Northern Territory
Spitfire holds a 70% interest in a group of seven Exploration Licence Applications (ELA’s) surrounding the Lindeman’s Bore Project, 380km south-west of Katherine in the Northern Territory. Spitfire’s tenements cover a total area of 9,680km2 covering prospective magnetic features.
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.
A second drill hole (LBD-2) was completed in December 2009 to test a magnetic anomaly located 1.9km to the north of previously drilled hole LBD-1. Proto has since released encouraging results from this second drill hole including a gold intersection of 7m @ 1.1g/t Au from 424m to 431m which included 1m @ 5.32g/t Au and also 1m @ 0.45g/t Pd (Palladium).
In LBD-2 the three highest copper values all came from the Birrindudu black shale with values peaking at 5760ppm Cu, 2680ppm Cu and 2290ppm Cu over short sulphide intervals.
Analysis across these short sulphide-rich veins resulted in an intersection of 14m @ 0.106% Cu between 467m to 481m.
Proto believes that a third drill hole into an off-hole electromagnetic (“EM”) conductor 500m northwest of LBD-2 may help to explain this copper mineralisation. This large ground EM anomaly was surveyed and interpreted in late 2009.
This discovery has enhanced the prospectivity of this area and the future potential for a new mineral province.
The Company is pleased to have secured this interest in such a large tenement package providing exposure to a highly prospective emerging minerals region.