Spitfire Minerals has entered a conditional share sale and purchase agreement to acquire Admiral Gold as it expands its Australian gold portfolio.
Unlisted explorer Admiral has secured joint venture agreements over two prospective gold exploration projects, including the Alice River gold project in North Queensland and the Mulwarrie gold project in Western Australia.
Spitfire’s portfolio already includes the England Gold Project in Laverton, Western Australia and the Yoda prospect in the Northern Territory.
The acquisition is subject to shareholder approval and if given the go-ahead, major Admiral shareholders, Neil Biddle and John Young, will join Spitfire’s board.
Spitfire director, Russell Hardwick, welcomed the the proposed acquisition and looked forward to welcoming the potential new board members.
“Neil and John are highly experienced and capable geologists and mining executives with a strong track record spanning many years,” he said.
“They will bolster both our profile and our exploration capabilities.”