Spitfire - Transformational gold strategy
With the planned merger with Aphrodite Minerals (due to be completed in early January, and with the Scheme Booklet now available), Spitfire is continuing the transformational strategy of becoming a significant Australian gold developer. Work by the Company, headed by the Pilbara team of John Young and Neil Biddle, has highlighted the potential of the existing Mulwarrie (Western Australia) and Alice River Gold Projects (Queensland), with the Aphrodite merger to bring in the feasibility stage 1.26Moz Aphrodite Gold Project, located just 65km north-west of Kalgoorlie, and more importantly just 65km south-east of Mulwarrie, thus presenting potential operational synergies.
Recent drilling at Mulwarrie has returned high grade gold intersections, with further drilling planned on this exciting prospect which remains open. Likewise drilling has recently been completed at Alice River (which has an Exploration Target of between 105,000oz and 250,000oz), with results awaited – it is planned to follow this up with further field work, including drilling amongst others. Preliminary work on initial resource estimates for both Mulwarrie and Alice River is planned to commence in early 2018. Initial planned work at Aphrodite, following completion of the merger, includes a comprehensive geological and structural reinterpretation; again mineralisation is open with the potential to significantly increase resources.
To read our report on Spitfire, for which we expect steady news flow over coming months, please follow the link below.
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Mark is a Senior Resources Analyst for Independent Investment Research, with a focus on junior and mid-cap listed resources stocks. With over 10 years as an analyst, following on from 17 years as a geologist, he has a good insight into the sector.