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 ASX; SPI
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Company Statement
Spitfire Resources Limited is an Australian-based resources company which is focused on the acquisition, exploration and development of high-quality mineral assets in the carbon steel materials and energy sectors.
The Company’s flagship asset is the South Woodie Woodie Manganese Project, which is located 1,200km north of Perth and 230km north-east of Newman in Western Australia’s East Pilbara region.
The South Woodie Woodie Project comprises four granted Exploration Licences and 12 Exploration Licence Applications covering a total area of 1,761 sq km within an emerging Manganese Province in the East Pilbara.
The tenements are located approximately 40km down-strike from the 1 million tonne per annum (Mtpa) Woodie Woodie manganese mine, operated by Consolidated Minerals Limited (part of the Palmary Enterprises group), and close to a number of manganese projects which are currently being actively explored or developed.
Spitfire’s other key asset is a portfolio of prospective coal exploration properties located in Tasmania.
These assets comprise the Langloh Coal Project (which has an existing 10 million tonne in-situ Inferred JORC thermal coal resource) and the Avoca Coal Project. Both of these projects have excellent access to infrastructure.
Spitfire also holds a 70% interest in a group of seven Exploration Licence Applications (ELA’s) which have been lodged surrounding the Lindeman’s Bore Project, located 380km south west of Katherine in the Northern Territory.
The Lindeman’s Bore Project is owned and operated by Proto Resources & Investments Ltd (ASX: PRW). The tenements have a total area of 9,680 square kilometres covering prospective magnetic features surrounding the Lindeman’s Bore discovery.
Spitfire also intends to actively investigate and acquire additional well-located prospective mining tenements both in Australia and overseas to expand its footprint as an emerging resource company in the international mining industry.
Company Diagram
South Woodie Woodie
Current Operations
South Woodie Woodie Manganese Project
The South Woodie Woodie Project is located about 1,200km north of Perth, and 230km north east of Newman in the East Pilbara Manganese Province of Western Australia.
Spitfire commenced its maiden drilling program at South Woodie Woodie in April 2008, returning a number of anomalous manganese intersections which confirmed the prospectivity of the project area.
In May 2009 the company discovered the Tally-Ho manganese deposit, completing a successful 51-hole RC drilling program for a total of 2,384 metres. This work underpinned an initial maiden JORC resource estimate for Tally-Ho and a program of metallurgical testwork which returned encouraging results.
Following a subsequent successful resource extension drilling program completed in late 2009, Spitfire announced a substantial increase in the JORC Inferred Mineral Resource for the Tally-Ho in May 2010 to 2.94Mt grading 7.07% Mn.
This drilling has increased the resource strike length by approximately 480 metres to 680 metres.
The Tally-Ho deposit remains open in most directions, particularly to the north and north-east. Spitfire believes there is potential to further increase the resource tonnage by undertaking further drilling in these areas.
Spitfire is also continuing an aggressive program regional exploration at South Woodie Woodie to pursue its core objective of discovering a primary accumulation of high-grade manganese mineralisation.
An initial (Phase I) program of reconnaissance drilling across 15 geophysical and geological target areas at South Woodie Woodie was completed during the June 2010 Quarter, comprising a total of 19 holes for 2,027 metres of Reverse Circulation (RC) drilling.
The targets are located throughout EL46/616, which also hosts the Tally-Ho manganese deposit.
The Company has also recently completed a 67 sq km helicopter-borne EM survey which has defined a series of new targets which will be assessed in light of the results of the drilling program and other geological information.
Spitfire intends to work-up a second series of targets with a view to planning another round of drilling at South Woodie Woodie in the second half of 2010.
Tasmanian Coal
In 2008, Spitfire announced that it had moved to diversify its asset portfolio and commodity base after entering into an agreement to acquire Black Rock Energy Pty Ltd (Black Rock), a privately owned company whose assets include an advanced and highly prospective portfolio of thermal coal exploration properties located in Tasmania.
The acquisition provides Spitfire with the opportunity to significantly expand the existing 10 million tonne JORC Code compliant coal resource at Langloh within a rapid timeframe as the basis for a potential niche thermal coal export business in Tasmania.
Spitfire’s exposure to the coal sector is consistent with its focus on carbon steel materials and energy-related commodities.
Spitfire completed programs of diamond and RAB drilling at the Langloh and Avoca Coal Projects during the June 2010 Quarter.
An initial 11-hole diamond drilling and RAB program was completed at the Langloh Coal Project, representing the first exploration program to be conducted in this area since the early 1980s. The results of this drilling have confirmed the continuity of the coal seams and provided core for extensive coal quality analysis.
A second program comprising 18 holes of Rotary Air Blast (RAB) drilling and two diamond drill holes was also completed at the Avoca Project. The key objectives of the drilling were to extract samples for coal quality analysis and test the area’s coal-bearing potential.
The results were encouraging, with multiple coal seams, in some instances up to 3.5 metres thick, intersected over a strike length of up to 5-7km. The extensive nature of the coal seams indicates the possibility that the Avoca Project may host significant tonnages of coal. Coal has been mined in the areas surrounding Avoca almost continually since 1923.
Samples from the drilling have been dispatched to SGS in Newcastle for a 3-month program of coal quality analysis which will be crucial to determining the next steps for advancing this project. These coal quality results and those of the drilling program are to be reviewed by the company’s specialist coal consultancy Marston.
Northern Territory
In late 2009, Spitfire announced that it had been successful in securing a 70% interest in a group of seven Exploration Licence Applications (ELA’s) which have been lodged surrounding the Lindeman’s Bore Project, located 380km south west of Katherine in the Northern Territory.
The Lindeman’s Bore Project is owned and operated by Proto Resources & Investments Ltd (ASX: PRW), which last year reported a new mineral discovery at the LBD-1 target where it has completed a deep drill hole targeting “Norilsk-style” Nickel-Copper-PGE mineralisation.
This discovery has enhanced the prospectivity of this area and the future potential for a new mineral province. Mithril Resources Limited (ASX: MTH) has lodged two ELA’s immediately adjacent to the Lindeman’s Bore discovery to the south and east, forming its Antrim Project.
Spitfire has secured its 70% interest in ELA’s 27398, 27399, 27400, 27401, 27402, 27403 and 27404. The tenements have a total area of 9,680 km2 covering prospective magnetic features surrounding the Lindeman’s Bore discovery.
Geographical Spread
Western Australia - South Woodie Woodie
Northern Territory
Tasmania (see above)
Board of Directors and Key Management
| DIRECTORS | |
| James T Hamilton | Managing Director and Executive Chairman |
| Christopher J Daws | Non Executive Director |
| Russell P Hardwick | Non Executive Director |
| COMPANY SECRETARY | |
| Russell P Hardwick |
Company AddressSuite 1, 346 Barker Road
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Additional Address/Key ContactPostal Address: |
CapitalShares on Issue: 115.01M |
Annual General MeetingPerth, TBA | Year End30 June |
Major Shareholders
| Churchill Mining Plc | 24.75% |
| Prosperity Steel United | |
| Eralloys Holdings AS | |
| SK Resources |
Related News
08/04/10 - Spitfire Resources Is Hoping For Early Production From South Woodie Woodie, In Order To Take Advantage Of A Favourable Manganese Market09/10/09 - Spitfire A Winner From A Re-Start Of The Great Manganese Game
01/07/09 - Tally Ho! Shares In Spitfire Resources Take Off In Anticipation Of A Maiden Manganese Resource At South Woodie Woodie
20/01/09 - Tally-Ho! Spitfire Resources Intercepts A Rich Seam Of Manganese Down On South Woodie Woodie
Most Recent Statement
19/07/10 - Quarterly Activities Report16/07/10 - Quarterly Activities Report
24/06/10 - Exploration Update - Manganese and Coal Projects
22/06/10 - Spitfire Expands Pilbara Manganese Portfolio
13/05/10 - Increase in Tally-Ho Manganese Resource
27/04/10 - Spitfire raises $1.82M