Spitfire Minerals Limited has executed a conditional agreement to acquire the granted West Australian exploration licence E38/2869, known as the England Project.
According to the company’s statement to the ASX, the consideration for the acquisition is 2,000,000 fully paid ordinary shares in Spitfire which will be voluntary escrowed for 12 months.
The England Gold Project is located on a highly prospective structural corridor which contains the Joanne and Jenny deposits to the north and the Wallaby Deposit to the south on a north easterly striking cross fault.
Available historic data covering the area confirm that significant potential exists for medium to large scale mesothermal gold mineralisation within sheared and altered Archaean greenstones of the England project area.
Spitfire said its exploration efforts at the England Project will include additional infill air-core bedrock drilling adjacent to the Goat Creek gold intersection of 5m @5.6g/t in hole ENR022 to determine the full extent of mineralisation.
The company is also planning additional reconnaissance bedrock air-core drilling over untested areas of the England project with highly prospective structural corridors covered with sheet- wash/alluvial sediments.
Commenting on the announcement, Spitfire Director Russell Hardwick said:
“We are pleased with the proposed acquisition of the England gold project and see this as a low-cost entry into a highly prospective area.”