http://www.proactiveinvestors.com.au Proactiveinvestors RSS feed en Mon, 24 Sep 2018 20:20:04 +1000 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Spitfire Materials intersects high-grade gold at Aphrodite project near Kalgoorlie ]]> http://www.proactiveinvestors.com.au/companies/news/201793/spitfire-materials-intersects-high-grade-gold-at-aphrodite-project-near-kalgoorlie-201793.html Spitfire Materials Ltd (ASX:SPI) has intersected high-grade gold in the first three holes of an extensional diamond drill program at its Aphrodite project near Kalgoorlie.

The assays come from the company’s second drilling campaign at the project, with 14 holes completed to date for a total of 5,536.6 metres.

READ: Spitfire Materials strengthens its portfolio by acquiring 100% of the Mulwarrie Gold Project

Spitfire managing director John Young said: “Our second diamond drill program at Aphrodite is off to a great start, with some excellent results from the first three deep holes.

“The results clearly indicate the presence of high-grade gold mineralisation to the north and south of the existing inferred resource area within the Phi lode, while also highlighting the potential of the high-grade Omega lode.”

Significant intersections include: 16 metres at 1.8 g/t gold from 164 metres; 2 metres at 10.17 g/t from 289 metres; and 25.61 metres at 4.11 g/t from 485.68 metres.

Alpha lode results

Spitfire also recorded a spectacular intercept within the Alpha lode, hitting 6 metres at 15.98 g/t from 546 metres, including 5 metres at 22.51 g/t from 546 metres and 2 metres at 31.10 g/t from 547 metres.

Drilling has confirmed continuity and grade within the targeted zones, while also confirming the company’s upgraded geological model for the deposit.

READ: Spitfire Materials’ drilling results pave way for gold resource increase and upgrade

Young said: “This provides strong support for our objective of upgrading the existing resource base at Aphrodite, with the aim of establishing the project as the cornerstone of a long-term gold operation for Spitfire in the Kalgoorlie region.

“Importantly, the recently completed and new phase of infill and extensional drilling have served to validate our exploration model, giving us confidence in our ability to target high-grade portions of the deposit and highlighting clear opportunities to aggressively expand our resource base.”

Aphrodite’s inferred resource is 1.4 million tonnes at 7.5 g/t gold for 332,000 ounces.

The project is 65 kilometres north of Kalgoorlie and has a long history of exploration and resource estimation dating from its discovery in the mid-1990s.

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Mon, 30 Jul 2018 02:21:00 +1000 http://www.proactiveinvestors.com.au/companies/news/201793/spitfire-materials-intersects-high-grade-gold-at-aphrodite-project-near-kalgoorlie-201793.html
<![CDATA[News - Spitfire Materials strengthens its portfolio by acquiring 100% of the Mulwarrie Gold Project ]]> http://www.proactiveinvestors.com.au/companies/news/197600/spitfire-materials-strengthens-its-portfolio-by-acquiring-100-of-the-mulwarrie-gold-project-197600.html Spitfire Materials Ltd (ASX:SPI) has further strengthened its growth pipeline in the North Kalgoorlie district in Western Australia by acquiring the remaining 49% of the Mulwarrie Gold Project.

The transaction gives Spitfire 100% ownership of this strategically located high-grade gold project and is consistent with its consolidation and growth strategy in Western Australia’s Eastern Goldfields.

Compelling regional growth opportunity

Since mid-2017, Spitfire has confirmed the continuity of high-grade mineralisation in several zones over 1.2 kilometres of strike at the Mulwarrie Project, with successive drill programs returning encouraging gold assays.

The Mulwarrie Project lies just 65 kilometres from the company’s flagship 1.26 million ounce Aphrodite Gold Project and represents a compelling regional growth opportunity.

Mulwarrie offers significant synergies with Aphrodite

Spitfire managing director John Young said: “This acquisition is consistent with our corporate strategy, which is to build a sizeable and high-quality gold resource inventory in the North Kalgoorlie region centred on our Aphrodite Project.

“Because of its outstanding grade and strategic location, we believe that Mulwarrie offers outstanding synergies with Aphrodite, and we are looking forward to undertaking further drilling programs to establish a maiden JORC Resource which can be evaluated as part of our broader development studies at Aphrodite.”

READ: Spitfire Materials' drilling results pave way for gold resource increase and upgrade

Spitfire recently revealed drilling results from the Aphrodite project, confirming the quality and consistency of the mineralisation.

Highlights included 17 metres at 2.67 g/t gold from 322 metres, 12 metres at 11.53 g/t from 377 metres and 22 metres at 6.28 g/t from 391 metres.

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Thu, 24 May 2018 15:13:00 +1000 http://www.proactiveinvestors.com.au/companies/news/197600/spitfire-materials-strengthens-its-portfolio-by-acquiring-100-of-the-mulwarrie-gold-project-197600.html
<![CDATA[News - Spitfire Materials' drilling results pave way for gold resource increase and upgrade ]]> http://www.proactiveinvestors.com.au/companies/news/195005/spitfire-materials-drilling-results-pave-way-for-gold-resource-increase-and-upgrade-195005.html Spitfire Materials Ltd (ASX:SPI) has released promising initial results from exploration at its flagship Aphrodite Gold Project near Kalgoorlie in Western Australia's Eastern Goldfields.

The company recently completed resource infill and extensional diamond drilling at the 1.26 million ounce Aphrodite project, confirming quality and consistency of mineralisation.

Spitfire looking to upgrade inferred resource

Spitfire targeted the underground inferred resource of 1.4 million tonnes at 7.5 g/t gold for 332,000 ounces.

Upgrading the inferred resource is one of the company’s key near-term goals.

Spitfire managing director John Young said: “The completion of a new geological model for the deposit has also been a key breakthrough.

“It has transformed our understanding of the geometry, orientation and controls on the mineralisation.”

Potential to expand resource

Young said: “This has highlighted a number of areas where we see clear potential to expand the current resource.

“The potential to expand the resource will be tested by further diamond drilling, which is planned to commence shortly while we await the balance of phase I assays.”

Wide intersections and high grades

Assay results from the first four holes have confirmed continuity of the lower section of the Alpha lode over 300 metres.

Highlights included 17 metres at 2.67 g/t gold from 322 metres, 12 metres at 11.53 g/t from 377 metres and 22 metres at 6.28 g/t from 391 metres.

Assays from the remaining nine holes are expected over the next few weeks, a potential share price catalyst.

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Mon, 16 Apr 2018 14:38:00 +1000 http://www.proactiveinvestors.com.au/companies/news/195005/spitfire-materials-drilling-results-pave-way-for-gold-resource-increase-and-upgrade-195005.html
<![CDATA[News - Spitfire Materials raising cash to advance new gold focused entity ]]> http://www.proactiveinvestors.com.au/companies/news/190051/spitfire-materials-raising-cash-to-advance-new-gold-focused-entity-190051.html Spitfire Materials (ASX:SPI) recently wrapped up the merger with and Aphrodite Gold Ltd (ASX:AQQ), creating a diversified Australian gold development company.

Spitfire has always had growth ambitions in Australia, and the creation of a new entity advanced this.

The next step to advance these plans is to raise capital, and the ASX has granted the company a trading halt to complete.

The halt will remain in place until the opening of trade on Thursday 18th January 2018, or earlier if an announcement is made to the market.

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Tue, 16 Jan 2018 08:43:00 +1100 http://www.proactiveinvestors.com.au/companies/news/190051/spitfire-materials-raising-cash-to-advance-new-gold-focused-entity-190051.html
<![CDATA[News - Spitfire Materials’ shares rise on commencing gold drilling at Alice River ]]> http://www.proactiveinvestors.com.au/companies/news/185132/spitfire-materials-shares-rise-on-commencing-gold-drilling-at-alice-river-185132.html Spitfire Materials Ltd (ASX:SPI) has commenced its maiden drilling program at the Alice River gold project in Queensland.

The company’s shares closed circa 9% higher on Thursday, at $0.115.

Spitfire’s Alice River gold project is located 270 kilometres west of Cooktown, at the southern end of the Savannah Province.

The project encompasses eight exploration permits and eight granted mining leases for a total of 808 square kilometres.

Spitfire’s initial reverse circulation (RC) drilling program, comprising 17 holes for circa 2,430 metres, will be conducted over the Alice Queen and One Mile mining leases.

The initial phase of RC drilling is designed to follow-up historical sampling results and modelling that resulted in the definition of an initial exploration target.

A key exploration licence was recently granted over the central 15 kilometres of the Alice River shear zone, providing contiguous coverage over the eight granted mining leases.

Last week, the company received high-grade gold results from its first phase of a 6,000 metre follow-up reverse circulation drilling program at the Mulwarrie Gold Project in Western Australia.

The company had outstanding primary gold hits of up to 43.5 g/t gold, confirming the potential of the Mulwarrie project.

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Fri, 06 Oct 2017 08:21:00 +1100 http://www.proactiveinvestors.com.au/companies/news/185132/spitfire-materials-shares-rise-on-commencing-gold-drilling-at-alice-river-185132.html
<![CDATA[News - Spitfire Materials gets ready to raise following acquisition ]]> http://www.proactiveinvestors.com.au/companies/news/175631/spitfire-materials-gets-ready-to-raise-following-acquisition-175631.html Spitfire Materials (ASX:SPI) has been granted a trading halt by the ASX, pending details of a capital raising.

Earlier in the week Spitfire moved to acquire unlisted Australian gold explorer Admiral Gold Limited.

The halt will remain in place until the opening of trade on Monday 3rd April 2017, or earlier if an announcement is made to the market.

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Thu, 30 Mar 2017 07:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/175631/spitfire-materials-gets-ready-to-raise-following-acquisition-175631.html
<![CDATA[News - Spitfire Materials moves into the Yoda gold prospect in Northern Territory ]]> http://www.proactiveinvestors.com.au/companies/news/170278/spitfire-materials-moves-into-the-yoda-gold-prospect-in-northern-territory-170278.html The major historical gold mining districts in the region occur at the Winnecke and Arltunga Goldfields and more recently at the White Dam Gold Mine.

Winnecke is reported to have produced 1,500 ounces of alluvial gold, Arltunga 15,400 ounces gold from quartz reefs and White Dam an additional 74,000 ounces gold, also from quartz reefs.

Significant historical rock chip assays at Yoda include 21.5 g/t, 15.4 g/t, 14.6 g/t and 4.8 g/t gold overlying several undrilled induced polarisation (IP) targets.

No drilling has been undertaken at any of the gold exploration targets identified in historical exploration.

The next phase of activity will include a heritage survey prior to drilling of several reverse circulation drill holes, to test the subsurface extent of mineralisation and the source of IP anomalies.

Spitfire has issued the vendors 3 million fully paid ordinary shares worth $204,000, valued at Spitfire’s last traded price.

The shares are subject to a voluntary 12 month escrow period from the date of issue.

The company had a cash balance of $1.75 million as at 30 September 2016.

Spitfire’s share price has increased by about 33% during the last three months.

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Mon, 12 Dec 2016 13:30:00 +1100 http://www.proactiveinvestors.com.au/companies/news/170278/spitfire-materials-moves-into-the-yoda-gold-prospect-in-northern-territory-170278.html
<![CDATA[News - Spitfire Materials Ltd to start exploring the Yoda Prospect for gold ]]> http://www.proactiveinvestors.com.au/companies/news/168968/spitfire-materials-ltd-to-start-exploring-the-yoda-prospect-for-gold-168968.html The Yoda Prospect is located 150 kilometres northeast of Alice Springs within the Paleoproterozoic Aileron Province of the Arunta Region.

Under the terms of the agreement, Spitfire has agreed to issue the vendors 3 million fully paid ordinary shares worth $168,000 at Spitfire’s last traded price.

The major historical gold mining districts in the region occur at the Winnecke and Arltunga Goldfields and the more recent White Dam Gold Mine.

Winnecke is reported to have produced 1,500 ounces of alluvial gold, Arltunga 15,400 ounces gold from quartz reefs and White Dam an additional 74,000 ounces gold, also from quartz reefs.

Significant historical rock chip assays at Yoda include 21.5 g/t, 15.4 g/t, 14.6 g/t and 4.8 g/t gold overlying several undrilled induced polarisation (IP) targets.

No drilling has been undertaken at any of the gold exploration targets identified in historical exploration.

The next phase of activity will include a heritage survey prior to drilling of several reverse circulation drill holes, to test the subsurface extent of mineralisation and the source of IP anomalies.

Spitfire had a cash balance of $1.75 million as at 30 September 2016.

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Tue, 15 Nov 2016 09:00:00 +1100 http://www.proactiveinvestors.com.au/companies/news/168968/spitfire-materials-ltd-to-start-exploring-the-yoda-prospect-for-gold-168968.html