Victory Bore Project

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Mine TypeOpen Pit
  • Vanadium
  • Titanium
  • Iron Ore
Mining Method
  • Truck & Shovel / Loader
Mine Life24 years (as of Jan 1, 2023)
ShapshotThe 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.


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



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Deposit type

  • Intrusion related


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.

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.



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Mining Methods


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Crushers and Mills


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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

Annual ore mining rate 0
Annual mining rate 00
Annual processing capacity 0
Stripping / waste ratio 000
Waste tonnes, LOM 000
Ore tonnes mined, LOM 000
Total tonnes mined, LOM 0000
* According to 2023 study.

Production Costs

Assumed price Ferrovanadium USD 00000
Assumed price Fe2O3 USD 000
Assumed price V2O5 USD 00000
Assumed price Titanium dioxide USD 000
* According to 2023 study / presentation.

Operating Costs

Total operating costs ($/t milled) USD 79.5 *  
* According to 2023 study.

Project Costs

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

Heavy Mobile Equipment


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Mine Management

Source Source
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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