Surefire Resources NL (ASX: SRN; FSE: GBL) (“Surefire” or “the Company”) has reported a new gold discovery at its 100%-owned Yidby Gold Project in the Mid-West of Western Australia. Surface float rock samples collected from a previously unexplored area in a distinct Felsic Albitite lithology have returned assay results of 1.70 g/t Au, 3.66 g/t Au, and 12.04 g/t Au, pointing to a new gold mineralised corridor within the Yidby tenement.
The newly named “Loot” Prospect sits approximately 1.5km north of the existing Yidby Gold Deposit and 500m south of the Cashens Find historic open-cut workings. This expands the Company’s exploration footprint and introduces an additional lithological style of gold mineralisation to its growing asset base.
Figure 1: Location map of the Loot Prospect and surrounding prospects within the Yidby Gold Project [Surefire Resources]
Why This Discovery Matters
The Loot Prospect discovery was the result of a targeted exploration strategy rather than mere chance. Geologists focused on this area after reviewing a 50-year-old report from Western Mining Corporation (WMC). In 1975, WMC identified “abundant float” within a gold-mineralised Felsic Albitite dyke located approximately 800m south of the Cashens Find open-cut mine. Historical samples from that survey yielded impressive grades, including 1.10 g/t, 1.66 g/t, 4.92 g/t, 5.88 g/t, and 10.56 g/t Au.
In early February 2026, Surefire conducted fieldwork that not only validated these historical findings but expanded upon them. Assays performed at Nagrom Laboratories in Kelmscott on three samples from the same Albitite lithology confirmed high-grade results:
Figure 2: Surefire Float Sample Results [Surefire Resources]
The repeat assay methodology adds confidence to the results. The top sample produced a repeat result of 12.037 g/t Au, aligning closely with the fire-assay result of 9.391 g/t Au and confirming the grades are reproducible.
Crucially, the identification of gold within Albitite at two distinct locations 500m apart effectively delineates a 2km mineralised corridor. This previously untested zone significantly expands the potential target areas for future drilling campaigns across the Yidby tenement.
Figure 3: Rock samples from the Loot Prospect, including Albitite fragments with sulphide casts and the surface sample grading up to 12.04 g/t Au [Surefire Resources]
Understanding Albitite: A Recognised Gold Host in Western Australia
Albitite is a metasomatic rock typically formed when hydrothermal fluids chemically alter existing formations. At the Yidby Project, this gold mineralisation is hosted within a fine-grained, grey felsic rock composed of over 90% Albitite, characterised by relict euhedral sulphide casts measuring 2 to 3mm. This specific lithology mirrors the rock type identified at the Cashens Find prospect, located just 500m to the north.
These Albitite-hosted gold systems are well-recognised geological features across Western Australia’s Archean Yilgarn Craton, often occurring near major shear zones. Significant regional examples include the New Celebration Gold Deposit on the Boulder Lefroy-Golden Mile fault system, the St Ives Camp at Kambalda, and deposits at Binduli, Copperhead, and Bardoc. By identifying this style of mineralisation, the new Loot Prospect joins an elite group of well-understood geological systems.
The formation of Albitite through metasomatism in structurally active zones is a consistent feature of orogenic gold systems. At Yidby, the Company has already confirmed that broader gold mineralisation occurs within quartz veining with minor sulphides in ultramafic and mafic lithologies and felsic porphyry intrusions. The Albitite represents an additional avenue within the same geological setting.
The Cashens Find Connection
The Cashens Find open-cut mine, located 500m north of the Loot Prospect, provides important context. Historical production records show the workings produced 700 tonnes at 4.7 g/t Au, with 1.2 g/t Au remaining in tailings (WMC report, 1975, DMIRS A 11998).
When Surefire’s geologists re-examined the Cashens open pit, they identified gold hosted within the same fine-grained grey felsic Albitite with euhedral sulphide casts that defines the Loot Prospect. The geological continuity between the two areas raises the prospect of a connected mineralised corridor.
The Company RC drilled Cashens Find in 2020 during its maiden exploration program on the Yidby tenements. That drilling, consisting of three shallow holes, returned:
Figure 4: Surefire’s Cashens Find Maiden Drilling Results (Reported to the ASX in 2020) [Surefire Resources]
The Cashens results were shallow and limited in scope. The Loot Prospect on-surface grades are notably higher, suggesting the Albitite system may carry stronger gold endowment than the existing Cashens drilling captured. The planned reverse circulation program will test both targets in more detail.
Yidby Gold Deposit: A Growing System at Depth
The Loot discovery builds on the back of a broader drilling program at Yidby that has been delivering results since the Company’s first RC holes. The most recent phase, completed in September 2025, produced the broadest gold intercept in the project’s history.
Hole YBRC136 returned 60m @ 0.99 g/t Au from 71m, including 1m @ 15.83 g/t Au from 80m and 2m @ 10.72 g/t Au from 100m. The same hole produced a deeper interval of 37m @ 1.05 g/t Au from 146m, including 2m @ 12.54 g/t Au from 177m. That high-grade hit at 177m indicates the system is repeating at depth and plunging to the north-west, associated with an antiform structure to the north.
Other September 2025 holes recorded widths of 10m at 1.00 g/t Au (YBRC137 at 165m) and 33m at 0.60 g/t Au (YBRC140 from 148m).
The Yidby Gold Project sits within the Yalgoo-Singleton Greenstone Belt in the Murchison Province of Western Australia, a belt approximately 190km long that hosts the Minjar Gold Project, Mount Gibson Gold Project, and the world-class Golden Grove VHMS system.
The Company holds four granted exploration licences covering 114km² in total, with the mineralised system extending over a 3km strike and open in multiple directions.
Figure 5: Cross-section of the Yidby Gold Project showing drill holes YBRC136 and YBRC141 and mineralised gold envelopes at depth [Surefire Resources]
RC Drilling Program of 10,000 Metres Underway
A reverse circulation drilling program of approximately 10,000 metres, across two stages, is currently being processed. The program carries multiple objectives:
- Extend the main Yidby gold mineralisation along strike and at depth, targeting the down-plunge continuation of the north-westerly plunging system
- Drill test north-south extensions to the Cashens Prospect, including the new Albitite corridor at the Loot Prospect
- Test geophysical targets at the Copper Hill Project, which has previously identified native copper and sulphides in a historic drill hole
The staged approach gives the Company flexibility to allocate metres based on incoming assay results and prioritise zones showing the best grade continuity. With the Loot Prospect now identified and structurally connected to Cashens Find, the program design is expected to incorporate this new Albitite target.
Context: Gold Prices Near Record Territory
The Loot discovery comes against a backdrop of elevated gold prices in Australian dollar terms. According to data from Goldpricez.com, the spot gold price in Australia on 26 March 2026 is approximately $6,498 per ounce, up 36.48% over the past year.
In Surefire’s January 2026 drilling results, Executive Chairman Vladimir Nikolaenko highlighted that with gold above $6,000 per ounce and Yidby’s shallow, road-accessible location roughly 3.5 hours northwest of Perth, the Project carries potential for near-term production and cash flow. The Loot Prospect, 1.5km from the main deposit, sits well within that accessible footprint.
Western Australia remains one of the world’s leading gold mining jurisdictions. According to the Western Australian Department of Mines, Industry Regulation and Safety, the state accounts for roughly two-thirds of Australia’s total gold production, underpinned by favourable geology, established infrastructure, and a well-developed exploration ecosystem.
Yidby in Its Regional Setting
The Yidby Gold Project sits in a district with meaningful gold resources nearby. Surrounding tenure includes Capricorn Metals (ASX: CMM) with 4.5 million ounces of gold, Vault Minerals with 1.1 million ounces Measured, Indicated and Inferred, and Reach Resources (ASX: RR1) with 100,000 ounces Inferred, along with Warriedar Resources with 945,000 ounces. Tungsten Mining holds 219Mt @ 0.11% WO₃ in the broader region.
This cluster of resources in adjacent tenure frames Yidby within an active exploration district where scale outcomes have been demonstrated.
Figure 6: Regional location map of the Yidby Gold Project showing surrounding tenure, gold deposits, and nearby company resources [Surefire Resources]
Strategy and Leadership Update
In addition to the exploration results, Surefire Resources has announced a strategic management refresh. The Board has appointed consulting firm Rowntree Pty Ltd, with principal Mr. Marcus Flis, to oversee operations and Project development during this transitional period.
Mr. Flis is a seasoned industry professional with over 35 years of experience in exploration, Project development, and corporate leadership. His distinguished career includes leading due diligence for Rio Tinto on the Iron Ore Company of Canada and identifying global merger and acquisition opportunities.
The Company also confirmed it has accepted the resignation of CEO Andrew Whitehead. The position will remain vacant while the Board completes a strategic realignment of the organisation.
By engaging an experienced external consultant, Surefire ensures the continued momentum of its field programs and the steady advancement of its key projects.
Investor Outlook
Surefire Resources NL (ASX: SRN) holds a portfolio of Western Australian mineral projects covering gold, vanadium-titanium-iron, copper, lead-silver, and nickel-copper-PGE tenements. The Yidby Gold Project and the Victory Bore Vanadium Critical and Battery Minerals Project represent the two key development pillars.
The Victory Bore Project, which holds a JORC-compliant resource of 464 million tonnes of vanadium-titanium-iron, completed a Pre-Feasibility Study reporting an NPV of $1.7 billion and an IRR of 42%. The Company is exploring downstream processing opportunities in partnership with international groups, including proposed operations in Saudi Arabia.
The addition of the Loot Prospect alongside the ongoing Yidby drilling program expands the near-term newsflow available to the Company.
Share Price and Market Data:
- Last Price: $0.0015 (as of 26 March 2026)
- 52-Week Range: $0.001 to $0.004
- Market capitalisation: $6.04M
Figure 7: SRN Price chart [ASX]
The identification of the Loot Prospect as a new exploration target, combined with the ongoing 10,000m RC drilling program and sustained high gold prices, places Surefire Resources in a strong position. The forthcoming assay results from drilling at Yidby, Cashens, and Copper Hill are expected to provide critical insights into the scale and grade of this expanding gold system.
Disclaimer: This editorial is for informational purposes only and does not constitute financial product advice. The information provided does not take into account your personal financial situation or objectives. You should consider seeking independent advice before making any investment decision. Past performance is not indicative of future results.
Tags: ASX: SRN, Loot, Surefire Resources, Yidby, Yidby Gold Project Last modified: March 27, 2026
