Spectrum Metals Limited (ASX: SPX) has announced further high-grade results from extensional RC drilling within the Penny North prospect of its Penny West gold project in WA.
SPX said that the results were received from four new holes at Penny North,
Significant intersections include 4m at 63.1 g/t gold from 289m, including 3m at 83.7g/t from 289m; and 2m at 27.1 g/t gold from 2315m, including 1m at 44.6 g/t gold from 315m.
The company announced that results were also received from parts of two holes from Penny South, with further assay results pending.
The company also reported that diamond rigs are currently being mobilized to site and RC drilling is now working around the clock, 24-hours per day.
Penny West Gold Project
Spectrum’s Penny West gold project consists of two contiguous mining leases covering a total of 878.2 hectares. The project is located about 25km south from the Youanmi mining centre in the Murchison district of Western Australia.
The Penny West project had produced 91.4Kozs @ 18.1 g/t gold including low grade stockpiles and is one of the highest grade OP mines in WA in the modern era. Penny West has a current resource of 36,000 ozs at 5 g/t gold.
The Penny North prospect is located approximately 150m north of the historic high-grade Penny West open pit, which had produced 85,000 ounces of gold during 1991-92, at a remarkable grade of 21.8 grams per tonne gold. The two other prospects include Penny West lode to the north of the open pit and the Magenta prospect 2km to the north.
RC Drilling at Penny North Prospect
Spectrum had commenced an extensional RC drilling within the high-grade shoot at Penny North. The RC drilling was done using standard drilling equipment and rig mounted sampling system. Results have now been received for four holes.
Exceptional results from Penny North
The company reported that high-grade results were received from four holes at Penny North; SPWRC071, SPWRC072, SPWRC080, and SPWRC081.
Highlights include 4m at 63.1 g/t gold from 289m, including 3m at 83.7g/t from 289m; 2m at 50.5 g/t gold from 338m; 2m at 48.7 g/t gold from 264m, including 1m at 95.5 g/t gold from 264m; and 2m at 27.1 g/t gold from 2315m, including 1m at 44.6 g/t gold from 315m.
Drill results from Penny South Prospect
The company announced that results were also received from parts of two holes from Penny South; SPWRC062 and SPWRC078.
Significant results from these two holes include 2m at 17.1 g/t gold from 182m; and 5m at 2.5 g/t gold from 234m, including 1m at 5.7g/t from 237m.
The company noted that the result in SPWRC078 of 2m at 17.1g/t gold at Penny South indicates that the main lode continues to the south.
SPX also reported that that further assay results at Penny South are pending and additional holes have been planned.
Next steps
Spectrum announced that further drilling will be necessary to establish the potential for this area to host additional high-grade mineralisation.
To facilitate that, diamond rigs are currently being mobilized to site and RC drilling is now working around the clock, 24-hours per day.
Management comments
Spectrum’s Managing Director, Paul Adams said: “We are very pleased to see continuing high-grade down plunge gold mineralisation at Penny North.
In addition, early drilling at Penny South suggests this location may represent a new target in the short term. This is separate to hole SPWRC006 (5m at 28.9g/t from 203), that appears to represent a separate hanging wall position to the main lode.”
