THE DRILL SERGEANT: Spectrum Metals (ASX: SPX) released first assay results from drilling carried out below the open pit at the company’s Penny West deposit, south of the Youanmi mining center in Western Australia.
Spectrum Metals has received assay results from eight holes drilled beneath the open pit that encountered high-grade gold intercepts, including:
5 metres at 28.9 grams per tonne gold from 203m, including 1m at 103g/t gold from 203m, within 31m at 5.5g/t gold from 203m.
The company explained this intersection was hit in the deepest and southern most hole yet received from the drilling program underneath the Penny West open pit.
Describing it as being “unusually thick” Spectrum believes the intersection may represent a new zone of structural thickening to the south and at depth and has generated a large new target for further drilling.
Encouraged by the results, Spectrum is currently designing a program of RC and diamond holes to follow up the intersection in hole SPWRC006 down dip and to the south in addition to the holes that are still to be drilled under the northern end of the pit.
Further assays are pending for drilling at other targets of Magenta (3 holes), Penny West (3 holes) and Penny North (12 holes).
“This is another incredible intersection for Spectrum and once again clearly demonstrates the capacity of the Penny West gold system to deliver significant gold mineralisation,” Spectrum Metals managing director Paul Adams said in the company’s announcement to the Australian Securities Exchange.
“Hole SPWRC006 is the deepest hole on the southern-most line drilled into the Penny West lode in our program and was designed to discover depth extensions to the known mineralisation.
“This intersection could open up a new exploration front under and south of the Penny West Pit.”