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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 core asset is the 80%-owned 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 three granted Exploration Licences, located about 40km down-strike from the 1 million tonne per annum (Mtpa) Woodie Woodie manganese mine, operated by Consolidated Minerals Limited. In February 2008, the Company announced that it had significantly expanded its ground holding in the East Pilbara region by lodging applications for four strategic tenements, located approximately 13km south east of the northern project area.
In May 2008, Spitfire 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 the Derwent Valley, north-west of Hobart in Tasmania (the Langloh, Avoca and Ouse Projects).
Spitfire also intends to actively investigate and acquire additional well-located prospective mining tenements both in Australia and overseas as it expands its footprint as an emerging company in the international resource sector.
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. Anomalous manganese intersections were returned in 10 out of 16 holes drilled in this program.
In May 2009 the company followed up this discovery completing a 51-hole RC drilling program at the Tally-Ho Deposit for a total of 2,384 metres. Forty holes intersected near-surface manganese with grades ranging up to 27.9% Mn. The drilling found that the Tally-Ho deposit comprises of multiple flat-lying stacked seams and is open to the north, west and north east. Spitfire also tested 43 bulk samples from the Phase 3 program to see if the manganese could be upgraded. The results of this test work were encouraging.
Spitfire also commissioned a program of detailed mapping over the Tally-Ho deposit. This mapping program has identified a manganese seam approximately 30-40cm thick 730 metres north east of the known mineralisation. The mapping also identified a large zone of interest to the north west of the deposit.
The Tally-Ho deposit will be a priority focus for exploration by Spitfire during 2009. Coupled with this will be further target generation work on the new zone of interest and other areas for future drilling phases in 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 the Derwent Valley, north-west of Hobart in Tasmania (the Langloh, Avoca and Ouse projects).
The acquisition provides Spitfire with the opportunity to significantly expand the existing 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.
The Company is continuing to review its exploration activities within the Tasmanian coal portfolio in order to determine the most effective way of progressing these projects after taking into consideration its other commitments and priorities at the South Woodie Woodie Manganese Project.
Northern Territory
Subsequent to the end of the year, 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 recently 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.
Proto is continuing its exploration work in the area reporting it will conduct down-hole geophysics at LBD-1 and drill a second hole into the high of an aeromagnetic anomaly approximately one kilometre north west of LBD-1.
This discovery has enhanced the prospectivity of this area and the future potential for a new mineral province. Mithril Resources Limited (ASX: MTH) also recently 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 ownership balance is held privately by geologist Mr Alex Hewlett. The tenements have a total area of 9,680 km2 covering prospective magnetic features surrounding the Lindeman’s Bore discovery.
Spitfire has paid $120,000 and will issue three million fully paid shares to secure its interest in the ground package. Two million of these shares will be subject to a 12 month voluntary escrow restriction. The issue of shares will be subject to necessary regulatory and shareholder approvals.
The Company is pleased to have secured this interest in such a large tenement package providing exposure to a highly prospective emerging minerals region.
Geographical Spread
Western Australia
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; 101M
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Annual General MeetingPerth, TBA | Year End30 June |
Major Shareholders
| Churchill Mining Plc | 24.75% |
| Eralloys Holding AS | 8.56% |
Related News
09/10/09 - Spitfire A Winner From A Re-Start Of The Great Manganese Game01/07/09 - 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
19/08/08 - Spitfire Resources Looks For A Quick Fire Start On Its Manganese And Coal Projects In Australia
02/04/08 - Spitfire Gets Its Timing Spot On For Involvement In The Manganese Game
Most Recent Statement
19/03/10 - Spitfire commences Coal Drilling in Tasmania28/01/10 - Quarterly Cashflow Report
28/01/10 - Quarterly Activities Report
16/11/09 - DRILLING EXTENDS TALLY-HO MANGANESE DEPOSIT
15/10/09 - Drilling re-commences at South Woodie Woodie
14/10/09 - Change of Director`s Interest Notice