Spitfire Buys Majority Stake in Northern Territory Tenements

19 July 2009 (Last Updated July 19th, 2009 18:30)

Australian resource firm Spitfire Resources has acquired a 70% interest in a group of seven exploration license applications surrounding the Lindeman's bore project in Australia's Northern Territory. Under the deal, Spitfire will pay A$120,000 and issue three million fully paid share

Australian resource firm Spitfire Resources has acquired a 70% interest in a group of seven exploration license applications surrounding the Lindeman's bore project in Australia's Northern Territory.

Under the deal, Spitfire will pay A$120,000 and issue three million fully paid shares to acquire the stake in the highly prospective emerging mineral region, Spitfire said.

The remaining stake in the 9,680km2 area covering prospective magnetic features is privately held by geologist Alex Hewlett.

The Lindeman’s Bore Project is owned and operated by Proto Resources & Investments, which recently reported a significant new mineral discovery at the LBD-1 target where it has completed a deep drill hole.