THE BOURSE WHISPERER: Spitfire Resources has identified further high-priority targets during the early stages of a planned 100 square kilometre Gradient Array Induced Polarisation (GAIP) survey program being conducted at the company’s South Woodie Woodie manganese project.
Spitfire has now completed three of the planned 16 blocks, from which it has identified further large chargeable anomalies since it last updated the market in May 2012.
“Carrying on from the success of last year’s 18.5 square kilometre GAIP program, which identified the Contact North deposit, Spitfire has identified large chargeable anomalies in each of the first three blocks extending the prospective area north from the Contact/Contact North deposits,” Spitfire Resources said in its ASX announcement.
Spitfire Resources GAIP update map. Source: Company announcement
“It is envisaged the current GAIP program will provide multiple high priority targets for future drilling as Spitfire drives towards its goal of being a significant supplier of manganese ore to Asian steel producers.”
Spitfire has a current exploration target of 20 to 30 million tonnes of manganese grading 15 to 20 per cent manganese.
The company has completed metallurgical test work on diamond core from Contact and Contact North indicating product grades of up to 44.6 per cent manganese achievable from simple beneficiation.
Spitfire said further interpretation it has carried out of the target anomalies has shown a strong correlation with previous GAIP results that resulted in the discovery of the 11.3 million tonne at 15 per cent manganese Contact/Contact North Inferred Mineral Resource the company announced in March 2012.
“Spitfire continues to be encouraged by the ongoing success of the GAIP program and is looking forward to testing these new, highly-prospective targets in the future,” the company said.
“A further update on the GAIP program will be provided to the market when available.”