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Spitfire Materials Ltd.
Summary
| Project: | Aphrodite | |
|---|---|---|
| Deposit: | Aphrodite | |
| Location: | Australia | |
| Commodities: | Gold | |
| Date: | 5/16/2018 | |
| Report Code: | JORC | |
| Report Type: | Resource Estimation | |
| Project Stage: | Pursuing Feasibility Study | |
| Report details: | 16-5-2018: Spitfire Materials Ltd. announces a Resource Estimation report for its Aphrodite deposit at the Aphrodite project. Exploration target for Aphrodite project. Spitfire Materials Limited (ASX: SPI) is pleased to advise that, due to the early succe | |
| Resources: | Exploration Target: 3.9Mt - 4.7Mt @ 4-6g/t Au at Aphrodite | |
| CP/QP: | [Overall Report]: John Young (Internal) | |
| ABSTRACT: | Spitfire Materials Limited (ASX: SPI) is pleased to advise that, due to the early success of its recently completed in-fill and extensional diamond drilling program at the 100%-owned 1.26Moz Aphrodite Gold Project near Kalgoorlie, together with other recent geological and technical studies, the Company has generated a new Exploration Target which will be tested immediately through a major new drilling program. An Exploration Target of 3.9 – 4.7 million tonnes between 4.0g/t Au and 6.0g/t Au, comprising between 500,000oz and 900,000oz has been estimated between 150m and 500m depth for both the Alpha and Phi deposits. The potential quantities and grades of the Exploration Target are conceptual in nature and there has been insufficient exploration to date to define a Mineral Resource. It is not certain that further Exploration will result in the estimation of a Mineral Resource. Spitfire’s Managing Director, Mr John Young, said: “The new Exploration Target announced today is a major step forward for the Aphrodite Project, building on the extensive body of work we have completed at the project over the past six months. While we are still awaiting final assay results, we now have sufficient data to generate clear targets for the next round of drilling, which will commence next week. These positive developments show that our strategy to build a substantial gold inventory in the North Kalgoorlie region is firmly on track. With drilling starting again soon, we are confident that we should be in a position to deliver a combination of strong exploration news-flow, Resource growth and development progress in our core area of interest in the second half of the year. At the same time, we have also decided to commence a review of another long-standing asset within our portfolio, the advanced South Woodie Woodie Manganese Project. Given the strength of the manganese market and emerging interest and potential from the battery metals sector, we believe it is important to maximise the value of this strategic asset for our shareholders – even though our primary corporate focus is on our WA gold assets.” | |
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