THE DRILL SERGEANT: Spectrum Metals (ASX: SPX) announced the latest results from the high-grade Penny North lode at the company’s 100 per cent-owned Penny West project near Youanmi in Western Australia.
Spectrum Metals said the results, which stem from four new holes, demonstrate the continuity of high-tenor mineralisation within the high-grade Penny North shoot.
The results from the latest four holes included:
3 metres at 34.4 grams per tonne gold from 264m, including 1m at 99.9g/t gold from 265m;
9m at 24.1g/t gold from 265m, including 3m at 69.3g/t gold from 267m;
9m at 15.9g/t gold from 294m, including 6m at 22.5g/t from 295m; and
2m at 16.6g/t gold from 274m.
Spectrum also reported additional results to complete six holes whose main lode intersections had been previously reported.
Results from the further two holes included:
4m at 16.8g/t gold from 116m, including 2m at 31.1g/t gold from 116m; and
4m at 6.1g/t gold from 68m.
Spectrum explained that it had previously considered hole SPWRC070 to lie outside the interpreted high-grade shoot boundary, but its position now lies within the 20to 40gm contour.
It also stated that the intersection encountered by 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.
The company has drilling continuing at Penny North with further rigs planned to commence mid to late August to expand the project on multiple fronts.
“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,” Spectrum Metals managing director Paul Adams said in the company’s announcement to the Australian Securities Exchange.
“We have been able to increase the known strike length at the base of the zone to at least 200 metres and have very high-grade mineralisation in the deepest hole yet drilled at Penny West in hole SPWRC069.”