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Spitfire Materials Ltd.
Summary
| Project: | Alice River | |
|---|---|---|
| Deposit: | Alice River | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 5/26/2017 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Resources Definition | |
| Report details: | 26-5-2017: Spitfire Materials Ltd. announces a Resource Estimation report for its Alice River deposit at the Alice River project. Exploration Target range for Alice River gold project. Spitfire Materials Limited (ASX: SPI) is pleased to provide an update | |
| Resources: | Exploration Target Range: 1.47 – 2.21Mt @ 2.4 – 3.6g/t Au at Alice River | |
| CP/QP: | [Overall Report]: John Young (Internal) | |
| ABSTRACT: | Spitfire Materials Limited (ASX: SPI) is pleased to provide an update on recent and upcoming exploration activities at the Alice River Gold Project in North-East Queensland, one of two highly prospective Australian gold projects being acquired under its conditional share sale and purchase agreement to acquire unlisted gold exploration company, Admiral Gold Limited (ASX Announcement, 27 March 2017). The key tenement EPM 26626, which covers approximately 35km of the prospective Alice River Shear Zone – including the central 15km strike zone that contains around 12 major gold prospects – was granted on 8 May 2017, for a term of five years. Admiral Gold has completed significant due diligence on the Alice River Gold Project, including field reconnaissance, orientation sampling, confirmation of historical sampling results and validation of the extensive historical database. Preliminary modelling has resulted in the reporting of an initial advanced Exploration Target¹ under the JORC 2012 code, consisting of 1.47Mt to 2.21Mt at an average grade of 2.4 to 3.6 g/t Au, for a total of 105,000oz to 250,000oz Au.¹ Extrapolation and modelling of mineralised structures/veins was completed to a depth of 120m, with the targeted zones remaining open at depth and along strike. | |
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