THE DRILL SERGEANT: Spectrum Metals (ASX: SPX) claimed confirmation of the discovery of a new high-grade lode at the company’s Penny West project in Western Australia.
Spectrum Metals received assay results from three additional holes that returned results of:
8m at 24.2g/t gold from 149m and
4m at 35.2g/t gold from 135m within 9m at 16.2g/t gold from 130m
The company said these results build on the previous discovery intersection of 8m at 23.8g/t gold from 128m within 14m at 14.4g/t gold from 124m in hole SPWRC002, confirming the discovery of a new high-grade lode structure at the Penny North prospect, which remains open in all directions.
Ten additional holes have already been drilled to the north, south and down dip, from which assays are pending.
Spectrum has further holes designed and drilling continues.
“The confirmation that we have discovered a new high-grade lode at our Penny West project, so early in our maiden RC drilling program, is a significant and very exciting development for the company and its shareholders,” Spectrum Metals managing director Paul Adams said in the company’s announcement to the Australian Securities Exchange.
“This will provide Spectrum with an expanded exploration focus for 2019 and although it’s early days and there is a lot more work to do, the discovery of another high-grade lode gives us confidence that the asset has the potential to build significant additional value for shareholders.”