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Spitfire Materials’ shares rise on commencing gold drilling at Alice River

The company’s shares closed circa 9% higher on Thursday, at $0.115.
map of queensland
A gold exploration target has been defined

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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