Surefire Resources (ASX:SRN) has executed a heads of agreement with DRA Global (ASX:DRA) to progress its Victory Bore Iron-Vanadium-Titanium Project in Western Australia.
DRA Global is an international multi-disciplinary engineering, project delivery, and operations management group focused on mining.
Under the agreement, Surefire, which has a market capitalisation of $11.91 million, is provided with a tier one international group that can deliver the Victory Bore Project from feasibility through to construction and operation.
The agreement provides Surefire with study, engineering procurement construction management, non-process infrastructure, project delivery, operational readiness, and operations and maintenance services, subject to future agreements between the parties for the provision of those services when required.
Managing Director Paul Burton says this is a long-term agreement that provides the company with strong support for a tier one group for its development strategy, and focuses on delivering the Victory Bore Project.
“DRA Global provides a complete delivery package with the added advantage of experience in working on mineral processing projects in Saudi Arabia and in vanadium processing,” Burton says.
“We look forward to working closely with DRA Global and the advantages that this brings to the company.”
Both parties plan to work together, with DRA to provide services to Surefire in the furtherance of its upstream and downstream processing using DRA’s skills, experience, and relationships in the minerals processing industry.
Downstream processing of the magnetite concentrate will occur in nearby established industrial centres in the Kingdom of Saudi Arabia to produce high-value and diversified end products of vanadium pentoxide, vanadium electrolyte, ferro-vanadium, pig-iron, ferro-titanium, and high-purity iron oxide.
Surefire says this provides the company with a development runway through to operational readiness.
The company has been progressing an international process for establishing interest and funding and offtake for delivery of the Victory Bore Project. These discussions are ongoing with interested parties and include groups in the Kingdom of Saudi Arabia, the Middle East region and Europe.
Surefire Resources is an Australian mineral explorer based in Perth, Western Australia. The company’s assets are considered prospective for vanadium, magnetite, and gold.
Write to Aaliyah Rogan at Mining.com.au
Images: Surefire Resources
