- Surefire Resources (SRN) has announced drilling will begin at its Yidby Gold Project this week, after being delayed
- The company had to bring in another drilling company after its first rig became tied up in an extended work program
- Surefire will pay this new contractor up to 50 per cent of its drilling fee via the issue of SRN shares, priced at two cents each
- The drilling program at Yidby will test for contiguous mineralisation underneath historical intercepts
- Shares in SRN are trading up 4.17 per cent at 2.5 cents each at market close
Base metals explorer Surefire Resources (SRN) has announced drilling will begin at its Yidby Gold Project at the end of the week after previously being delayed.
Surefire said the delay was unavoidable as the drill rig it had hired had its current work program extended, meaning it was unavailable for use.
As a result, the company sought an alternative drilling contractor for the rig — with drilling to now begin at Yidby on Friday, October 16.
Surefire plans to pay between 25 per cent and 50 per cent of the new drilling contractor’s fee via the issue of SRN shares.
The shares will be priced at two cents each, a 20 per cent discount on the company’s closing share price today, on October 14.
The drilling at Yidby, located in WA’s mid-west, is designed to test for contiguous mineralisation underneath historical gold intercepts.
Around 2,000 metres of reverse circulation drilling will be carried out, at Surefire’s granted licences E59/2390 and E59/2426.
Following today’s delayed drilling update, shares in Surefire Resource ended the day up 4.17 per cent at 2.5 cents each.