PERTH (miningweekly.com) – ASX-listed Spitfire Materials will acquire the remaining 49% interest in the Mulwarrie gold project, in Western Australia, taking full ownership of the operation.
Spitfire will issue the vendors some 10-million fully paid ordinary shares, which will be voluntarily escrowed for 12 months, as well as A$100 000 in cash.
The shares will be issued under the company’s placement capacity.
“This acquisition is consistent with our corporate strategy, which is to build a sizeable and high-quality gold resource inventory in the North Kalgoorlie region, centered around our Aphrodite project,” said Spitfire MD John Young.
“Because of its outstanding grade and strategic location, we believe that Mulwarrie offers outstanding synergies with Aphrodite, and we are looking forward to undertaking further drilling programmes to establish a maiden Joint Ore Reserves Committee resource, which can be evaluated as part of our broader development studies at Aphrodite.”
The Mulwarrie project encompasses two contiguous tenements some 65 km from the Aphrodite project.