Spectrum Metals’ recently completed detailed sub-audio magnetic survey has identified several new targets in the gap zone between the Penny North deposit and the Columbia-Magenta targets of its Penny West gold project near Youanmi, WA. The company is currently increasing its drilling capacity and will test targets generated from the survey over the coming months.
Spectrum Metals’ recently completed detailed sub-audio magnetic survey has identified several new drilling targets at its Penny West gold project near Youanmi, WA.
Some of the targets are located in the critical gap zone between the high-grade Penny North gold mineralisation and the intriguing Columbia-Magenta targets about 1.5km further to the north.
Other targets were also defined beyond the boundary of the Penny West shear zone to the east and west.
Spectrum is currently increasing its drilling capacity and will test targets generated from the survey over the coming months.
Managing Director Paul Adams said: “We are extremely pleased with the quality of the data received from our recent SAM survey at Penny West.”
“The subsequent interpretation, utilising all of the lithological and geochemical studies we have also recently undertaken, have contributed to a much greater understanding and appreciation of the prospectivity of the Penny West project area.”
Earlier this month, the company revealed some impressive assay results from drilling at Penny North.
Some of the top hits were 3 metres grading 83.7 grams per tonne gold from 289m down-hole, 2m @ 50.5g/t gold from 338m down-hole, 2m @ 48.7g/t gold from 264m and 2m @ 27.1g/t gold from 315m in separate drill holes.
The results extended the mineralised ore shoot at Penny North to about 260m length.
Penny North, which was discovered in March, has rapidly grown in stature for the company given that its high-grade core looks to be more coherent than the actual Penny West mineralisation, that produced 85,000 ounces of gold grading an eye-watering 21.8g/t gold during its heyday in early 1990s.
Drilling at the relatively unexplored Magenta prospect has also turned up a recent interesting intersection of 3m @ 5g/t gold from 86m down-hole that included a metre going an impressive 11.5g/t gold.
The Penny West gold project is located just 30km from the mothballed Youanmi operation in the under-explored Murchison mining district of Western Australia.
Is your ASX listed company doing something interesting ? Contact : email@example.com