Spectrum Metals Encounters High-Grades at Magenta and Penny West

THE DRILL SERGEANT: Spectrum Metals (ASX: SPX) received the final assays for the maiden drilling program undertaken at the company’s 100 per cent-owned Penny West gold project near Youanmi in Western Australia.

Spectrum Metals received results from three holes at the target that included:

1 metre at 11.5 grams per tonne gold from 86m, within 3m at 5g/t gold from 86m; and

1m at 7.9g/t gold from 58m.

Results also returned assays from the three remaining holes drilled at Penny North including:

2m at 12.9g/t gold from 186m and 1m at 11.9g/t gold from 196m; and

3m at 1.8g/t gold from 171m.

Spectrum Metals said the results open another area of focus at Magenta and also shows that high-grade gold mineralisation exists at either end of a 1.4-kilometre-long ‘gap zone’ that has no RC drilling.

The company claimed the drilling at Magenta confirmed the high-grade structure remains open in all directions and has now extended the strike length of this new zone to over 100 metres.

Results from the remaining RC holes from Penny North extended the high-grade to the north by a further 40m.

Results to the southern end of Penny North demonstrate the structure continues.

Phase II of Spectrum’s RC drilling program will kick off immediately to target areas underneath and south of the Penny West pit, extensions to the Penny North discovery and beneath the high-grade mineralisation at Magenta and Columbia.

“We are very excited to be moving so quickly into our Phase II drilling program at Penny West with so many high-grade targets to follow up on from our Phase I program,” Spectrum Metals managing director Paul Adams said in the company’s announcement to the Australian Securities Exchange.

“In addition, we have the potential of again finding further high-grade mineralisation below previous drilled intercepts at Penny South, Magenta and into the ‘gap zone’.”


Email: info@spectrummetals.com.au

Website: www.spectrummetals.com.au