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SPITFIRE MATERIALS LTD

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STRONG INITIAL ASSAYS CONFIRM QUALITY AND CONSISTENCY OF HIGH-GRADE APHRODITE UNDERGROUND RESOURCE

ASX Announcement 16 April 2018 

Results from first four diamond holes confirm new exploration model and support ongoing development studies – assays for remaining nine holes awaited


Key Points:

  • Highly encouraging initial assay results received from recently completed 13-hole/6,149.4m resource in-fill and extensional diamond drilling program at the 100%-owned Aphrodite Gold Project near Kalgoorlie in WA.
  • Results from the first four diamond holes have confirmed the continuity of the lower Alpha lode over the central portion, validating the Company’s updated geology model. Significant assays included:
    • 18APD006 10m @ 3.99g/t Au from 377m including 3m @ 6.69g/t from 383m 22m @ 6.28g/t Au from 391m including 10m @ 11.57g/t Au from 393m
    • 18APD003 16m @ 2.65g/t Au from 322m including 4m @ 5.13g/t Au from 322m 5m @ 3.21g/t Au from 330m 12m @ 11.53g/t Au from 377m 
    • 18APD001 17m @ 2.67g/t Au from 322m including 3m @ 4.21g/t Au from 325m 3m @ 6.02g/t Au from 336m 
    • 18APD002 2m @ 4.09g/t Au from 373m
  • The drilling program was based on an upgraded geological model completed by consultants Model Earth and was designed to test and in-fill the lower Alpha and Phi lodes, with the aim of upgrading the substantial Underground Inferred Resource of 1.4Mt at 7.5g/t for 332,000oz.
  • The drilling, together with other ongoing development studies at Aphrodite, will pave the way for a Feasibility Study on the Aphrodite Gold Project in the second half of this year.
  • Further extensional diamond drilling planned to commence shortly targeting newly identified opportunities to expand the Underground Inferred Resource from the new geological model.

Spitfire Materials Limited (ASX: SPI) is pleased to advise that it has received highly encouraging initial results from the recently completed resource in-fill and extensional diamond drilling program at its flagship 100%- owned 1.26Moz Aphrodite Gold Project, located 65km north of Kalgoorlie in the Eastern Goldfields of WA (see Figure 4).


The results received so far have confirmed the quality and consistency of the mineralisation within the Underground Inferred Resource of 1.4Mt at 7.5g/t for 332,000oz (see ASX release dated 25 January 2018), supporting the Company’s objective of upgrading this Inferred Resource as the cornerstone of its development studies.

The drilling has also provided valuable geotechnical information and metallurgical samples for future underground feasibility work.

Assay results from the first four holes have confirmed the continuity of the lower section of the Alpha lode over 300m, with highlights including 17m @ 2.67g/t Au from 322m (18APD001), 12m @ 11.53g/t Au from 377m (18APD003) and 22m @ 6.28 g/t Au from 391m (18APD006). Assays from the remaining nine holes are expected over the next few weeks

Click here to view the full announcement 

30 JANUARY 2018 ASX/MEDIA RELEASE

MORE HIGH-GRADE HITS AT MULWARRIE AS DEEPER DRILLING CONFIRMS CONTINUITY OF SOUTHERN ZONES

Mineralisation extended in the southern zone to depths well below 100m, with impressive assay results of up to 53.6g/t Au from the latest round of drilling completed prior to Christmas

KEY POINTS

• All results now received from the Reverse Circulation drilling program completed at the Mulwarrie Gold Project, WA in December 2017.  

• Assay results from the Southern Zone have extended the high-grade mineralization intersected in previous drilling to depths well below 100m, and highlighted new zones of mineralisation in the hanging wall. Significant assay results include: 


- 17MWRC103 2m @ 6.52 g/t Au from 105m; and 

    1m @ 11.95 g/t Au from 105m 


- 17MWRC105 4m @ 5.91 g/t Au from 78m; including 

   1m @ 19.65 g/t Au from 78m, and   2m @ 11.36 g/t Au from 86m, 

 including    1m @ 21.28 g/t Au from 86m, and 

  2m @ 46.04 g/t Au from 123m, and 

  [email protected] 1.14g/t Au from 136m

- 17MWRC108 4m @ 15.63 g/t Au from 142m, including

   1m @ 53.6 g/t Au from 143m, and   3m @ 2.74 g/t Au

  from 164m, and   8m @ 14.94 g/t Au from 176m,

  including  5m @ 22.27 g/t Au from 177m

• The results build on and complement the high-grade primary gold intercepts reported in previous drilling campaigns, highlighting the strategic importance of Mulwarrie to Spitfire’s growth and consolidation strategy in the Eastern Goldfields region of WA.

Spitfire Materials Limited (ASX: SPI) is pleased to report further highly encouraging results from follow-up drilling at the Mulwarrie Gold Joint Venture, 150km north-west of Kalgoorlie in the Eastern Goldfields of WA, with high-grade assay results from the December 2017 drill program confirming the continuity of highgrade mineralisation at depth in the southern portion of the project.  

During November-December 2017, the drill program at Mulwarrie was successful in identifying and validating the previous RC drilling to the south and east of the Central Pit, with a total of 27 drill holes completed for 3,517m.

The November-December program followed up some of these intersections in what is now known as the East Lode and the Southern Zone, with encouraging results. Exploration Reverse Circulation drilling was also undertaken in several other areas to the east and north of the Mulwarrie Central Area.  

Spitfire’s Managing Director, John Young, said the latest phase of follow-up drilling had delivered a series of significant high-grade results from the Southern Zones, demonstrating the depth potential of the gold lodes well below previous mining and drilling to date.  

“We have been able to develop a much clearer understanding of the geometry and controls on the mineralisation at Mulwarrie, which will help us to determine how best to target the next round of drilling.

“The next step for the project is a deep diamond hole to enable us to determine the structural controls and orientation of the system, and to assist with planning for potential resource drilling.  

“Given its location just 65km from our Aphrodite Gold Project, the hub of our Eastern Goldfields strategy where drilling is set to commence early next month, the Mulwarrie Project is a strategic asset for us with the potential to become a satellite mining operation to a broader gold business centred at Aphrodite.

Click here for the full ASX Annoucement


COMPLETION OF MERGER AND STATEMENT OF 1.3Moz JORC
RESOURCE FOR APHRODITE GOLD PROJECT

25 JANUARY 2018 ASX/MEDIA RELEASE

Spitfire Materials Limited (ASX: SPI) is pleased to advise that, following its successful merger with Aphrodite
Gold Ltd (ASX: AQQ) by way of a scheme arrangement, the Company has acquired the Aphrodite Gold Project
and its 2012 JORC compliant 1.3Moz gold resource, located 65km north of Kalgoorlie.

The 1.3Moz 2012 JORC Mineral Resource was completed as part of Aphrodite Gold’s Pre-Feasibility Study in
2017 by independent resource consultants McDonald Speijers (MS). Accordingly, the information outlined
below was announced to the market on 27 June 2017 by Aphrodite.

Spitfire confirms that there has been no material change to the Mineral Resource estimate since that date and it is now being released by Spitfire for the first time. The 1.3Moz Mineral Resource will form the basis of the Company’s 2018 exploration program and potential future Definitive Feasibility studies. 

Spitfire recently announced a $5.33 million capital raising to underpin is gold exploration and development strategy for 2018, including a major new 5,000m resource in-fill and extensional drill program scheduled to commence at the Aphrodite Project later this month (see ASX announcement, 18 January 2018).

Click here to view the full announcement

SPITFIRE RAISES $5.33M IN HEAVILY OVERSUBSCRIBED
PLACEMENT TO UNDERPIN MAJOR GOLD DRILLING PUSH IN 2018

18 JANUARY 2018 ASX/MEDIA RELEASE

5,000m diamond drill program set to commence at Aphrodite Gold Project in late January.

HIGLIGHTS

  • $5.33M raised through heavily oversubscribed share placement at 10c.
  • Capital raising follows recent completion of merger with Aphrodite Gold Limited.
  • Major new 5,000m resource in-fill and extensional drill program to commence at the Aphrodite Gold Project, located in WA this month.
  • Funds will also be used to progress development studies at the Aphrodite Gold project, to undertake further drilling at the Mulwarrie Project, to meet costs associated with the merger, and for general working capital purposes.

Spitfire Materials Limited (ASX: SPI) is pleased to advise that it has successfully raised a total of $5.33
million to fast-track its Australian gold exploration and development strategy.

The funds will be used to rapidly advance Spitfire’s portfolio of Australian gold projects, commencing
with a major resource in-fill and extensional diamond drilling program scheduled to begin later this
month at the advanced Aphrodite Gold Project, located 65km from Kalgoorlie in Western Australia.

Click here to view the full announcement

SPITFIRE MATERIALS LIMITED ("SPITFIRE")

 An emerging Australian resource company focused on the identification, exploration and development of mineral assets, including Gold and Manganese.

APHRODITE GOLD PROJECT
Western Australia
Located in the heart of Western Australia’s world famous Eastern Goldfields region, the Aphrodite Gold Project is ideally positioned. Just 65km north of Kalgoorlie, it is close to all the major infrastructure and workforce required for the Project’s proposed commercialisation, and just 65km away from Spitfire’s Mulwarrie Gold Project.

ALICE RIVER GOLD PROJECT
Queensland
The Alice River Gold Project is located 470km north-west of Cairns in NE Queensland. The project encompasses eight Exploration Permits for Minerals (EPMs) and eight granted Mining Leases (MLs), for a total of 808 square km. The Alice River Gold Project includes rocks of the Proterozoic Holyroyd Metamorphics, which have been intruded by Late Silurian to Early Devonian Granitoids of the Pama Igneous Province. The gold mineralisation occurs at several prospects along the Alice River Shear Zone, a 50-60km long north-west trending set of shear zones located with the Alice-Palmer Structural Zone.

MULWARRIE GOLD PROJECT
Western Australia
The Mulwarie Gold Project is located 150km north-west of Kalgoorlie in the Ularring District of the North Coolgardie Mineral Field. The project encompasses two contiguous tenements, M30/119 (68 Ha) and M30/145, which lie 10km north-west of the Davyhurst Mining centre.

ENGLAND GOLD PROJECT
Western Australia
In late 2016, Spitfire acquired 100% of the granted Western Australian gold exploration license E38/2869 which is known as the England Gold Project.

YODA GOLD PROJECT
Northern Territory
In late 2016, Spitfire acquired 100% of the granted Northern Territory exploration licence EL 30834 which is known as the Yoda Prospect.

SOUTH WOODIE WOODIE PROJECT
Western Australia

The South Woodie Woodie Manganese Project comprises of 2 retention licences and 3 granted exploration licences. The retention licences cover both of the JORC inferred resources that Spitfire has discovered and developed since 2007. The South Woodie Woodie project lies along strike and to the south of the1.6Mtpa Woodie Woodie Manganese Mining Centre (operated by Consolidated Minerals Limited) and in close proximity to several emerging manganese projects.

JOHN YOUNG (MANAGING DIRECTOR)
B.AppSc (Geology), MAusIMM
Mr Young is a highly experienced geologist who has worked on exploration and production projects encompassing gold, uranium and specialty metals, including tungsten, molybdenum, tantalum and lithium. Mr Young’s corporate experience includes appointments as Chief Executive Officer of Marenica Energy Limited and CEO and Director of Thor Mining PLC. Mr Young was Pilbara Minerals Exploration Manager from June 2014 until August 2015, appointed Technical Director in September 2015 and transitioned to Non-Executive Director in July 2017. Mr Young is also a Non-executive director of AIM listed Mosman Oil and Gas.

NEIL BIDDLE (DIRECTOR)
BAppSc (Geology), MAusIMM
Mr Biddle is a geologist and Corporate Member of the Australasian Institute of Mining and Metallurgy and has over 30 years’ professional and management experience in the exploration and mining industry. Mr Biddle was a founding Director of Pilbara Minerals Limited, serving as Executive Director from May 2013 to August 2016, serving as a Non-Executive Director from August 2016 to 26 July 2017. Throughout his career, Mr Biddle has served on the Board of several ASX listed companies, including Managing Director of TNG Ltd from 1998 - 2007, Border Gold NL from 1994 - 1998 and Consolidated Victorian Mines from 1991 – 1994.

ROGER MITCHELL (DIRECTOR)
Roger has extensive corporate experience across Australia and South East Asia including 15 years’ experience in developing substantial media development projects in Singapore and Japan.
Roger holds a Bachelor of Business (Accounting) from the University of Canterbury in New Zealand.

PETER BUTTIGIEG (NON-EXECUTIVE CHAIRMAN)
B App Sc. (I.T)
Peter is an IT Processional with over 30 years experience. Peter is the Founder and Managing Director of RMS (Aust.) Pty Ltd, a successful and widely used business that designs IT Systems for the global hospitality, mining, defence and shopping centre industries.
Melbourne based, Peter holds a Bachelor of Applied Science (Information Technology) and graduated with Distinction from Monash University.

RUSSELL HARDWICK (CFO / COMPANY SECRETARY)
BBus, ACIS, CPA, MAICD
Mr Hardwick is a Certified Practicing Accountant with 20 years’ experience in a variety of private and public companies. Mr Hardwick is a member of the Australian Institute of Company Directors and is a Chartered Secretary. Mr Hardwick has extensive experience in corporate secretarial, capital raising and commercial management. He has held the positions of Director or Company Secretary for both AIM listed and ASX listed companies as well as Senior Executive positions within private companies.

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