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Aphrodite Gold Project

Western Australia

Following Spitfire’s successful merger with Aphrodite Gold Ltd (ASX: AQQ) by way of a scheme of arrangement, Spitfire has acquired the Aphrodite Gold Project and its 2012 JORC compliant 1.3Moz gold resource, located 65km north of Kalgoorlie.

Figure 1: Location, Aphrodite and Mulwarrie Gold Projects in Western Australia

The 1.3Moz 2012 JORC Mineral Resource was completed as part of Aphrodite Gold’s Pre-Feasibility Study in 2017 by independent resource consultants, McDonald Speijers (MS). The 1.3Moz Mineral Resource will form the basis of the Company’s 2018 exploration program and potential future Definitive Feasibility Studies.

Table 1: McDonald Speijers Aphrodite Project Resource Estimation

The Aphrodite gold deposit is covered by five contiguous Mining Leases, 100% owned by Aphrodite Gold, a subsidiary of Spitfire Materials Limited. All five tenements have been granted for a 21-year life, with the earliest expiry date in 2028.

The Company has also been granted one Exploration Licence, two Prospecting Licences and three Miscellaneous Licences, all located within close proximity to the Mining Leases.

The Aphrodite mineralisation is situated in the Kalgoorlie Terrane of the Yilgarn Craton, and within the Bardon Tectonic Zone – a high-straight zone in supracrustal rocks extending about 120km north of Kalgoorlie.

The world-renowned Golden Mile in Kalgoorlie has produced over 50 million ounces of gold alone, and KCGM’s Super Pit operation continues to produce about 800,000 ounces of gold each year.

Gold mineralisation within the Aphrodite Gold Project area was first discovered in 1996 when Goldfields Limited drill-tested a 1,200m-long supergene gold anomaly identified during a calcrete sampling program the previous year. The first significant intersection returned from this drilling program was 10m at 8.6 grams per tonne (g/t) gold from within the area’s weathered bedrock (saprolite), above what was subsequently labelled the Alpha zone.

Subsequent drill programs testing the fresh rock mineralisation around the Alpha zone confirmed that the mineralisation at the Aphrodite deposit was contained within two sub-parallel lode structures, known as Alpha and Phi.