SUREFIRE RESOURCES NL — Capital/Financing Update 2020

Nov 22, 2020

23 November 2020 ASX Announcement ASX Codes: SRN and SRNOC

PERENJORI TENEMENT GRANTED

FERAL E70/5311

Highlights

• Underexplored, prospective Gold project.
  • From Limited Drilling - Historical Results includes:
    • 28m @0.72g/t Au from 8m
    • 8m@ 1.18 g/t Au
    • 4m @ 2.31 g/t Au
    • 1m @ 11.60g/t
  • o Channel Sampling - Wide Mineralisation
    • 33m @ 0.21 g/t Au
    • 30m @ 0.22 g/t Au
  • o Rock Chip Sampling - Anomalous samples over a 6 km strike length
    • Up to 4.5g/t Au and 8.05 g/t Au

Surefire Resources NL (ASX:SRN, "the Company" or "SRN") is pleased to announce the grant of E70/5311, a 69 km² tenement in the highly prospective Koolanooka Greenstone Belt, WA.

The company has also secured an additional 557 km2 exploration license application over a further six (6) tenements, in order to extend the company's portfolio in the area, yet to be approved by the Department of Mines, Industry Regulation and Safety (DMIRS). The project is highly prospective for Orogenic Gold mineralisation and Base metals VHMS style mineralisation.

The granted tenement (E70/5311) covers the southern termination of a V-shaped greenstone structure, with known gold and copper occurrences within the tenement, including historical drilling results of 1m @ 11.6 g/t Au at 40m in PC5 and 28m @ 0.72g/t Au from 8m, including 4m @1.24g/t Au from 32m in PC16.

The tenement is located 330km northeast of Perth and 16km northeast of the township of Perenjori, in the Mid-West Region of Western Australia (Figures 1 and 4).

E70/5311 contains a key portion of the Koolanooka Greenstone Belt, within typical granite-greenstone terrains of the southern Murchison Geological Province of the Archaean Yilgarn Craton. The greenstones consist of metamorphosed and deformed basalt (mafic schist), felsic volcanics and related volcanogenic sedimentary rocks (quartz-feldspar-muscovite schist), gabbro-dolerite sills, and multiple BIF units (Figure 2). The area is considered highly prospective for gold and base metal mineralisation with geological similarities to the Golden Grove area. Recent work has concentrated on the Iron Ore potential of the BIF units and while this remains a target, Surefire will concentrate on the gold and base metals potential.

The newly granted tenement covers the southern termination of a V-shaped greenstone structure, known as the Feral prospect, which is well defined topographically, geologically and geophysically by packages of BIF encased in metamorphosed volcanics. The V-shape is currently best interpreted as a stacked thrust system.

Figure 2: Feral prospect(E70/5311) regional geology with significant historical rock chip sampling and drillhole intersection localisation

Preliminary historical data evaluation has identified several priority anomalies in the area (Tables 1 to 3):

Feral Prospect (E70/5311)

• Up to 4.5 g/t Au rock chip sample (sample 15038, Fe-altered sugary chert/mylonite breccia).
• Up to 8.05 g/t Au rock chip sample (sample 2UR027, Ferruginous quartz vein in laterite).
• Rock chip channel sampling intervals: 33 metres @ 0.21g/t Au and 30 metres @ 0.22g/t Au.
• Broad spaced Soil sampling has returned up to 945 ppb gold with several anomalous zones throughout the tenements.
• Drilling results in the Feral prospect on E 70/5311 includes:
  • o 28m @ 0.72g/t Au from 8m, including 4m @1.24g/t Au from 32m in PC16.
  • o 8m @ 1.18 g/t from 20m, repeating at 2m @ 2.15g/t Au (18-20m) in PC01.
  • o 4m @ 2.31 g/t from 40m, repeating 1m @ 11.6 g/t Au in PC05.

Maniws Gossan prospect (E59/2432)

• Other drilling results in the pending tenement (E59/2432) of the Maniws Gossan prospects includes (Figure 3):
  • o 8m @3.2 g/t Au from 28m, including 2m@11.05g/t from 31m in PJR2.
  • o 2m @4.7g/t Au from 8m in PJR4.

Figure 3: Feral (E70/5311) and Maniws Gossan (E 59/2432) regional aeromagnetic with significant historical rock chip sampling and drillhole intersection localisation

Surefire will continue to compile the historical data prior to commencing on ground. Work will initially concentrate on confirming and expanding the Gold and base metals anomalies previously reported to move rapidly towards drilling at this exciting project.

Table 1: Location and significant assays of historical rock chip sampling from this release
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ProspectCode	Company	Data Type	Sample ID	MGA East	MGANorth	g/tAu
Feral	HunterExploration	Rock chip	15038	439399.5	6753150.3	4.3
Feral	Sons of Gwalia	Rock chip	2UR027	438350.0	6757710.0	8.05
Feral	HunterExploration	Channelsampling	41102-41111	438744.5	6758418.4	0.21
Feral	HunterExploration	Channelsampling	41116-41120	439105.2	6758133.1	0.22

Table 2: Significant intersections of historical drillholes intersections from this release

Prospect	Hole ID	From	To	Interval(m)	g/t Au
Feral	PC01	18	20	2	2.15
Feral	PC05	40	41	1	11.6
Feral	PC16	8	36	28	0.72
	Incl	32	36	4	1.24
Maniws Gossan	PJR2	31	32	1	18.66
Maniws Gossan	PJR4	8	10	2	4.7

Table 3: Historical drillholes locations details from this release

Prospect	Company	HoleID	DrillType	MGAEast	MGANorth	Depth(m)	CollarDip°	CollarAzi°
Feral	Sons ofGwalia	PC01	RC	438272.9	6757476.8	50	-60	90
Feral	Sons ofGwalia	PC05	RC	438301.0	6756838.5	50	-60	90
Feral	Sons ofGwalia	PC16	RC	438644.3	6758267.4	84	-60	90
ManiwsGossan	SIPAResources	PJR2	RC	446621.4	6769978.5	36	-60	330
ManiwsGossan	SIPAResources	PJR4	RC	446551.3	6769969.1	40	-60	330

For further information, contact*:*

Vladimir Nikolaenko Managing Director

Competent Person's Statement

The information in this report that relates to exploration results has been compiled by Mr David Jenkins, a full-time employee of Terra Search Pty Ltd, geological consultants engaged by Surefire Resources NL. Mr Jenkins is a Member of the Australian Institute of Geoscientists and has sufficient experience in the style of mineralisation and type of deposit under consideration and the activity being undertaken to qualify as a Competent Person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Minerals Resources and Ore Reserves ("JORC Code"). Mr Jenkins consents to the inclusion in the report of the matters based on the information in the form and context in which it appears.

JORC Code, 2012 Edition:

Section 1: Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Criteria	JORC Code explanation	Commentary
Samplingtechniques	Nature and quality of sampling (eg cut channels,random chips, or specific specialised industrystandard measurement tools appropriate to theminerals under investigation, such as down holegamma sondes, or handheld XRF instruments, etc).These examples should not be taken as limiting thebroad meaning of sampling.Include reference to measures taken to ensuresample representivity and the appropriate calibrationof any measurement tools or systems used.Aspects of the determination of mineralisation that areMaterial to the Public Report.In cases where 'industry standard' work has beendone this would be relatively simple (eg 'reversecirculation drilling was used to obtain 1 m samplesfrom which 3 kg was pulverised to produce a 30 gcharge for fire assay'). In other cases moreexplanation may be required, such as where there iscoarse gold that has inherent sampling problems.Unusual commodities or mineralisation types (egsubmarine nodules) may warrant disclosure ofdetailed information.	Results reported are fromprevious exploration completed byhistorical explorers including CRAExploration, BHP, SIPAResources, Sons of Gwalia,Hunter Exploration.
Drillingtechniques	Drill type (eg core, reverse circulation, open-holehammer, rotary air blast, auger, Bangka, sonic, etc)and details (eg core diameter, triple or standard tube,depth of diamond tails, face-sampling bit or othertype, whether core is oriented and if so, by whatmethod, etc).	A variety of techniques have beenused, from Bedrock RAB andAircore to Reverse circulationdrilling. Standard industrytechniques have been usedwhere documented. The drillingwas undertaken in a period whereface sampling hammer wasstandard for RC drilling.
Drill samplerecovery	Method of recording and assessing core and chipsample recoveries and results assessed.Measures taken to maximise sample recovery andensure representative nature of the samples.Whether a relationship exists between samplerecovery and grade and whether sample bias mayhave occurred due to preferential loss/gain offine/coarse material.	Drill recovery has not beenrecorded on historical work.
Logging	Whether core and chip samples have beengeologically and geotechnically logged to a level ofdetail to support appropriate Mineral Resourceestimation, mining studies and metallurgical studies.Whether logging is qualitative or quantitative innature. Core (or costean, channel, etc) photography.The total length and percentage of the relevantintersections logged.	Geological logs have beenexamined for key prospectswhere available. Geologicallogging of regolith has occurred inmost drillholes allowinginterpretation of primary vsSupergene zones.
Sub-samplingtechniques	If core, whether cut or sawn and whether quarter, halfor all core taken.If non-core, whether riffled, tube sampled, rotary split,etc and whether sampled wet or dry.	Standard industry practices havebeen undertaken but QA/QC datais not present in the historicaldata. It is considered that

Criteria	JORC Code explanation	Commentary
and samplepreparation	For all sample types, the nature, quality andappropriateness of the sample preparation technique.Quality control procedures adopted for all subsampling stages to maximise samples representivityMeasures taken to ensure that the sampling isrepresentative of the in situ material collected,including for instance results for fieldduplicate/second-half sampling.Whether sample sizes are appropriate to the grainsize of the material being sampled.	appropriate sampling andanalytical methods have beenused by all explorers.
Quality ofassay dataandlaboratorytests	The nature, quality and appropriateness of theassaying and laboratory procedures used andwhether the technique is considered partial or total.For geophysical tools, spectrometers, handheld XRFinstruments, etc, the parameters used in determiningthe analysis including instrument make and model,reading times, calibrations factors applied and theirderivation, etc.Nature of quality control procedures adopted (egstandards, blanks, duplicates, external laboratorychecks) and whether acceptable levels of accuracy (ielack of bias) and precision have been established.	Gold assays are a combination ofAqua regia and Fire Assay.Detection limits and techniquesare appropriate for includedresults.
Verification ofsampling andassaying	The verification of significant intersections by eitherindependent or alternative company personnel.The use of twinned holes.Documentation of primary data, data entryprocedures, data verification, data storage (physicaland electronic) protocols.Discuss any adjustment to assay data.	Intercepts have been calculatedgenerally using a 1g/t cut off andinternal waste of up to 2mthickness with total interceptsgreater than 1g/t.
Location ofdata points	Accuracy and quality of surveys used to locate drillholes (collar and down-hole surveys), trenches, mineworkings and other locations used in MineralResource estimation.Specification of the grid system used.Quality and adequacy of topographic control.	Location of a majority of holes hasbeen using handheld GPS, orlocal grids that have beenconverted to MGA coordinates
Data spacinganddistribution	Data spacing for reporting of Exploration Results.Whether the data spacing and distribution is sufficientto establish the degree of geological and gradecontinuity appropriate for the Mineral Resource andOre Reserve estimation procedure(s) andclassifications applied.	Variable across the project asshown on the figures.
Orientation ofdata inrelation togeologicalstructure	Whether the orientation of sampling achievesunbiased sampling of possible structures and theextent to which this is known, considering the deposittype.If the relationship between the drilling orientation andthe orientation of key mineralised structures isconsidered to have introduced a sampling bias, thisshould be assessed and reported if material.	Intercepts given are downholewidths with the true widths notdetermined.
Samplesecurity	The measures taken to ensure sample security.	Not applicable to historical datareview
Audits orreviews	The results of any audits or reviews of samplingtechniques and data.	Review of data in key areas hasbeen undertaken with ongoingQA/QC on the remainder of thedata within the project areasbeing ongoing.

Section 2: Reporting of Exploration Results

Criteria	JORC Code explanation	Commentary
Mineral tenementand land tenurestatus	Type, reference name/number, location andownership including agreements or materialissues with third parties such as joint ventures,partnerships, overriding royalties, nativetitle interests, historical sites, wilderness or nationalpark and environmental settings.The security of the tenure held at the time ofreporting along with any known impediments toobtaining a licence to operate in the area.	Located in the KoolanookaGreenstone Belt ~16kmnorthwest of Perenjori MidWest Region of WesternAustralia.Granted tenement E70/5311 held andmaintained by SurefireResources NL and is in goodstanding.Surefire Resources NL hascurrently applied for a furthersix (6) other tenements inthe area ( E 70/5572, E59/2445, E 59/2432, E59/5573, E 59/2446, E59/5575) . These tenementsare pending approval fromby the Department of Minesand Petroleum (DMP).
Exploration doneby other parties.	Acknowledgment and appraisal of exploration byother parties.	Extensive previous work byCRA Exploration, BHP, SIPAResources, Sons of Gwalia,Hunter Exploration,Devereux Syndicate, RedRiver Resources and QuestMinerals.Data compiled from:WAMEX reports listedfollowing this table1
Geology	Deposit type, geological setting and style ofmineralisation.	Gold mineralisation at Feral(E 70/5311) and ManiwsGossan (E 59/2432) projectsis orogenic, hosted withinsheared and faultedVolcanics, Sediments, felsic,mafic, and ultramafic rocks.Mineralisation is hosted inquartz veins and shear zonesand controlled by regionalstructures
Drill holeInformation	A summary of all information material to theunderstanding of the exploration resultsincluding a tabulation of the followinginformation for all Material drill holes:	Location of Drillholes basedon historical reports and data,originally located on GPS.Northing and easting datagenerally within 10m

(Criteria listed in the preceding section also apply to this section.)

Criteria	JORC Code explanation	Commentary
	easting and northing of the drillhole collarelevation or RL (Reduced Level- elevation above sea level inmetres) of the drill hole collar •dip and azimuth of the holedown hole length andinterception depthhole length.If the exclusion of this information is justified onthe basis that the information is not Material andthis exclusion does not detract from theunderstanding of the report, the CompetentPerson should clearly explain why this is thecase.	accuracyRL data +/-20mDown hole length =+- 0.2 m
Data aggregationmethods	In reporting Exploration Results, weightingaveraging techniques, maximum and/orminimum grade truncations (eg cutting of highgrades) and cut-off grades are usually Materialand should be stated.Where aggregate intercepts incorporate shortlengths of high grade results and longer lengthsof low grade results, the procedure used forsuch aggregation should be stated and sometypical examples of such aggregations shouldbe shown in detail. The assumptions used forany reporting of metal equivalent values shouldbe clearly stated.	Intercepts have beencalculated generally using a1g/t cut off and internal wasteof up to 2m thickness withtotal intercepts greater than1g/t.No upper cut off has beenapplied to intersections.
Relationshipbetweenmineralisation widths andinterceptlengths	These relationships are particularly important inthe reporting of Exploration Results.•If the geometry of the mineralisationwith respect to the drill hole angle isknown, its nature should be reported.•If it is not known and only the down holelengths are reported, there should be aclear statement to this effect (eg 'downhole length, true width not known').	Orientation of mineralisedzones are still to beascertained
Diagrams	Appropriate maps and sections (with scales)and tabulations of intercepts should be includedfor any significant discovery being reportedThese should include, but not be limited to aplan view of drill hole collar locations andappropriate sectional views.	The data has been presentedusing appropriate scales andusing standard aggregatingtechniques for the display ofregional data. Geologicaland mineralisationinterpretations are based oncurrent knowledge and willchange with furtherexploration.
Balancedreporting	Where comprehensive reporting of allExploration Results is not practicable,representative reporting of both low and high	WAMEX annual reportsA54210 (Maniws Gossan)and A56085, A63335(Perenjori) are representative

Criteria	JORC Code explanation	Commentary
	grades and/or widths should be practiced toavoid misleading reporting of ExplorationResults.	of both low and high gradesfor previous explorationresults.
Othersubstantiveexplorationdata	Other exploration data, if meaningful andmaterial, should be reported including (but notlimited to): geological observations; geophysicalsurvey results; geochemical survey results; bulksamples – size and method of treatment;metallurgical test results; bulk density,groundwater, geotechnical and rockcharacteristics; potential deleterious orcontaminating substances.	Geological interpretations aretaken from published maps,historical and ongoingexploration. Many of theprospects are at an earlyexploration stage and furtherwork will enhance theunderstanding of the area.
Further work	•The nature and scale of planned further work (egtests for lateral extensions or depth extensions orlarge-scale step-out drilling).Diagrams clearly highlighting the areas ofpossible extensions, including the maingeological interpretations and future drillingareas, provided this information is notcommercially sensitive.	Further work currentlyunderway is a full projectreview identifying and rankingtargetsDrill testing of these targets isplanned as soon as historicaldata will be compiled andtarget further defined.

1WAMEX reports containing historical data from the project:

A22744,A25664,A29053,A30154,A32327,A34440,A36603,A37979,A38250,A43032,A46402,A47574,A 49147,A50517,A54210,A56085,A63335,A64992,A67306,A70601,A71314,A72552,A75268,A78522,A8 7668,A91942,A93831,A95290,A96560,A100565,A107621,A107647.