With a recent new drill hole at its Penny North prospect going 2.87m at 14.7g/t from 363m downhole, Spectrum Metals appears to be showing that its shiny new ore body, recently discovered just to the north of the historic Penny West open pit in W.A, is not going to give up anytime soon.
Penny North is located 25km south of the Youanmi mineral field which is enjoying something of a resurgence lately with multiple ASX listed companies enjoying some success with the drill bit in the region.
Penny North is a wide mineralised body that consistently shows up gold grades of over ten grams per tonne gold with the most recent drilling also resulting in a 2m intersection grading 26.7g/t gold from 321m downhole.
One of the new RC holes punched through a previously unrecognised zone above the main Penny North lode and retuned 8m grading 4.01g/t gold from 296m downhole.
The 8m intersection is made up of two, four-meter composite samples and the company will now re-sample the single meter intervals to better understand the gold distribution over this zone that could potentially be harbouring a new mineralised structure for company Geologists to chase.
Importantly, Spectrum’s recent drilling at Penny North has demonstrated that the lode appears to remain open at depth. One of the diamond holes hit the mineralised structure over 470m down hole, which is 100m beyond the currently modelled resource limit.
It appears that Penny North also heads further north still, with 2m grading 1.73g/t from 225m downhole intersecting in a “gap zone”, 100m beyond the northern limit of the current drilling and the resource – presenting yet another target to follow up.
Spectrum has also been investing in some solid drill meters at the Magenta prospect that potentially sits along the Penny West structure, as it is located directly along strike of the historic deposit, according to the company.
Magenta produced results including 5m grading 2.95g/t gold from 124m down hole that include a higher-grade zone of 1m grading 9.54g/t gold.
These results have provided a welcome boost for the Magenta prospect and build on historical hits such as 10m at 10.9g/t gold from 25m downhole.
Managing Director Mr Paul Adams said: “Spectrum is extremely pleased to see continued strong gold intercepts from our Penny North prospect extensional drilling. These results will feed into our JORC resource update scheduled for 1H 2020.”
“In addition, our drilling to the north at Magenta and other prospects north of Penny North, will also be included in future resource estimates, continuing to drive our resource growth through 2020.”
Spectrum’s current resource at Penny North is 247,000 ounces going a massive 18.6 grams per tonne gold – an already impressive resource base.
If it keeps hitting mineralisation at depth, it will have no trouble continuing to feed the market meerkats well into the new year.
Is your ASX listed company doing something interesting ? Contact : matt.birney@businessnews.com.au
