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Spitfire Materials Ltd to start exploring the Yoda Prospect for gold

Spitfire Materials Ltd (ASX:SPI) has executed an agreement to acquire a granted Northern Territory gold exploration licence known as the Yoda Prospect.
Spitfire Materials Ltd to start exploring the Yoda Prospect for gold
Spitfire Materials Ltd to start exploring the Yoda Prospect for gold

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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