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Spitfire Materials Ltd.
Summary
| Project: | Aphrodite | |
|---|---|---|
| Deposit: | Aphrodite | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 11/13/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 13-11-2018: Spitfire Materials Ltd. announces a Resource Estimation report for its Aphrodite deposit at the Aphrodite project. Updated mineral resource estimate at Aphrodite. Spitfire Materials Limited (ASX: SPI) is pleased to announce a group JORC Minera | |
| Resources: | (Resource, Total): 20.176Mt @ 2.4g/t Au for 1563Koz Au contained | |
| CP/QP: | [Resources]: Ross Whittle-Herbert (Internal) | |
| ABSTRACT: | Spitfire Materials Limited (ASX: SPI) is pleased to announce a group JORC Mineral Resource Estimate (MRE) totaling 2.6 million ounces for its newly-consolidated 100%-owned Bardoc Gold Project, located in the North Kalgoorlie district of Western Australia. The consolidated MRE follows the successful merger between Spitfire and Excelsior Gold Ltd (ASX: EXG) and incorporates an updated 1.56Moz 2012 JORC Mineral Resource for the Aphrodite deposit that was completed as part of exploration and technical studies undertaken during 2018. Since January 2018, an additional 12,319m of drilling has been completed over both the Alpha and Phi deposits that make up the Aphrodite Resource. The new MRE also includes a maiden JORC 2012 Mineral Resource for the satellite Mulwarrie deposit and an increased underground Resource for the Zoroastrian deposit (previously part of Excelsior Gold) This new 2.6Moz consolidated Mineral Resource Estimate will form part the of the Company’s ongoing technical studies and potential future Definitive Feasibility Studies on the combined Bardoc Gold Project. Spitfire Materials’ Managing Director, John Young, said “the completion of a consolidated JORC Mineral Resource statement for the Bardoc Project represented a major step towards its objective of becoming a substantial new participant in the mid-tier Australian gold sector.” “This is a fantastic result for our shareholders. This is now one of the largest consolidated gold Resource inventories in the Eastern Goldfields, and it gives us the critical mass to move forward on our planned growth path – which is based on developing an integrated processing hub at Bardoc,” he said. “Our vision is to build a new processing centre capable of processing a wide range of ore types. We see the opportunity to establish a sizeable production hub based on the three key deposits of Aphrodite, Zoroastrian and Mulwarrie – potentially fed by additional incremental growth opportunities in the region.” “Importantly, the work we have undertaken over the past few months has also clearly demonstrated significant organic growth potential at several of these deposits. There are immediate opportunities to grow the Zoroastrian Underground Resource, which we plan to test shortly. Longer term, there is still plenty of upside potential at Aphrodite.” “We have already made significant progress with initial technical studies and feasibility work on the combined project. This work will continue in the coming months, and will be supplemented by additional options studies that we expect will lay the foundations for a full Definitive Feasibility Study.” “At the same time, exploration will continue on a number of fronts to grow our gold inventory and we will pursue other potential acquisition and M&A strategies as part of our vision to build a substantial new midtier Australian gold company.”. | |
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