Spectrum Metals Ltd (ASX: SPX) has reported early success from a reverse circulation and diamond drilling program at its Penny West Project south-east of Mount Magnet in Western Australia.
Managing Director Paul Adams said that while results are pending for most of the Magenta and Youngarra program, early results -including 1m at 9.54 g/t gold at Magenta – have expanded the gold mineralisation below the previous drilling with mineralisation open in all directions.
Spectrum is extremely pleased to see continued strong gold intercepts from our Penny North prospect extensional drilling,” Mr Adams said
“These results will feed into our JORC resource update scheduled for 1H 2020. In addition, our drilling to the north at Magenta and other prospects north of Penny North, will also be included in future resource estimates, continuing to drive our resource growth through 2020.”
Spectrum has completed several reverse circulation and diamond drill holes at Penny North aimed at extending gold mineralisation below the existing JORC resource envelope.
Mr Adams said drilling has been successful at extending the known gold mineralisation with assays received for four diamond holes and three RC holes.
New significant intersections include:
- 1.85m at 25.4 g/t gold from 303.12m. (Penny North)
- 2.87m at 14.7 g/t gold from 363.56m, including 1.26m at 31.7 g/t gold from 365.17m. (Penny North)
- 2m at 26.7 g/t gold from 321m and 8m at 4.01 g/t gold from 296m (Penny North)
- 1.65m at 11.6 g/t gold from 252.35m. (Penny North)
- 2m at 1.73 g/t gold from 225m and 1m at 0.75 g/t gold from 244m (Gap Zone)
- 0.53m at 0.70 g/t gold from 473.47m. (Penny North Deeps)
Mr Adams said the high-grade intersection in hole SPWDD007 will extend the mineralised envelope in the forthcoming JORC resource update.