Partial relinquishment report 10 February 2011 to 9 February 2012

Abstract

The Northern Territory Base Metals project is located approximately 580km South/South-West of Darwin and is comprised of tenements covering a total area of 2951.56 square kilometres. The area is highly prospective for base metal mineralisation due to its unique geology; the interaction of the Cambrian aged Antrim Plateau volcanics and the underlying Limbunya group lithologies, and its similarity to the Norilsk style Cu-Ni/PGE deposit which is being used as the exploration model. Due to this the area has been the focus of numerous reconnaissance and explorative activities in the past and present. Licence EL 27400 is located across two pastoral leases and was acquired as part of the project. For the second year continued reviews of available data, combined with helicopter reconnaissance and sampling and an aeromangentic survey, were undertaken to better define viable targets on each. After review Spitfire has decided to relinquish areas of EL 27400 due to no discernable potential for mineralisation in those areas and in order to free up company resources to focus attention on the remaining portion and the other licence due to noticeably higher magnetic anomalies.