Spitfire to Embark on Major New Expansionary Drilling Program at Aphrodite

ID: 1536064
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(businesspress24) - Spitfire to Embark on Major New Expansionary Drilling Program at Aphrodite

Further 6,000m diamond drill program to start next week focused on newly-defined Exploration Target between 150m and 500m depth within Alpha and Phi lodes

16 May 2018

Key Points:

- An Exploration Target of 3.9Mt to 4.7Mt at 4g/t to 6g/t comprising between 500,000oz and 900,000oz * has been estimated between a vertical depth of 150m and 500m in the Alpha and Phi lodes at the Aphrodite Gold Project, 65km north of Kalgoorlie.
* 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.
- This Exploration Target is in addition to the current JORC Indicated and Inferred Resource for the Aphrodite Gold Project of 13.1Mt at 3g/t Au for 1.261Moz (See ASX Release 25 January 2018).
- Further extensional diamond drilling designed to convert the new Exploration Target is scheduled to commence in late May, targeting newly identified opportunities to expand the Underground Inferred Resource (1.4Mt at 7.5g/t Au for 332,000oz) from the new geological model.
- Assay results from the remaining nine holes from the recently completed 6,149m diamond drilling program expected over the next 2-3 weeks.
- In light of the recent increased investor interest in manganese projects, Spitfire has also commenced a review of its South Woodie Woodie Manganese Project, with drilling planned for the third quarter of 2018 to further evaluate the existing JORC 2004 compliant Mineral Resource.

To view entire news in English language, including figures and tables, please follow the link:
https://www.asx.com.au/asxpdf/20180516/pdf/43v2d426xr7s26.pdf

APHRODITE GOLD PROJECT - BACKGROUND

The Aphrodite Gold Project is located 65km north of Kalgoorlie in the Eastern Goldfields of Western Australia and has a long history of exploration and resource estimation by several parties dating from its discovery in the mid-1990s.



The Aphrodite deposit is covered by five contiguous Mining Leases which are 100%-owned by Aphrodite. All five tenements have been granted for a 21-year life, with the earliest expiry date in 2028.

The Aphrodite mineralisation and current Mineral Resource estimate is situated in the Kalgoorlie Terrane of the Yilgarn Craton, and within the Bardon Tectonic Zone - a high-strain zone in supracrustal rocks extending about 120km north of Kalgoorlie. The Aphrodite prospect comprises a suite of intermediate to felsic porphyries that have intruded a sequence of basalts and dominantly volcanic-derived epiclastic rocks. The main zones of mineralisation defined so far (the near vertically-dipping Alpha and Phi lodes) lie within a regional N-S sericite-pyrite-arsenopyrite alteration system that extends for about 3km along strike.

DISCLAIMERS AND FORWARD-LOOKING STATEMENTS

This announcement contains forward looking statements. Forward looking statements are often, but not always, identified by the use of words such as "seek", target, "anticipate", forecast, "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions.

The forward-looking statements in this announcement are based on current expectations, estimates, forecasts and projections about Spitfire and the industry in which they operate. They do, however, relate to future matters and are subject to various inherent risks and uncertainties. Actual events or results may differ materially from the events or results expressed or implied by any forward-looking statements. The past performance of Spitfire is no guarantee of future performance.

None of Spitfires directors, officers, employees, agents or contractors makes any representation or warranty (either express or implied) as to the accuracy or likelihood of fulfilment of any forward-looking statement, or any events or results expressed or implied in any forward-looking statement, except to the extent required by law. You are cautioned not to place undue reliance on any forward-looking statement. The forward-looking statements in this announcement reflect views held only as at the date of this announcement.

For further information contact:

INVESTORS:
John Young
Spitfire Materials Limited
Telephone: 0419 954 020
Email: admin(at)spitfirematerials.com.au

MEDIA:
Nicholas Read
Read Corporate
Telephone: 0419 929 046
Email: info(at)readcorporate.com.au

To view entire news in English language, including figures and tables, please follow the link:
https://www.asx.com.au/asxpdf/20180516/pdf/43v2d426xr7s26.pdf



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Spitfire Materials ist ein australischer Goldprojektentwickler mit hervorragenden Wachstumschancen, der die Unternehmenswertsteigerung durch aggressive Exploration und strategische Akquisitionen vorantreibt.



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Date: 05/16/2018 - 08:41
Language: English
News-ID 1536064
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