vanadium, which should enable a simpler and cleaner separation in processing.

The Company recently announced a significant upgrade to the Victory Bore resource with an increase of 56% to bring the Victory Bore/Unaly Hill combined total to 321Mt @ 0.40% V2O5 making it one of the largest undeveloped Vanadium resources in Australia with significant continuity of mineralisation. Next Steps: The Company is reviewing proposals for Pre-Feasibility Studies (PFS) for Victory Bore, and in parallel plans to undertake further analysis of the magnetite, along and across the Main and Central Lodes, to establish the intrinsic grade and suitability of the material for Vanadium Redox Flow batteries.