Emerging gold explorer, Spectrum Metals Limited (ASX: SPX) has announced further high-grade results from extensional RC drilling at the high-grade Penny North prospect within its Penny West Project, Western Australia.
The company reported results from four new holes.
Some of the significant intersections include 3m at 34.4 g/t gold from 264m, including 1m at 99.9 g/t gold from 265m; and 9m at 15.9 g/t gold from 294m, including 6m at 22.5g/t from 295m.
The company said that the results demonstrate the continuity of high-tenor mineralisation within the high-grade Penny North shoot.
SPX reported that additional results were also received to complete six holes whose main lode intersections had been previously reported.
Highlights from two of these holes include 4m at 16.8 g/t gold from 116m, including 2m at 31.1 g/t gold from 116m; and 4m at 6.1 g/t gold from 68m.
The company reported that drilling is continuing at Penny North with further rigs planned to commence mid to late August.
Part of the Penny West gold project
The Penny North lode is a part of Spectrum’s 100% owned Penny West Project near Youanmi, Western Australia.
The Penny West deposit is typical structurally controlled gold-quartz vein in a brittle-ductile shear zone associated with a sulphide complex containing pyrite, pyrrhrotite, galena, sphalerite and chalcopyrite.
The Penny West is one of the highest grade OP mines in WA in the modern era with a current resource of 36,000 ozs at 5 g/t gold.
The company had recently commenced a Phase II extensional Reverse circulation (RC) drilling program using standard drilling equipment and rig mounted sampling system. Further assay results have now been reported.
High-grade results from 4 new holes
Spectrum has reported assay results of 4 new holes at the Penny North lode.
Some of the significant intersections include 3m at 34.4 g/t gold from 264m, including 1m at 99.9 g/t gold from 265m (hole SPWRC067); and 9m at 24.1 g/t gold from 265m, including 3m at 69.3 g/t gold from 267m (hole SPWRC068).
Other high-grade intersections include 9m at 15.9 g/t gold from 294m, including 6m at 22.5g/t from 295m (hole SPWRC069); and 2m at 16.6 g/t gold from 274m (hole SPWRC070).
Among these, the company noted that the hole SPWRC070 was previously considered to lie outside the interpreted high-grade shoot boundary but its position now lies within the 20-40gm contour.
Assays from further 6 holes
The company also reported that low-priority assays have been received from a further six holes.
Significant results from two holes include 4m at 16.8 g/t gold from 116m, including 2m at 31.1 g/t gold from 116m (hole SPWRC051); and 4m at 6.1 g/t gold from 68m (hole SPWRC048).
The company noted that the intersection in hole SPWRC051 of 2m at 31.1g/t from 116m sits in a hanging wall lode position, 20m up-hole from the structure that hosts the main high-grade mineralisation at Penny North.
SPX said that this opens the potential for discovery of parallel zones of mineralisation augmenting the main lode structure.
Future plans
SPX reported that further drilling will be necessary to establish the potential for this area to host additional high-grade mineralisation.
The company said that further rigs are planned to commence mid to late August to expand the project on multiple fronts.
Management comments
Spectrum’s Managing Director Paul Adams said: “We are impressed by the width and grade of the latest drill results from Penny North, particularly as these results lie at the edge of the high-grade envelope.
We have been able to increase the known strike length at the base of the zone to at least 200m and have very high grade mineralisation in the deepest hole yet drilled at Penny West in hole SPWRC069”.
