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Spitfire Materials moves into the Yoda gold prospect in Northern Territory

Spitfire Materials (ASX:SPI) has completed the acquisition of the Yoda Prospect, located 150 kilometres northeast of Alice Springs in the Northern Territory.
Spitfire Materials moves into the Yoda gold prospect in Northern Territory
Spitfire Materials moves into the Yoda gold prospect in Northern Territory

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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