Ann: Perenjori High Grade Iron Ore Production Study Commenced, page-3

PERENJORI IRON-ORE PROJECT
HIGH-GRADE IRON-ORE PRODUCTION STUDY COMMENCED
 Study commenced into production of 67.5% iron concentrate - up to 85% iron yield
 Planning underway for drilling to upgrade the resource for feasibility studies
Surefire Resources NL (ASX: SRN, "the Company" or “SRN") is pleased to announce that it has
initiated a high-grade iron-ore production study (“the Study”) on the Perenjori Iron Ore
Project, located near the town of Perenjori in the southwest Murchison Province of Western
Australia.
The study will be completed by MinRizon Projects Pty Ltd ("MinRizon"), based on the previous
(JORC 2004) Inferred Mineral Resource estimate by CSA Global of 191.7 Mt@ 36.6% Fe,
released by Quest Minerals Ltd (ASX: QNL), 27 September 2013, and will build upon the
Scoping Study completed by Mintrex Pty Ltd ("Mintrex"), also in 2013.
Metallurgical test work indicated that the magnetite ore could be upgraded to close to 70%
Fe with standard magnetite beneficiation techniques, and with a significant portion of the orebody
achieving around 85% iron yield.
While there is hematite ore associated with the magnetite in the overall ore body, it is
intended that the present Study will focus specifically on the magnetite ore, to simplify the
production of two products and to maximise the added value of producing a high Fe-grade
feed material for the Asian steel industry.
Based on the outcomes of the Study, the Company will look to upgrade the resource to JORC
2012 Indicated through additional drilling, to allow Feasibility studies to proceed.
In addition, there is significant exploration potential to further expand the resource based on
identified extensions to the BIF associated magnetite ore in E70/5311, and also for detrital
and supergene (Haematite) direct shipping ore (DSO). Interpretation of available
aeromagnetic imagery and through extrapolation of existing drilling, it is estimated that the
tenements have the potential to host >500Mt of iron-ore that may be defined through
further, step-out, resource drilling (ASX: SRN release 26th February 2021).
Surefire Managing Director Vladimir Nikolaenko commented:
“Since 2013, there has been a significant increase in the demand for and value of high-grade
iron concentrates, and this is reflected in the iron-ore price that has increased substantially
since that time.
“An opportunity exists for Surefire to undertake the development of the Perenjori project to
meet that demand with a premium iron-ore product.”
High-Grade Iron Concentrate Production
The study will include the overall layout plan of the processing plant facilities, development
of process flow-sheet, preparation of major items list of required process equipment with
capacities, identification of non-process plant infrastructure e.g. water, power, road, camps,
etc., overall Capital costs (CAPEX) and Operating costs (OPEX) estimates and plan for the
export by rail from Perenjori to Geraldton and export through the Geraldton Port (the project
lies within 15km of existing rail link between Perenjori and Geraldton).