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Spitfire Materials to acquire remaining 49% stake in Mulwarrie

Spitfire Materials Ltd. said May 24 that it signed a binding term sheet to acquire the remaining 49% of the Mulwarrie gold project in Western Australia for 10 million shares and A$100,000 in cash.

The miner earned an initial 51% interest in the project under an existing earn-in agreement with Goldfield Argonaut Pty Ltd.

The Mulwarrie project is located 65 kilometers from its flagship Aphrodite gold project, acquired through its merger with Aphrodite Gold Ltd., which was completed in January.

Spitfire will conduct drilling programs over Mulwarrie to establish a maiden resource for the project, which will be incorporated in future development studies.