IRW-News: Spitfire Materials Limited: Spitfire Materials Ltd.: Beeindruckende erste Bohrergebnisse von bis zu 25 g/t bestätigen für Goldprojekt Alice in Queensland hervorragendes Potenzial

IRW-PRESS: Spitfire Materials Limited: Spitfire Materials Ltd.:
Beeindruckende erste Bohrergebnisse von bis zu 25 g/t bestätigen für
Goldprojekt Alice in Queensland hervorragendes Potenzial

Beeindruckende erste Bohrergebnisse von bis zu 25 g/t bestätigen
für Goldprojekt Alice in Queensland hervorragendes Potenzial

Bohrungen bestätigen hochgradige Goldmineralisierung in den
Zielzonen des Systems Alice Queen- One Mile: Modellierung von
Flugmessdaten belegen außergewöhnliche Goldziele mit Bezug zu
Intrusionsgestein

ECKDATEN

– Zu den hervorragenden Ergebnissen aus dem ersten RC-Bohrprogramm des Unternehmens im Alice River Gold Joint Venture in Queensland zählen unter anderem folgende wichtige Abschnitte:

– 17AARC002–14 m mit 1,59 g/t Au aus 51 m
– 17AARC004–5 m mit 2,67 g/t Au aus 112 m; und


7 m mit 1,57 g/t Au aus 139 m – 17AARC005–2 m mit 25,03 g/t
Au aus 89 m; und


13 m mit 1,50 g/t Au aus 111 m, einschließlich


3 m mit 2,69 g/t Au

– 17AARC007–14 m mit 5,47 g/t Au aus 71 m, einschließlich


5
m mit 12,85 g/t Au – 17AARC008–17 m mit 1,59 g/t Au aus 106 m,
einschließlich


8 m mit 2,45 g/t Au – 17AARC009–17 m mit 3,26
g/t Au aus 89 m, einschließlich


5 m mit 8,45 g/t Au -
17AARC011–17 m mit 1,54 g/t Au aus 26 m, einschließlich


2 m mit
6,45 g/t Au

– Das aktuelle Bohrprogramm hat die Kontinuität einer hochgradigen Goldmineralisierung innerhalb des Systems Alice Queen – One Mile in bis zu 250 m Tiefe ab Oberflächenniveau bestätigt; das System ist sowohl in der Tiefe als auch entlang des Streichens offen.

– Die Bohrergebnisse habe bestätigt, dass die hochgradige Goldmineralisierung eine moderate Mächtigkeit aufweist, mit Quarz-Sulfid-Adern assoziiert ist und in ausgeprägte, breite Alterierungsmäntel eingebettet ist (Serizit, Chlorit, Tonerde und Epidot).

– 3D-Modelle der Anomalie White Lion, die im Rahmen von Messflügen 15 km weiter südöstlich ermittelt wurde, haben eine 1,5 km breite, kreisförmige Donut-Struktur mit hohen Magnetfeldwerten skizziert. Die Magnetfeldquelle befindet sich in einer Tiefe zwischen 100 m und mehr als 500 m und fällt mit anomalen Werten in Gesteinssplittern an der Oberfläche (> 1,0 g/t Au) zusammen. Es handelt sich hier um ein außergewöhnliches Goldziel mit Bezug zu Intrusionsgestein, wie man es auch bei Mt Leyshon findet; das Goldziel wird im Rahmen der geplanten Folgebohrungen Anfang des Jahres 2018 genauer untersucht.

Spitfire Materials Limited (ASX: SPI) freut sich bekannt zu
geben, dass das Unternehmen mit seiner Explorationskampagne im Alice
River Joint Venture, 440 km nordöstlich von Cairns im Norden des
australischen Bundesstaates Queensland, einen fulminanten Start
hinlegen konnte; das erste Bohrprogramm, das mit dem RC-Verfahren
(Umkehrspülung) absolviert wurde, hat großartige Ergebnisse erzielt.

Die ersten Bohrungen, die auf das bereits angekündigte
Explorationsziel in den Prospektionsgebieten Alice Queen und One
Mile gerichtet waren, haben ergeben, dass sich sowohl unterhalb als
auch in Streichrichtung historischer Goldbergbaubereiche eine
bedeutende, hochgradige Primärgoldmineralisierung befindet.

Das im Oktober 2017 bei Alice River durchgeführte Bohrprogramm
bestand aus 14 Löchern und umfasste 2.397 Bohrmeter; die in den
1980er und 1990er Jahren von früheren Betreibern absolvierten RC-
und Diamantbohrungen konnten erfolgreich validiert werden. Die neuen
Bohrergebnisse haben gezeigt, dass sich das Goldsystem weiter
ausdehnt als bisher angenommen und sowohl entlang des Streichens als
auch in der Tiefe offen ist. Die Bohrungen bei One Mile zielten auf
die im Fallwinkel abwärts driftenden (nördlichen) Ausläufer einer
Mineralisierung in geringerer Tiefe bei Alice Queen ab.

John Young, Geschäftsführer von Spitfire, erklärte, dass die
erste Bohrphase das große Potenzial des Projekts Alice River
bestätigt hat, welches sich neben dem wachsenden Portfolio an
Goldprojekten in der Region Kalgoorlie in Westaustralien zu einem
bedeutenden längerfristigen Explorationsprojekt entwickeln dürfte.

Wir haben einen fulminanten Start hingelegt; mit unserem ersten
Bohrprogramm konnten wir beeindruckende Ergebnisse erzielen, die
unser Geomodell bestätigen und uns bessere Einblicke in die
Geometrie und Kontrollstrukturen der Mineralisierung bei Alice River
ermöglichen.

Anhand unserer bisherigen Arbeiten konnten wir eindeutig ein
bedeutendes hochgradiges Golderzgangsystem in den Bereichen Alice
Queen und One Mile ermitteln, das beste Chancen hat, weiter zu
wachsen und wo schon in naher Zukunft Ressourcen erschlossen werden
können.

Gleichzeitig haben wir auf dem gesamten Projektgelände eine Reihe
von Zielen ermittelt, darunter auch ein 15 km südöstlich gelegenes
vielversprechendes Goldziel mit Bezug zu Intrusionsgestein, das
starke Ähnlichkeit mit der Lagerstätte Mt Leyshon (3,5 Millionen
Unzen) aufweist. Dieses und andere Ziele werden im Rahmen eines
detaillierteren Explorationsprogramms bei Alice River im Jahr 2018
evaluiert.

Unter folgendem Link finden Sie die vollständige englische
Originalmeldung:
http://www.spitfirematerials.com/sites/default/files/asx-announcemen
ts/6862560.pdf

Die Ausgangssprache (in der Regel Englisch), in der der
Originaltext veröffentlicht wird, ist die offizielle, autorisierte
und rechtsgültige Version. Diese Übersetzung wird zur besseren
Verständigung mitgeliefert. Die deutschsprachige Fassung kann
gekürzt oder zusammengefasst sein. Es wird keine Verantwortung oder
Haftung: für den Inhalt, für die Richtigkeit, der Angemessenheit
oder der Genauigkeit dieser Übersetzung übernommen. Aus Sicht des
Übersetzers stellt die Meldung keine Kauf- oder Verkaufsempfehlung
dar! Bitte beachten Sie die englische Originalmeldung auf
www.sedar.com , www.sec.gov , www.asx.com.au/ oder auf der
Firmenwebsite!

ALICE QUEEN – ONE MILE MINING CENTRE

The historical Alice Queen Mine and One Mile prospect areas, are
located on granted Mining Leases ML2901 and ML3010 respectively (see
Figure 1 – Alice River Drill Plan).

As part of the planned program, holes 17AARC001 to 17AARC014 were
drilled to test the mineralization below the Alice Queen pit and to
follow the mineralized zone to the NNW, down-plunge of the Alice
Queen Pit, towards One Mile.

Significant RC drilling intercepts >0.5g/t are listed below with
full results provided in Table 2.

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Figure 1: Alice River Drill Plan

Reverse Circulation holes 17ARRC001 to 17ARRC003, and holes
17ARRC012 – 17AARC014 were completed over the One Mile Prospect,
targeting extensions of the higher-level vein system at the Alice
Queen pit both along-strike and down-plunge. Drilling was successful
in defining broad alteration zones with low to moderate grade gold
mineralisation over significant widths below 100m. The results from
17ARRC002 are very encouraging, with this hole identifying the
likely extension of the main quartz vein/lode in the Alice Queen pit
further south.

Significant Gold Intercepts* (>0.5g/t Au and >1m wide)

Hole 17ARRC001 —

– 16 m @ 0.70 g/t Au from 163 m, including 1 m @ 2.48 g/t Au
– 11 m @ 0.91 g/t Au from 182 m, including 4 m @ 1.24 g/t Au
– 5 m @ 0.94 g/t Au from 195 m
– 3 m @ 1.33 g/t Au from 207 m, including 1 m @ 2.21 g/t Au

Hole 17ARRC002
– 2 m @ 2.21 g/t Au from 19 m
– 2 m @ 5.57 g/t Au from 27 m
– 2 m @ 0.67 g/t Au from 43 m
– 14 m @ 1.59 g/t Au from 51 m, including 4 m @ 2.30 g/t Au

* Intercepts >0.5g/t Au and >1m wide down hole

Hole 17ARRC013
– 1 m @ 1.78 g/t Au from 235 m
– 1 m @ 2.54 g/t Au from 264 m
Hole 17ARRC014
– 3 m @ 1.56 g/t Au from 36 m
– 3 m @ 2.05 g/t Au from 46 m
– 5 m @ 1.69 g/t Au from 55 m, incl. 1 m @ 3.75 g/t Au
– 1 m @ 13.35 g/t Au from 65 m
– 3 m @ 4.37 g/t Au from 73 m, incl. 1 m @ 8.49 g/t Au
– 1 m @ 16.1 g/t Au from 96 m

Reverse Circulation holes 17ARRC004 – 17AARC 011 were designed to
drill critical sections of the of Alice Queen open pit area at
depth, below the known mineralisation.

Drill holes 17ARRC004 – 17AARC006 were located at the northern
end of the pit and intersected broad widths (>35m) of elevated gold
in excess of 0.10g/t Au. Drill holes 17ARRC007 and 17AARC008 were
drilled below the middle area of Alice Queen open pit, and the
intersection widths correlate well with historical drilling in the
1980s to 1990s, and display good continuity between holes (see
Figure 2, drill section C-D).

Hole 17ARR007 returned a significant result of 14 m @ 5.47 g/t
Au, including 5 m @ 12.85 g/t Au, and 1 m @ 33.0 g/t Au.

17AARC009 was drilled 50m south of section E-F and returned a significant result of 17m @ 3.26 g/t Au, including 5m @ 8.45 g.t Au.
Hole 17ARRC004
– 5 m @ 2.67 g/t Au from 112 m
– 7 m @ 1.57 g/t Au from 139 m

Hole 17ARRC005

– 2 m @ 25.03 g/t Au from 89 m, including 1 m @ 48.2 g/t Au
– 3 m @ 0.954 g/t Au from 94 m.
– 13 m @ 1.50 g/t Au from 111 m, including 3 m @ 2.69 g/t Au

Hole 17ARRC006

– 7 m @ 0.9 g/t Au from 30 m, including 2 m @ 1.68 g/t Au
– 4 m @ 0.99 g/t Au from 202 m, including 1 m @ 1.62 g/t Au
Hole 17ARRC007
– 14 m @ 5.47 g/t Au from 71 m, including 5 m @ 12.85 g/t Au, incl. 1 m @ 33.0 g/t Au
– 9 m @ 1.18 g/t Au from 100 m
Hole 17ARRC008
– 3 m @ 1.97 g/t Au from 57 m.
– 17 m @ 1.59 g/t Au from 106 m, including 8 m @ 2.45 g/t Au.

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Figure 2 – Drill Section C-D
Hole 17ARRC009
– 17 m @ 3.26 g/t Au from 89 m, incl. 5 m @ 8.45 g/t Au, incl. 1 m @ 15.4 g/t Au
– 4 m @ 3.54 g/t Au from 120 m

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Figure 3 – Drill Section E-F

Hole 17ARRC010

– 2 m @ 2.5 g/t Au from 25 m, including 1 m @ 4.49 g/t Au
– 2 m @ 1.588 g/t Au from 44 m

Hole 17ARRC011 – 17 m @ 1.54 g/t Au from 26 m, including 2 m @
6.455 g/t Au

FUTURE DRILLING PLANS

Given the impressive initial results from Alice Queen and One
Mile, which has confirmed the presence of a significant mineralised
system, Spitfire intends to commence follow-up drilling in 2018 to
evaluate extensions of the system at depth and along strike.

Initial drilling will also be undertaken at numerous other gold prospects along strike, such as Julie Ann, Peninsula King, Big Blow and German Jack. These historical gold prospects are located to the south-east of Alice Queen and One Mile along the Alice River Shear Zone.
Historical drilling at these prospects has yielded high-grade gold intercepts but has only tested the mineralisation to a relatively shallow average depth of just 40m. The Company believes that it has an exceptional opportunity to drill below these known systems in 2018, and build up a portfolio of gold resources along the highly prospective Alice River shear zone.

WHITE LION
The White Lion Prospect lies some 15km along strike to the south-east of Alice Queen area, located on EPM 26266. Several rock chip samples were taken by Spitfire at this prospect over a quartz-vein breccia zone located just north of the White Lion magnetic anomaly. The brecciated vein zone outcrops for approximately 300m and trends north-west, sub-parallel to the regional shear zone (see Figure 4 – White Lion Prospect and rock chip results).
Eight rock chip samples were taken by Spitfire from surface outcrops, and results returned assays of up to 1.7g/t Au. These results have verified the anomalous rock chip results reported from historical exploration work carried out in the 1980s, which returned assays of up to 2.56g/t Au.
Shallow Airtrack drilling carried out in the 1980s also returned anomalous gold, with the best interval returning 20m @ 0.4 g/t Au within hole ARAT-244. The historical Airtrack drilling only reached depths of 30m, and the gold zones defined were never followed up with further exploration or deeper drilling. There is very little exposed outcrop in the area, however altered granite was noted as well as a fine-grained porphyry unit (mapped as green aplite dyke), very similar to what has been mapped on the periphery of the Alice Queen pit.

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Figure 4: White Lion Prospect and rock chip results GEOPHYSICS

A detailed aeromagnetic survey was flown by Spitfire in mid-2017
over the most prospective portions of the Alice River Gold Project
tenements. 3D magnetic inversion modelling of the White Lion
magnetic feature was completed in late September. The donut-shaped
anomaly has a low amplitude signature (50nT) and is around 1.5km in
diameter. The inversion model suggests that the magnetic source has
the form of a sub-vertical cylinder, with a depth to the top of
around 100m. The donut feature becomes more magnetic below 500m
depth, (See Figures 5 and 6).

The pipe-like magnetic anomaly is reminiscent of classic porphyry
copper-gold signatures, but is somewhat lower in amplitude. However,
the anomaly could be associated with an intrusive-related gold
system, as there are anomalous gold geochemical results around the
White Lion area (historical rock chips, soils, air track holes, new
rock chips). Along the north-eastern side of the donut magnetic
feature, a strong regional north-west trending fault structure is
also evident in the magnetic data, which is likely be an important
structural feature related to gold deposition.

The target at White Lion could be more clearly defined by
employing ground electrical geophysical surveys such as Induced
Polarisation, which has been recommended by the Companys
consultants.

The magnetic feature is similar in size to the Mt Leyshon breccia pipe. The Mt Leyshon pipe has a remnant low magnetic anomaly of around 2000nT related to the intrusion and biotite-magnetite alteration. Pervasive phyllic alteration can also destroy magnetite, resulting in lower amplitude anomalies. The Mount Leyshon gold deposit, which lies to the south-east, is estimated to contain some 3.5 million ounces of gold. Further exploration work at White Lion is planned for 2018.
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Figure 5: White Lion 3D Magnetic inversion Depth Slices

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Figure 6: White Lion 3D Magnetic inversion Depth Slices

MORE INFORMATION

For further information please contact:
John Young
Managing Director
Tel: 0419954020
Email: jyoung@spitfirematerials.com.au


COMPETENT PERSONS STATEMENT
The information in this announcement relating to Exploration Results and Mineral Resources is based on information compiled by the Companys exploration consultant, Dr Matthew White, a competent person, who is a Member of the Australian Institute of Geoscientists. Dr White has sufficient experience relevant to the style of mineralisation and to the type of activity described to qualify as a competent person as defined in the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Dr White consents to the inclusion in this announcement of the matters based on his information in the form and content in which it appears.

APPENDIX 1

Table1: Collar Co-ordinates Reverse Circulation Drilling – Alice
River Database

Hole-Id Collar Collar CollaCollarCollar Total

East North r RL Azim Hole Depth MGA94 MGA94 (m) (Grid Dip (m) )

17ARRC001745186 8292610126 60 -70 221 17ARRC002745215 8292669128
60 -60 106 17ARRC003745085 8292685126 60 -60 202 17ARRC004745177
8292570125 60 -60 172 17ARRC005745190 8292559125 60 -60 166
17ARRC006745165 8292540124 60 -60 232 17ARRC007745212 8292524124 60
-60 142 17ARRC008745191 8292511123 60 -60 160 17ARRC009745188
8292484122 60 -60 172 17ARRC010745247 8292467124 60 -60 100
17ARRC011745254 8292450123 60 -60 100 17ARRC012745142 8292716127 60
-60 220 17ARRC013745107 8292623126 60 -60 286 17ARRC014745205
8292708125 60 -60 118

Table 2 – Significant Intersections (> 0.5g/t Au) Reverse
Circulation Drilling

HOLE_ID FROM (m) TO (m) LENGTH Intersection > (m) 0.50

g/t Au (all uncut)
17AARC001 163 179 16 0.70 182 193 11 0.91 195 200 5 0.94 207 210 3 1.33
17AARC002 19 21 2 2.21 27 29 2 5.57 31 32 1 1.54 43 45 2 0.67 51 65 14 1.59
17AARC003 89 90 1 0.60 97 101 4 0.78
17AARC004 43 44 1 0.70 112 117 5 2.67 125 126 1 0.80 139 146 7 1.57
17AARC005 89 91 2 25.03 94 97 3 0.95 111 124 15 1.34 127 128 1 0.53 132 134 2 0.76
17AARC006 30 37 7 0.90 152 155 3 0.72 202 206 4 0.99 219 223 4 0.69
17AARC007 3 4 1 0.51 6 7 1 2.66 46 49 3 0.78 61 62 1 1.85 71 85 14 5.47 88 91 3 1.14 100 109 9 1.18
17AARC008 57 60 3* 1.97 80 81 1 1.79 83 84 1 4.16 87 88 1 4.01 89 90 1 0.53 106 123 17 1.59
*3m composite sample

HOLE_ID FROM (m) TO (m) LENGTH Intersection

(m) >1 g/t Au (all uncut)
133 134 1 1.33
17AARC009 21 22 1 1.15 55 56 1 0.96 64 65 1 1.22 70 71 1 0.76 84 85 1 2.87 89 106 17 3.26 113 114 1 0.70 120 124 4 3.54 127 130 3 0.58
17AARC010 11 12 1 5.90 25 27 2 2.50 44 46 2 1.59
17AARC011 9 12 *3 0.73 26 43 17 1.54
17AARC012 160 167 7 0.61
17AARC013 235 236 1 1.78 264 265 1 2.54
17AARC014 36 39 3 1.56 46 49 3 2.05 55 60 5 1.69 65 66 1 13.35 73 76 3 4.37 96 97 1 16.10

NSI = no significant intercepts over 1g/t Au

Table 3 – White Lion Rock Chip Samples

SamplE_GDA94N_GDA94Description Au_ppm e

10307756469 8283451Brecciated quartz 0.003

8 porphyry, semi-gossanous, outcrop.

10307756479 8283448Iron oxide stained 0.001

9 and silicified quartz porphyry outcrop.

10308756518 8283425Silicified quartz 0.002

0 porphyry outcrop. Iron oxide staining.

10308756543 8283403Brecciated 0.001

1 silicified porphyry, semi-gossanous, outcrop.

10308756643 8283341Massive quartz 0.277

2 vein suboutcrop with Iron oxide

staining. 10308756714 8283266Massive quartz 1.295

3 vein outcrop with iron oxide staining.

10308756786 8283228Pale green, fine 0.05

4 grained volcanic dyke outcrop
(apalite dyke). Minor FeO2 staining. Brecciated and weathered surfaces with minor quartz veining.

10308756694 8283313Massive quartz 1.700

5 vein suboutcrop with FeO2

staining.

JORC Code, 2012 Edition – Table 1

JORC Code, 2012 Edition – Table 1 – Alice River Gold Exploration
Drilling Section 1 Sampling Techniques and Data (Criteria in this
section apply to all succeeding sections.) CriteriaJORC Code
explanation Commentary Sampling- Nature and quality of sampling -
The Alice River Gold historical drill sample (eg cut channels,
random chips, data was collected by historical exploration techniqu
or specific specialised companies between 1987 and 1998. Drilling

es industry programs included Rotary Air Blast (RAB), standard measurement tools Airtrack (open

appropriate to the minerals under investigation, such as hole
rotary percussion with a top hole hammer),

down Reverse Circulation Percussion (RC) and diamond core drilling techniques. Drill hole data

hole gamma sondes, or handheld includes 469 holes for a total of
18,294.7 m XRF instruments, etc). These drilling, and 8,322 assay
samples.

examples should not be taken as limiting the broad meaning of sampling. – The historical drilling programs were completed by Cyprus, Beckstar (subsidiary of Goldminco), Golden Plateau and Subloo International between 1987 and 1998.
– The recent October 2017 RC drill program was – Include reference to measures completed by Spitfire Materials Limited (SPI) taken to for a total of 14 RC holes, plus 1 RC ensure pre-collar for an abandoned diamond drill hole,

sample representivity and the for a total of 2483 m RC drilling,
and appropriate calibration of any

measurement tools or 1741 assay samples (including duplicates, blanks systems and standards). used.

– Aspects of the determination of – The spacing of drill hole
collars is variable.

mineralisation The gold mineralisation was generally defined that by drill holes on

are Material to the Public Report

. a cross- section line spacing, roughly perpendicular to – In cases where industry standard work has the strike of the mineralised zones, with an been average on-section spacing of 12.5 to 50 done this would be relatively m. simple (eg reverse circulation drilling was used to obtain 1 m samples from which 3 kg was

pulverised to produce a 30 g – Drill holes were oriented to
return the best charge for fire assay). In intersections of the
mineralisation. The other cases more explanation may majority of the
drill holes were oriented be required, such as where there roughly
perpendicular to strike (strike = 330), is coarse gold that has
inherent angled 55 to 70 degrees dip towards 060 sampling problems.
Unusual degrees, in order to intersect the steeply WSW commodities
or mineralisation dipping ore zones at a

types (eg submarine nodules) may high warrant disclosure of angle. detailed – Historical diamond drill core was typically NQ information. size, however some larger diameter core was also collected (HQ). – Historical Reverse Circulation (RC) percussion drilling was generally carried out using a 4.5 inch RC bit hammer with samples air lifted to surface for sampling. – The 2017 RC drilling program utilized a UDR1200 drilling rig using a face sampling hammer with a 4.875 inch bit.
– Historical Airtrack drilling was carried out using a track mounted rotary percussion drill rig with a top hole hammer. No information on the bit size or hole diameter was recorded in the historic logs or reports.

– Historical Diamond drill core was generally cut in half using a
diamond saw. Core was sampled on geological intervals (generally 0.5
m to 2 m). Sample weights of approximately 1.0 to 3.0 kg were
crushed, dried and pulverised by the Lab, to produce a 50 g pulp
sample

for analysis by Fire Assay (Au) with AAS finish.

– Historical RC and Airtrack sample chips were processed on site
to obtain 2 m composite samples from which approximately 2 – 3 kg
was taken, then pulverised (at the laboratory) to produce either a
30g or a 50g charge for analysis by Fire Assay (Au) with AAS finish.
Selective high-grade samples were also assayed by screen fire assay
m ethods.

– The 2017 RC drilling program sample chips were processed on
site to obtain 1 m samples in logged zones containing mineralization
and alteration, and 3 m composite samples elsewhere throughout the
hole, from which approximately 2 – 3 kg was taken, then pulverised
(at the laboratory) to produce a 50g charge for analysis by Fire
Assay (Au) with AAS finish.

– Historical assay laboratories used for the assaying include Tetchem Labs, Analabs and ALS.

– The 2017 RC drilling program utilized the ALS Townsville
Laboratory. Drilling- Drill type (eg core, reverse – A total of 469
historical Airtrack, RC and circulation, open-hole hammer, Diamond
holes were captured into a database techniqu rotary air blast,
auger, Bangka, for

es sonic, a total advance of 18,294.7 m drilling. etc) Airtrack drilling makes up 41.4%, RC drilling

and details (eg core diameter, makes up 43% and diamond drilling
makes up triple or standard tube, depth 15.6% of the total of
diamond tails, face-sampling m bit or other type, whether core
drilled.

is oriented and if so, by what – Historical hole depths range from 10 m to 196 m method, . etc). – For the 2017 RC drilling program, hole depths ranged from 86 m to 286 m.
– Company drilling rigs and professional drilling contractors were used by the historical exploration companies, between 1987 and 1998. – For the 2017 RC drilling program, Depco Drilling Contractors were utilized using professional drillers with extensive RC drilling experience.

Drill – Method of recording and – A majority of the historical diamond drilling sample assessing core recoveries recover and were
y chip sample recoveries and recorded and most recoveries were reported to results be greater assessed. than – Measures taken to maximise 90%. sample – For the Historical Airtrack and RC drilling, recovery the overall recoveries are assumed to

and ensure representative nature be

of adequate. the – The competent Palaeozoic host rocks (quartz samples. veins in granite) typically recover well with

– Whether a relationship exists all the drilling techniques used
(Airtrack, RC between sample recovery and and Diamond drilling).
However, there grade and whether sample bias

may were some minor sample recovery problems noted have in the historical reports when historical drill

occurred due to preferential holes encountered

loss/gain of faulted/fractured fine/coarse ground. material. – No sample recovery problems were encountered with the recent RC drilling in 2017.
– The results discussed herein are exploration results only, and no allowance is made for recovery losses that may impact future mining.

Logging – Whether core and chip samples – The geological logging
was appropriate for the

have style of drilling and been the

geologically and geotechnically lithologies encountered. logged
to a level of detail to – Geological logs for historical holes are
support appropriate Mineral available for most holes. However,
logging was Resource estimation, mining often rudimentary and some
logs were not

studies and recorded or not included in metallurgical the studies. reports.

– Whether logging is qualitative – Logging is qualitative, with
the exception of

or quantitative some quantitative logging in of nature. sulphide,

– Core (or costean, channel, etc) – quartz veining and alteration
content.

photography. – Historical drill hole logging data was entered into the Alice River Gold database directly

– The total length and percentage from historical drilling
reports and

of assay the reports.

relevant intersections logged. – Historical Diamond core was
logged for

lithological, structural, alteration, mineralization and veining. – No geotechnical logs are available. – No routine photography of drill core is availab

le.

– Drill hole logging data for the 2017 RC drilling program was also entered into the Alice River database.

Sub-sampl- If core, whether cut or sawn – Historical Diamond
drill core was generally

ing and whether cut in half using a diamond saw or splitter. quarter, Core was largely sampled on geological
technique half or all core taken. intervals, between 0.5 m and 2 m. However, some

s and – If non-core, whether riffled, rare sample lengths up to
5.5 m were recorded.

sample tube sampled, Sample weights of approximately 1 to 3 kg were preparat rotary crushed, dried and pulverised (by the Lab)
ion split, etc and whether sampled to wet produce a 50 g pulp sample for analysis by Fire or Assay (Au) with dry. AAS – For all sample types, the finish. nature, quality and – Historical RC drill chips were split on site

appropriateness of the sample to obtain 2 m samples from which
approximately

preparation 2 to 3 kg was collected, then pulverised (at technique. the laboratory) to produce a 30 or 50g charge

– Quality control procedures for analysis by Fire Assay (Au) with
AAS adopted for all sub-sampling finish. For some RC holes, Cyprus
composited

stages to maximise the 2 m intervals at the top of the hole into a representivity 10 m composite sample, and on one occasion, one of 40 m composite samples. was – Measures taken to ensure that made.

the sampling is representative – RC samples were collected on the
rig using a of the in situ material cyclone (from the drill rig) and
then split by collected, the field team to obtain a 2-3 kg sample.

including for instance results for field duplicate/second-half sampling. – Historical Airtrack samples were generally 2 m, and collected at the – Whether sample sizes are appropriate to the hole collar and split by the field team to grain obtain a sample. The splitting method is not

size of the material being sample known (riffle splitter,

d. spear, etc.). Some sample contamination and/or dilution is likely to have occurred with this style of dri lling.
– In many historical drill holes, only part of the hole was sampled and assayed. Several intervals not considered to be mineralized by field staff, were not sampled and assayed. Details of the laboratory preparation of samples were not always recorded. For the samples sent to Analabs, samples were dried and finely pulverised as per the standard method used at the time. – For the 2017 RC drilling program a cyclone was used to collect the RC chip samples and an 8:1 splitter was mounted below the cyclone, from which approximately 2 – 3 kg of RC drill chips were taken every 1 metre. These RC chip samples were sent to the Laboratory to be pulverized, to produce a 50g charge for analysis by Fire Assay (Au) with AAS finish.

Quality – The nature, quality and – For historical drilling, some
duplicates were

of appropriateness of submitted in some sample batches to assay the the data assaying and laboratory laboratories. No standards or certified

and procedures used and whether the reference materials laborato
technique is considered partial were

ry or reported. QAQC measures are assumed to be as tests total. per standard industry practice for – For geophysical tools, the

spectrometers, handheld XRF time. Internal laboratory QAQC checks
and instruments, etc, the parameters repeats were reported by the

used laboratory in in many cases. A review of the internal

determining the analysis laboratory QAQC suggests the laboratory
was including instrument make and performing within acceptable

model, reading times, limits. calibrations factors applied and their derivation, etc.

– Nature of quality control – procedures adopted (eg – For
historical data, QAQC data was difficult to locate and was not
compiled into a separate standards, blanks, duplicates, digital
database. A number of high grade gold external laboratory checks)
and assays were repeated using screen whether acceptable levels of
fire accuracy assay methods and returned similar/acceptable re

(ie lack of bias) and precision sults. have been – For the 2017 RC drilling program, established. comprehensive QAQC procedures were implemented. Nine QAQC samples were included for every 100 samples submitted to the laboratory, including 5 duplicates, 2 blanks and 2 standards per 100 samples. The gold standards are 60 gram packets of Certified Reference Materials purchased from OREAS. The blank samples consist of 1-2 kg of quartz sand. The assay results for the QAQC samples were all returned within acceptable tolerance limits.

Verificat- The verification of – The Project Manager for Spitfire
Materials has ion of significant intersections visited the project
in the field and confirmed

sampling by the location of some historical drill collars and either independent or and areas of historical gold mining with a assaying alternative standard company GPS. personnel. – Some diamond drill cores in core trays were – The use of twinned holes. also located on site. However, Airtrack, RC and – Documentation of primary data, RAB samples could not data be entry found.

procedures, data verification, – Spitfires geologists have
verified the data storage (physical and digital database from the
historical drilling

electronic) reports and/or original laboratory reports. protocols. Digital data has been compiled from quality scanned tables and plans included in the

– Discuss any adjustment to assay historical

statutory data. reports. – The drill sample assay data has been captured and entered into the Alice River Gold Access database. This database was imported into Geosoft Target software, after compilation and validation in ArcGIS software. – For the 2017 RC drilling program, several holes were drilled in proximity to historical holes to verify the mineralization, sampling and assaying for historical drilling .

Location – Accuracy and quality of – The historical drill holes
were drilled on a of data surveys used to locate drill local grid,
sub-parallel to strike (orientated points holes (collar and
down-hole at 330 degrees). Most drill hole collars were surveys),
trenches, mine surveyed using a standard GPS, differential GPS
workings and other locations or by a surveyor. Drill

used in Mineral hole maps were created by the historical Resource estimation. companies – Specification of the grid and later geo-referenced to MGA Grid, zone 54, system GDA94 datum. Drill collars are believed to be used. accurate to +/-5 m on the – Quality and adequacy of local topographic grid. control. – Some historical drill collar locations were checked in the field using a standard GPS, and found to be within 15 m for easting and northing MGA coordinates. Collar survey accuracy is considered to be +/- 15 m for easting, northing and elevation coordinates.
– The Co-ordinate system used in the new database is MGA zone 54, GDA94 Datum. – Downhole survey measurements were collected for some historical diamond drill holes using a standard downhole camera. For many of the shallow holes, only one top of hole survey was completed at the collar position, noting the azimuth and dip at the start of the hole. – For the 2017 RC drilling program, the Project Manager was present during the drilling program and collar locations were recorded using a standard GPS. These collars will be surveyed using a Decimetre (sub 15 cm) Differential GPS in late 2017.
– For the 2017 RC drilling program, downhole surveys measuring dip and azimuth were taken every 30 m down hole by the lead driller, using a digital single shot survey tool, that was calibrated prior to the start of the drilling program.

Data – Data spacing for reporting of – The spacing of drill hole
collars is variable.

spacing Exploration The gold mineralisation at Alice River has and Results. generally been defined by drill holes on a distribu cross- section line spacing, roughly
tion perpendicular to the strike of the mineralised zones, of Whether the data spacing and – 12.5 m to 50 m, with an average on-section distribution spacing of 12.5 to 50 is m. sufficient to establish the degree of geological – Historical RC and Airtrack sampling is and generally on 2 m intervals grade continuity appropriate for down the Mineral Resource and Ore hole.

Reserve estimation procedure(s) – Historical Diamond drill
sampling was

and classifications generally 0.5 to 2 m down hole, but up to applied. 5.5 m. – Whether sample compositing has – Some sample compositing was carried out on been site within some of the RC holes. applied. For example in some RC holes, Cyprus composited the 2 m intervals at the top of the hole into a 10 m composite, and on one occasion, one 40 m composite was made. – For the 2017 RC drilling program, sample chips were processed on site to obtain 1 m samples in logged zones containing mineralization and alteration, and 3 m composite samples elsewhere throughout the hole using a sample spear in areas where weak or no mineralization was logged by the geologists on site.
– No judgement has been made on whether the drill density is sufficient to calculate a Mineral Resource.
Orientati- Whether the orientation of – Exploration drilling is generally
on of sampling perpendicular to mineralized bodies or data in achieves shear

relation unbiased sampling of possible zone. to structures and
the extent to – No orientation based sampling bias has been geologic
which this is known, considering identified in the data at

al the this structur deposit point.
e type. – If the relationship between the drilling orientation and the orientation of key mineralised structures is considered to have introduced a sampling bias, this should be assessed and reported if material.
Sample se- The measures taken to ensure – No chain of custody was documented by the
curity sample historical security. companies. – The chain of custody is assumed to be as per industry best practice for the time. – For the 2017 RC drilling program, samples were packaged into polyweave bags around 25 kg each, then hand-delivered by 4WD ute by Spitfire staff to a professional freight company in Mareeba, who then delivered the samples to ALS Townsville within 1-3 days.

Audits – The results of any audits or – A review of the historical sampling techniques or reviews is reviews of not

sampling techniques and data. possible.

– There has been no external audit or review of the database.

Section 2 Reporting of Exploration Results (Criteria listed in
the preceding section also apply to this section.)

Criteria JORC Code explanation Commentary Mineral – Type,
reference name/number, – The Alice River Gold Project is secured by
14

tenement location and ownership tenements, and including agreements or including 8 granted Mining Leases (MLs), 1 ML

land material issues with third application, and 8 Exploration
Permits for tenure parties such as joint ventures, Minerals

status partnerships, overriding (EPMs), for total of approximately 814 square royalties, native title kilometres.

interests, historical sites, wilderness or national park and -
All tenements are in good standing.

environmental settings. – The security of the tenure held at the time of reporting along with any known impediments to obtaining a licence to operate in the area.
Explorati- Acknowledgment and appraisal – A summary of previous exploration is included b
on done of exploration elow. by by other other parties. – 1903 – Gold mining commenced at Alice River parties Gold Project. – 1903 to 1917 – Production of 3244 oz Au at grade of around 38 g/t. – 1987 to 1998 – Cyprus, Beckstar, Golden Plateau, Goldminco and Subloo International completed regional geochemical sampling programs, rock chip sampling, RAB/auger drilling, airtrack drilling, ground magnetic surveys, IP & VLF- EM geophysical surveys, costeaning programs and numerous drilling programs (RC and diamond drilling). A number of historical non-JORC resource estimations were reported. The drilling data from the period is considered to be of high-quality. – 1999 to 2000 – A total of 2745 oz gold was produced from 36,000 t of ore by Beckstar.
– 2001 – Beckstar entered into Administration in 2001 and Tinpitch acquired the project. – 2012 – Tinpitch entered into administration. – 2013 – Alice River Gold (ARG) acquired Tinpitch from the administrator.
ology – Deposit type, geological – The Alice River Gold Project lies within the setting and Alice-Palmer Structural Zone. The gold style mineralisation in the Alice River area is of mineralisation. focused along regional NW shear zones. The shear zones are largely hosted within the Imooya Granite, a pale grey to white mica-biotite leucogranite (commonly referred in the old reports as an adamellite), of the Siluro-Devonian Kintore Supersuite. At the north end of the project the shears intersect gneisses and schists of the Sugarbag Creek Quartzite, which forms the lower part of the Mesoproterozoic Holroyd Met amorphics.
– The gold-bearing shear zones extend episodically for approximately 50 km strike length. The gold mineralisation is generally hosted in quartz veins, and minor quartz

breccias, up to 10-15 m wide in places. Gold mineralisation is
focused in linear pods up to

150 m strike length.

– Gold often occurs as both fine free-gold in quartz or
interstitial within arsenopyrite and stibnite. Green-white
quartz-sericite-epidote alteration zones extend 50-70 m around the
mineralised veins some deposits but generally the quartz veins
display narrow alteration selvages. The weathered (oxide) zones at
surface are

around 10 to 20 m deep.
– Minor pyrite and other fine-grained sulphides (e.g. arsenopyrite, stibnite) are present

as narrow bands in laminated quartz veins and disseminated with
the quartz breccias. The NW-trending quartz veins are sub-vertical
to steeply dipping (approximately 80 degrees to the southwest in
places). There are other sub-parallel quartz veins, some of which
are

mineralized, while some are barren.

– The gold mineralising fluids probably focused into dilatational
structural zones (e.g. fault jogs, cross faults and shears) within
the adamellite, forming zones of stockwork veins and also
mineralised breccias. – Three gold genetic models are considered -
intrusive related gold systems (IRGS), Low Sulphidation Epithermal
Gold and Orogenic Gold. More research

work is required. Drill – A summary of all information – An
Exploration Target was estimated by hole material to the
understanding of Spitfire from historical drill sample data the
exploration results collected by historical exploration companies
Informat including a tabulation of the between 1987 and 1998 and was
outlined in a

ion following information for separate report. Drilling programs included all Rotary Air Blast (RAB), Airtrack, Reverse Material drill holes: Circulation (RC) and diamond drilling

o easting and northing of the techniques. Only Airtrack, RC and
Diamond Drill

drill Hole data were used for the Alice River Gold hole Exploration Target estimations, which includes collar 469 holes for a total of 18,294.7 m drilling,

o elevation or RL (Reduced Level and 8,322 assay samples. RAB and
Auger drill

– samples were not used in the Exploration elevation Target

above sea level in metres) of estimation.

the drill – A table of historical drill hole collars and hole historical drill intercepts was provided collar previously within the Exploration Target

o dip and azimuth of the hole Report.

o down hole length and interception – The recent RC drilling included a total of depth 2,483 m drilling and 1741 assay samples, o hole length. (including duplicates, blanks and standards). A

– If the exclusion of this table of the 2017 collar details and
information is justified on the mineralized drill intercepts is
reported within basis that the information is this report.

not Material and this exclusion does not detract from the

understanding of the report, the – Additional twinning of
historical holes is Competent Person should warranted.

clearly explain why this is the case.

Data agg- In reporting Exploration – The mineralized drill
intersections are

regation Results, reported as down weighting

methods averaging techniques, maximum hole intervals and were not
converted to true and/or minimum grade truncations widths. Where
gold repeats were recorded, the (eg cutting of high grades) and
average of all the samples was used. True cut-off grades are usually
widths may be up to 50% less than drill

Material and should intersections pending confirmation of be mineralisation geometry. The drill intercepts stated. reported were calculated using a 0.5 g/t Au

– Where aggregate intercepts cut-off grade. Gold grade for the
intercept was

incorporate calculated as a weighted average grade. Up to 4 short m (down hole) of internal waste (

lengths of high grade results Au) was included

and longer lengths of in low some cases. grade – Metal equivalent values are not reported in this report.

– results, the procedure used – Where available, sample
recoveries were used for such aggregation should be to weight assay
stated and some typical values, examples of such aggregations
elsewhere 100% sample recovery was assumed.

should be shown in detail.
– The assumptions used for any reporting of metal equivalent values should be clearly stated.
Relations- These relationships are – The drilling was planned on local grid lines
hip particularly important oriented perpendicular to the between in strike

the reporting of Exploration Res of the main shear zone.

mineralisults. – Drill holes were oriented to return the best
ation intersections of the mineralization, and – If the geometry of the drilled in a perpendicular manner. The majority

widths mineralisation with respect of the drill holes were
oriented roughly and to perpendicular to strike (strike = 330),
angled intercep the drill hole angle is known, 55 to 70 degrees

t its nature should dip lengths be towards 060 degrees, in order to intersect the reported. steeply WSW dipping ore zones at a high – If it is not known and only angle. the down hole lengths – The mineralised intercepts quoted in the

are reported, there should be a report are close to being
perpendicular, but

clear statement to this effect are not (eg down hole length, true true width widths. not known).
Diagrams – Appropriate maps and sections – See diagrams in body of report. (with scales) and tabulations of intercepts should be included for any significant discovery being reported These should include, but not be limited to a plan view of drill hole collar locations and appropriate sectional views.
Balanced – Where comprehensive reporting – Due to the age of the historical drilling,

reporting of all Exploration Results is drill sampling and
assaying (1987 to 1998), the not practicable, representative Project
Manager does not believe any of the reporting of both low and high
previously reported resource estimates can be grades and/or widths
should be reported as Mineral Resources under the current

practiced to avoid misleading 2012 reporting JORC of Code. Exploration Results. – Modelling of the 2017 drilling data in conjunction with the historical drilling data may lead to the reporting of a Mineral Resource in the future, in accordance with the requirements of the JORC 2012 Code.

Other – Other exploration data, if – The Alice River Gold Project
includes a wide substant meaningful and material, should range of
additional historical exploration data ive be reported including
(but not including regional stream sediment geochemical

explorat limited to): data, soil
ion data geological observations; sample and rock chip data, geological mapping

geophysical survey results; data, RAB/auger drilling data, ground
geochemical survey results; magnetics, IP and VLF-EM geophysical
survey bulk samples – size and method data and costean data. Much of
treatment; metallurgical of test results; bulk density, this data
has been captured by White Geoscience groundwater, geotechnical and
into a new Alice River GIS database. The rock characteristics;
potential interpretation of this data

deleterious is or on-going.

contaminating substances. – No density measurements were reported
by the

historical exploration companies. Beckstar used an SG of 2.5 for resource estimations in 1990, then modified this to – 2.65 for a second resource estimation in 1991.
– Metallurgical tests of selected mineralised samples including bottle roll cyanide leach

tests were conducted by Golden Plateau in 1994, Goldminco in
1999, and by Tinpitch in 2005 and 2006. Gravity concentration tests
were also carried out by Goldminco in 1999. Bottle roll cyanide
leach testing work produced variable results. Some ore samples
returned low recoveries, whilst other samples produced high
recoveries up to 90%. Further metallurgical

work is warranted.

Further – The nature and scale of planned – Spitfire Materials
Limited plan to conduct work further work (eg tests for further
exploration work including additional lateral extensions or depth
drilling programs to: 1) explore for lateral extensions or
large-scale and down

step-out dip drilling). continuance of the known Alice River

– Diagrams clearly highlighting mineralization zones; 2) define
Minerals the areas of possible Resources in accordance with the
requirements extensions, including the main of the JORC 2012 Code;
3) explore regional geological interpretations and exploration
targets and anomalies present future drilling areas, within the
wider provided tenement

this information is not area. commercially – Further metallurgical work is also planned. sensitive.

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