7 OCTOBER 2016 MEDIA/ASX RELEASE
ACQUISTION OF WESTERN AUSTRALIAN GOLD EXPLORATION PROJECT KEY POINTS
-
Spitfire Materials Limited ("Spitfire") has executed a conditional agreement to acquire the granted West Australian exploration license E38/2869 ("England Project").
-
The England Gold Project is located on a highly prospective structural corridor which contains the Joanne and Jenny deposits to the north and the Wallaby Deposit to the south on a north easterly striking cross fault.
-
The consideration for the acquisition is 2,000,000 fully paid ordinary shares (voluntary escrowed for 12 months).
Background
Spitfire Materials Limited (ASX:SPI) is pleased to announce that it has executed a conditional Tenement Sale and Purchase agreement ("agreement") to acquire 100% of the granted Western Australian gold exploration license E38/2869 which is known as the England Gold Project.
Under the terms of the agreement Spitfire has agreed to issue the vendors 2,000,000 fully paid ordinary shares in Spitfire which will be voluntary escrowed for 12 months. The vendor has also indicated an interest to participate in any capital raisings over the next 12 months. The acquisition is subject to normal conditions precedent including any necessary statutory, regulatory and third party consents.
The England project E38/2869 is located within the Laverton Shire on the Laverton (SH51-
02) 1:250,000 geological sheet and the Laverton (3340) 1:100,000 sheet. The tenement is located 15km south south-west of Laverton along the Granny Smith mine road and then west along station tracks and is 7km to the north-east along a major structural corridor that hosts the world class Wallaby gold deposit (currently >7Moz Au).
Additionally, Dacian Gold's Joanne and Jenny deposits occur 10km to the north north-east of the England Project along a significant structural corridor with multiple known gold deposits.
Previous exploration activity on the England Project has included the following:
-
During 1996 structural targeting, combined with 208 shallow vacuum holes (ENV001-208) and 22 angle RAB holes (ENR001-022) were drilled for 1,957m. An extensive north north-east trending gold soil geochem anomaly was identified "the Goat Creek Anomaly" with assays up to 235ppb Au from south-western and southern areas of the project. The RAB drilling program identified numerous holes with anomalous gold mineralisation at the southern end of the Goat Creek Anomaly with a best intersection of 5m @ 5.6g/t Au from 45m in hole ENR022. (Refer Table 1 Drilling summary)
-
65 sample bulk leach extractable gold (BLEG) soil geochemical program during September 1999. Sampling covered two panels over the southern area of the current tenement with limited success.
-
An additional 33 air core holes (ENR023-055) were drilled for 2,959m during September 2006.
It is clear from a review of the available historic exploration data covering the area that significant potential exists for medium to large scale mesothermal gold mineralisation within sheared and altered Archaean greenstones of the England project area.
The next phase of exploration activity will include additional infill air-core bedrock drilling adjacent to the Goat Creek gold intersection of [email protected]/t in hole ENR022 to determine the full extent of mineralisation.
Additional reconnaissance bedrock air-core drilling is also planned over untested areas of the England project within highly prospective structural corridors covered with sheet- wash/alluvial sediments.
Spitfire Director, Russell Hardwick, said: "We are pleased with the proposed acquisition of the England gold project and see this as a low-cost entry into a highly prospective area".
Licence Details
|
Tenement Identifier
|
Tenement Type
|
Project Name
|
Area
|
Granted
|
Expiry
|
State
|
|
E38/2869
|
Exploration Licence
|
England
|
6 Blocks
|
26/11/2014
|
25/11/2019
|
Western Australia
|
The tenement is currently in good standing with the WA Department of Mines and Petroleum.
Figure 1: England Project Location
Table 1: Previous Drilling Summary
|
HOLE_ID
|
NORTH_AMG84
|
EAST_AMG84
|
RL
|
DEPTH_m
|
AZIMUTH
|
DIP
|
DATE
|
HOLE TYPE
|
From
|
To
|
Au_g/t
|
|
ENR001
|
6814897
|
436597
|
500
|
86
|
276
|
‐60
|
Dec‐96
|
RAB
|
50
|
60
|
0.55
|
|
ENR002
|
6814902
|
436650
|
500
|
89
|
266
|
‐60
|
Dec‐96
|
RAB
|
0
|
10
|
0.11
|
|
ENR003
|
6814902
|
436700
|
500
|
109
|
270
|
‐60
|
Dec‐96
|
RAB
|
NSI
|
|
ENR004
|
6814902
|
436750
|
500
|
93
|
266
|
‐60
|
Dec‐96
|
RAB
|
0
|
10
|
0.18
|
|
ENR005
|
6814902
|
436800
|
500
|
73
|
268
|
‐60
|
Dec‐96
|
RAB
|
NSI
|
|
ENR006
|
6814901
|
436850
|
500
|
59
|
269
|
‐60
|
Dec‐96
|
RAB
|
NSI
|
|
ENR007
|
6814900
|
436900
|
500
|
81
|
266.5
|
‐60
|
Dec‐96
|
RAB
|
NSI
|
|
ENR008
|
6814901
|
436950
|
500
|
100
|
268
|
‐60
|
Dec‐96
|
RAB
|
NSI
|
|
ENR009
|
6814901
|
437000
|
500
|
108
|
272.5
|
‐60
|
Dec‐96
|
RAB
|
NSI
|
|
ENR010
|
6814901
|
437050
|
500
|
120
|
268.5
|
‐60
|
Dec‐96
|
RAB
|
NSI
|
|
ENR011
|
6814901
|
437100
|
500
|
126
|
266
|
‐60
|
Dec‐96
|
RAB
|
NSI
|
|
ENR012
|
6814901
|
437150
|
500
|
131
|
264
|
‐60
|
Dec‐96
|
RAB
|
NSI
|
|
ENR013
|
6814902
|
437250
|
500
|
132
|
273
|
‐60
|
Dec‐96
|
RAB
|
NSI
|
|
ENR014
|
6814702
|
436625
|
500
|
50
|
266.5
|
‐60
|
Dec‐96
|
RAB
|
NSI
|
|
ENR015
|
6814703
|
436650
|
500
|
51
|
263
|
‐60
|
Dec‐96
|
RAB
|
NSI
|
|
ENR016
|
6814703
|
436700
|
500
|
59
|
267
|
‐60
|
Dec‐96
|
RAB
|
0
|
10
|
0.45
|
|
ENR017
|
6814703
|
436675
|
500
|
63
|
266
|
‐60
|
Dec‐96
|
RAB
|
20
|
30
|
0.65
|
|
40
|
50
|
0.29
|
|
ENR018
|
6814703
|
436750
|
500
|
87
|
267
|
‐60
|
Dec‐96
|
RAB
|
NSI
|
|
ENR019
|
6814703
|
436799
|
500
|
56
|
265
|
‐60
|
Dec‐96
|
RAB
|
NSI
|
|
ENR020
|
6814703
|
436850
|
500
|
90
|
266
|
‐60
|
Dec‐96
|
RAB
|
NSI
|
|
ENR021
|
6814903
|
436625
|
500
|
99
|
267.5
|
‐60
|
Dec‐96
|
RAB
|
45
|
50
|
0.11
|
|
65
|
99
|
0.3
|
|
ENR022
|
6814902
|
436675
|
500
|
95
|
265
|
‐60
|
Dec‐96
|
RAB
|
45
|
50
|
5.6
|
|
55
|
60
|
0.16
|
|
ENR023
|
6815700
|
437100
|
500
|
45
|
270
|
‐60
|
Sep‐06
|
RAB
|
NSI
|
|
ENR024
|
6815700
|
437150
|
500
|
74
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
|
ENR025
|
6815700
|
437200
|
500
|
72
|
270
|
‐60
|
Sep‐06
|
AC
|
55
|
60
|
NSI
|
|
ENR026
|
6815700
|
437250
|
500
|
79
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
|
ENR027
|
6815700
|
437300
|
500
|
78
|
270
|
‐60
|
Sep‐06
|
AC
|
45
|
65
|
0.58
|
|
75
|
78
|
NSI
|
|
ENR028
|
6815700
|
437350
|
500
|
82
|
270
|
‐60
|
Sep‐06
|
AC
|
65
|
75
|
0.14
|
|
ENR029
|
6815700
|
437400
|
500
|
81
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
|
ENR030
|
6815700
|
437450
|
500
|
71
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
|
ENR031
|
6815700
|
437500
|
500
|
79
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
|
ENR032
|
6815700
|
437550
|
500
|
65
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
|
ENR033
|
6815700
|
437600
|
500
|
100
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
|
ENR034
|
6815700
|
437650
|
500
|
58
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
|
ENR035
|
6815700
|
437700
|
500
|
78
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
|
ENR036
|
6815700
|
437750
|
500
|
110
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
|
ENR037
|
6815700
|
437800
|
500
|
84
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
|
ENR038
|
6815700
|
437850
|
500
|
30
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
|
ENR039
|
6815700
|
437900
|
500
|
73
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
|
ENR040
|
6815300
|
437100
|
500
|
78
|
270
|
‐60
|
Sep‐06
|
AC
|
5
|
10
|
NSI
|
|
ENR041
|
6815300
|
437150
|
500
|
83
|
270
|
‐60
|
Sep‐06
|
AC
|
70
|
75
|
0.41
|
|
ENR042
|
6815300
|
437200
|
500
|
108
|
270
|
‐60
|
Sep‐06
|
AC
|
75
|
105
|
0.24
|
|
ENR043
|
6815300
|
437250
|
500
|
107
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
|
ENR044
|
6815300
|
437300
|
500
|
126
|
270
|
‐60
|
Sep‐06
|
AC
|
70
|
85
|
0.13
|
|
ENR045
|
6815300
|
437350
|
500
|
98
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
|
ENR046
|
6815300
|
437400
|
500
|
99
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
|
ENR047
|
6815300
|
437450
|
500
|
90
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
|
ENR048
|
6814700
|
436900
|
500
|
90
|
270
|
‐60
|
Sep‐06
|
AC
|
0
|
5
|
0.14
|
|
45
|
50
|
0.33
|
|
ENR049
|
6814700
|
436950
|
500
|
105
|
270
|
‐60
|
Sep‐06
|
AC
|
50
|
70
|
0.11
|
|
95
|
100
|
NSI
|
|
ENR050
|
6814700
|
437000
|
500
|
97
|
270
|
‐60
|
Sep‐06
|
AC
|
70
|
75
|
NSI
|
|
ENR051
|
6814700
|
437250
|
500
|
135
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
|
ENR052
|
6814700
|
437300
|
500
|
139
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
|
ENR053
|
6814700
|
437350
|
500
|
83
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
|
ENR054
|
6814700
|
437400
|
500
|
139
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
|
ENR055
|
6814700
|
437450
|
500
|
123
|
270
|
‐60
|
Sep‐06
|
AC
|
NSI
|
NSI - No significant Intercept