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.

The Yoda Prospect is located approximately 150 km northeast of Alice Springs (Figure 1). The tenement is located on the Illogwa (SF53-15) 1:250 000 and Quartz (5951) 1:100 000 geological map sheets. The project area is most easily accessed from the north via the Stuart and Plenty Highways and then south via station tracks.

The major historical gold mining districts in the region occur at the Winnecke and Arltunga Goldfields and the more recent White Dam Gold Mine. Winnecke is reported to have produced 1,500 ounces of alluvial gold, Arltunga 15,400 ounces from quartz reefs and White Dam an additional 74,000 ounces, also from quartz reefs.

The deposits are hosted both by the Palaeoproterozoic basement and by the Neoproterozoic Heavitree Quartzite and are inferred to have an age of ~325-290 Ma (late Alice Springs Orogeny).

Previous exploration history at the Yoda Prospect includes:

1. During 2011-2012 exploration for mafic hosted Ni-Cu-PGE deposits was undertaken, during which 53 rock chip samples were collected and a VTEM and IP/Resistivity Survey completed. The exploration revealed a north-south trending, sporadically outcropping quartz vein over several hundred meters on the eastern margin of a dominant amphibolite outcrop. Assays of grab samples recorded gold values up to 21.5 g/t (See Table 1 for full results). A discrete IP anomaly is coincident with this zone. Several other IP targets were identified in proximity to the mineralised quartz vein.

2. In 2012-2013 a further one rock chip and 12 stream sediment samples were collected.

No drilling has been undertaken at any of the gold exploration targets identified in historical exploration. Further exploration work is warranted to test the extent of gold mineralisation associated with the quartz vein and to test three coincident and semi-coincident IP anomalies spatially associated with mineralisation.

Note: Significant assay results shown only. Refer to Table 1 in the ASX Release 9 December 2016 for full results.