SRO Spitfire Oil Limited

 

TIDMSRO 
 
RNS Number : 3179L 
Spitfire Oil Limited 
05 May 2010 
 

 
 
 
                                Gold Exploration 
 
                                  5th May 2010. 
 
 
Spitfire Oil Ltd ("Spitfire" or "the Company") is pleased to announce the 
results of a recent gold exploration program at its Salmon Gums tenements in 
Western Australia. 
 
The reconnaissance program consisted of a desktop study utilising in-house 
geological data of the area and a specially commissioned geophysical 
interpretation to define the target zone which was tested by 132 air-core holes 
drilled on a wide-spaced 800 x 200 metre grid for a total of 7,706 metres with 
an average hole depth of 58.4 metres. The deepest hole was 96 metres and the 
shallowest hole was 3 metres. The results are encouraging with several areas of 
anomalous gold delineated, three of which occur along important regional 
structures identified by the desktop studies.  The anomalous holes lie in the 
west and north areas of the drill grid area, in the northern part of E63/947. 
All holes had their basal samples analysed for a range of 42 elements (including 
many regarded as pathfinders for gold) but the most coherent patterns discovered 
were for gold alone. Consequently 4 metre composite samples of the shallower 
weathered bedrock intersected in holes in the areas with anomalous basal samples 
were analysed just for gold. 
 
The two structural anomalies contain values up to 23 parts per billion (ppb) 
gold in an area in which bedrock chips indicate a metasediment sequence 
occurring between two areas of granite. The largest of the two anomalies occurs 
along the western side of the grid over a 5.6 kilometre length and contains 32 
holes with 5ppb gold or above and with a central area of 2 kilometres length and 
7 holes with 10ppb gold or above and with a peak of 22ppb gold.  A smaller 
associated and parallel anomaly above 5ppb gold occurs 300 metres to the west in 
5 holes and with a peak of 20.1ppb gold. The second anomaly is 400 metres long 
and open to the north and occurs on the north-eastern side of the grid in 8 
holes with a peak value of 23ppb gold. The gold is present at various depths in 
the weathered bedrock beneath younger cover sediments including some lignite. 
The gold values recorded in bedrock chips in each anomaly were mostly below 5ppb 
except for the far western anomaly which had a value of 20.1ppb gold. Some minor 
anomalous values were also recorded in the surrounding granite, some of which is 
pyritic. 
 
Given the early stage of investigation these are encouraging results and further 
work is required to infill drill the anomalous zones and also to extend coverage 
over the remainder of the anomalous structures throughout the rest of the 
Spitfire exploration licences. 
 
Chairman, Mr Mladen Ninkov, commented "The recently completed gold exploration 
program has covered only 6 kilometres of the interpreted 35 kilometres length of 
the major Mt Ida and Cundeelee Fault Systems in Spitfire's Salmon Gums 
tenements. Since two significant gold anomalies have been defined within the 
area so far covered, there is obvious potential to discover more targets within 
the licences." 
 
 
Further information 
Mladen Ninkov - Chairman 
Roger Goodwin - Director 
               Telephone: +44(0)20 7629 7774 
Spitfire Oil Limited 
 
Stephen Cooper 
                    Telephone: +44 (0)20 7597 5104 
Investec Investment Bank 
 
  Spitfire Oil Limited's shares are quoted on the Alternative Investment Market 
                (AIM) of the London Stock Exchange (symbol SRO) 
      The Company's news releases are available on the Company's web site: 
                              www.spitfireoil.com 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 MSCGMGGKVDLGGZM 
 

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