Overview
Stage | Pre-Feasibility |
Mine Type | Open Pit |
Commodities |
|
Mining Method |
|
Mine Life | 24 years (as of Jan 1, 2023) |
The Victory Bore Vanadium Project is one of the largest vanadium resources in Australia.
Surefire plans on producing approximately 1.25 million tonnes per year (Mt/a) of high-quality vanadium-titanium magnetite concentrate at the Victory Bore mine site in Western Australia, and to produce up to six products from that concentrate in Kingdom of Saudi Arabia (KSA).
Surefire will also consider the establishment of a High Purity Alumina (HPA) production facility in KSA.
Surefire has commenced discussions with interested Saudi companies as partners in the KSA processing operation. |
Source:
p. 20
Surefire is the 100% owner of the Victory Bore project.
Contractors
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Summary:
The Victory Bore Project occurs within the Atley Igneous Complex in the East Murchison Mineral field. The region is dominated by the Youanmi Fault, indicating a 15 km left lateral strike-slip movement. Gneisses, layered gabbroic intrusions, and greenstone units are present between large granitoids to the west and east.
The Atley Intrusion is an Anorthosite body that is elongate in an NNE/SSW orientation and runs along the axis of the regional scale Youanmi Fault, a regionally dominant geological feature. Further drilling and assaying is required to fully assess the geology and style of mineralisation.
Mineralogy and petrology studies completed suggest that host rocks at Unaly Hill are historical magnetite layers within intrusive Anorthosite, gabbro and ultra mafics. The targeted deposit type and style of mineralisation is a Fe-Ti-V magnetite system.
The layered gabbroic intrusives host the vanadium-titanomagnetite that constitutes the resource. The magnetite rich layers strike at 020° and dip steeply to the west. The gabbroic layers range from leucogabbro which contain plagioclase phenocrysts, to metagabbro or gabbronorites. Magnetite crystals are course, and concentrated towards the base of each layer where they are typically massive to semi-massive. Overlying this is a layer of disseminated magnetite with 0.2% to 1% pyrite and pyrrhotite.
Most of the orebody comprises 2 massive lodes of ~50m wide that trends continuously for ~7km ........
Summary:
Mining will be undertaken using standard open cut methods and will be done by contract miners.
The minimum mining width considered was 20 m.
The final pit (purple) is expected to be 1.9km long, 375m wide, and 200m deep focusing on the higher-grade lode (Lode 1). The strip ratio (waste:ore) is expected to be low at an average of 0.83.
The mining schedule provides the beneficiation plant with 4 Mt/a ore (average). Lower grade ore is stockpiled for processing at the end of mining.
The Victory Bore Mine is modelled to be developed in 12 stages for scheduling and expediting access to higher ore grades. Overall mining rate, including waste, will ramp up to 12Mtpa within 9 months of mine start-up and 16Mtpa in the following years so as to access the high-grade ore for early processing while stockpiling the lower grades for processing near end of mine life.
Source:
Flow Sheet:
Summary:
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Source:
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Reserves at December 5, 2023:
Reserves Cut-off grade is based 0.2% V2O5.
Resources at a 0.15% V2O5 cutoff.
Mineral Resources are reported inclusive of Mineral Reserves.
Category | Tonnage | Commodity | Grade |
Probable
|
93.1 Mt
|
V2O5
|
0.35 %
|
Probable
|
93.1 Mt
|
Titanium dioxide
|
5.2 %
|
Probable
|
93.1 Mt
|
Iron
|
19.8 %
|
Probable
|
93.1 Mt
|
Al2O3
|
19.8 %
|
Measured
|
25.3 Mt
|
V2O5
|
0.35 %
|
Measured
|
25.3 Mt
|
Titanium dioxide
|
4.96 %
|
Measured
|
25.3 Mt
|
Iron
|
19.2 %
|
Measured
|
25.3 Mt
|
Al2O3
|
17 %
|
Indicated
|
113.2 Mt
|
V2O5
|
0.32 %
|
Indicated
|
113.2 Mt
|
Titanium dioxide
|
4.7 %
|
Indicated
|
113.2 Mt
|
Iron
|
18.19 %
|
Indicated
|
113.2 Mt
|
Al2O3
|
17.4 %
|
Inferred
|
326.1 Mt
|
V2O5
|
0.28 %
|
Inferred
|
326.1 Mt
|
Titanium dioxide
|
5.28 %
|
Inferred
|
326.1 Mt
|
Iron
|
17.41 %
|
Inferred
|
326.1 Mt
|
Al2O3
|
16 %
|
Total Resource
|
464.6 Mt
|
V2O5
|
0.3 %
|
Total Resource
|
464.6 Mt
|
Titanium dioxide
|
5.12 %
|
Total Resource
|
464.6 Mt
|
Iron
|
17.7 %
|
Total Resource
|
464.6 Mt
|
Al2O3
|
16.4 %
|
Commodity Production Costs:
| Commodity | Units | Average |
Assumed price
|
Ferrovanadium
|
USD
|
......
|
Assumed price
|
Fe2O3
|
USD
|
......
|
Assumed price
|
V2O5
|
USD
|
......
|
Assumed price
|
Titanium dioxide
|
USD
|
......
|
* According to 2023 study / presentation.
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Operating Costs:
| Units | 2023 |
Total operating costs ($/t milled)
|
USD
| 79.5 * |
* According to 2023 study.
2023 Study Costs and Valuation Metrics :
Metrics | Units | LOM Total |
Working capital
|
$M USD
|
......
|
Total CapEx
|
$M USD
|
......
|
Pre-tax NPV @ 10%
|
$M USD
|
......
|
Pre-tax IRR, %
|
|
......
|
Pre-tax payback period, years
|
|
......
|
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Required Heavy Mobile Equipment as of December 5, 2023:
HME Type | Size | Leased or Contractor |
Truck (haul)
|
90 t
|
|
Mine Management:
Job Title | Name | Phone | Profile | Ref. Date |
.......................
|
.......................
|
...........
|
|
Apr 12, 2024
|
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Staff:
Total Workforce | Year |
|
2023
|
Corporate Filings & Presentations:
Document | Year |
...................................
|
2024
|
...................................
|
2023
|
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