Mining Intelligence and News
Australia

Victory Bore Project

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Categories

Overview

Mine TypeOpen Pit
StagePre-Feasibility
Commodities
  • Vanadium
  • Titanium
  • Iron Ore
Mining Method
  • Truck & Shovel / Loader
Mine Life... Lock
SnapshotThe 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).

The vanadium production process results in a very high purity haematite by-product. Additional products from the plant includes pig iron and titanium dioxide slag.

Surefire will also consider the establishment of a High Purity Alumina (HPA) production facility in KSA.

Owners

SourceSource
CompanyInterestOwnership
Surefire Resources NL 100 % Indirect
Surefire is the 100% owner of the Victory Bore project.

Contractors

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Deposit type

  • Intrusion related

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 north-south, and dips ~75° to the west from surface, making it ideal for open pit bulk mining.

Dimensions
The majority of the geologically interpreted Victory Bore mineralised occurrence has an approximate 7200m strike length. The mineralisation interpreted width ranges from approximately 30 m to 150 m depending on the zone observed. Mineralization in the majority of the deposit area extends and has been modelled to a depth of approximately 250 m below topographic surface.

Reserves

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Mining Methods

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Comminution

Crushers and Mills

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Processing

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Production

CommodityProductUnitsAvg. Annual
Titanium Slag t 192,880
V2O5 Flake t 2,580
Iron Ore t 245,480
Iron Pig t 364,480
Ferrovanadium Concentrate kt 5.8
Iron (hematite) Ore t 245,480

Operational metrics

Metrics
Annual ore mining rate  ....  Subscribe
Annual mining rate  ....  Subscribe
Annual processing capacity  ....  Subscribe
Stripping / waste ratio  ....  Subscribe
Waste tonnes, LOM  ....  Subscribe
Ore tonnes mined, LOM  ....  Subscribe
Total tonnes mined, LOM  ....  Subscribe
* According to 2023 study.

Production Costs

CommodityUnitsAverage
Assumed price Titanium slag USD  ....  Subscribe
Assumed price Pig iron USD  ....  Subscribe
Assumed price Ferrovanadium USD  ....  Subscribe
Assumed price Fe2O3 USD  ....  Subscribe
Assumed price V2O5 USD  ....  Subscribe
Assumed price Iron Ore USD  ....  Subscribe
* According to 2023 study / presentation.

Operating Costs

Currency2023
Total operating costs ($/t milled) USD  ....  Subscribe
* According to 2023 study.

Project Costs

MetricsUnitsLOM Total
Working capital $M USD  ......  Subscribe
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Pre-tax NPV @ 10% $M USD  ......  Subscribe
Pre-tax IRR, %  ......  Subscribe
Pre-tax payback period, years  ......  Subscribe

Required Heavy Mobile Equipment

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Personnel

Mine Management

Job TitleNamePhoneProfileRef. Date
....................... Subscription required ....................... Subscription required ........... Subscription required Subscription required Apr 12, 2024

Total WorkforceYear
...... Subscription required 2023

Aerial view:

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