Spectrum onto more gold at Penny North
ASX-listed gold explorer and developer Spectrum Metals continues to deliver solid drilling success at its Penny North gold prospect located 25km south of the Youanmi mining centre in Western Australia.
The wider mineralised zones at Penny North appear to be harbouring ounce plus dirt with the most recent drill results showing 2m at 32.5 g/t gold from 322m from a wider, 6m mineralised zone going 11.1 g/t gold from 319m down-hole.
The drilling was designed to test extensions of an interpreted deeper mineralised gold shoot, with the new results confirming that the Penny North gold lode continues at depth.
Spectrum has now completed the first of four planned diamond drill holes into Penny North, with observations verifying the geological and structural characteristics of the gold lode. Further assay results from the latest round of drilling will no doubt be highly anticipated by the growing band of Spectrum devotees.
The company has also been drilling north and south of the known mineralisation at Penny North, with the aim of converting more ounces into gold resources.
At Penny South, 11 RC holes were completed, eight of them snagged gold and the program has now confirmed the predictability of the mineralising structure, according to the company.
The most notable drill hole at Penny South was a 2m intercept grading 17.1 g/t gold from 76m down-hole. Assays are outstanding for one final hole and additional drilling is now being planned.
Penny North is conveniently located on granted mining leases and close enough to the mothballed Youanmi processing facility for its ore to be trucked to the mill, creating a potentially fast tracked pathway to cashflow for Spectrum
No doubt, the next moves for Spectrum will be closely watched by neigbouring ASX explorers, Venus Metals and Rox Resources, who also appear to have a solid sniff of the elusive yellow metal in the region.
Is your ASX listed company doing something interesting ? Contact : firstname.lastname@example.org
Spectrum Metals (SPX)
Closing price for the last 90 trading days
Powered by Morningstar ®