Completion of acquisition of high-grade Penny West Project and adjacent exploration licence
Spectrum Metals Limited (“SPX” or “the Company) is pleased to announce completion of the acquisition of the high-grade Penny West Gold Project, near Youanmi, WA. In addition, SPX has expanded its footprint at Penny West with the acquisition of Exploration License 57/1087, located immediately east of the Penny West Licenses, and which contains sections of the prospective Youanmi Shear Zone.
SPX completes the acquisition of the high-grade Penny West Gold Project, south of Youanmi in WA. The acquisition gives SPX 100% of the project for a total consideration of $50,000 in cash and $950,000 in SPX shares.
SPX has finalized the acquisition of Exploration License 57/1087, directly to the east of the Penny West Gold Project licenses.
An RC/Diamond drilling program is planned to commence in the first quarter of 2019.
Assay results from an auger geochemistry program completed over the entire Penny West Gold Project are expected imminently.
Paul Adams, Spectrum Metals’ Managing Director said:
“We are very pleased to have concluded this acquisition over what is an iconic high-grade gold asset in WA. Penny West gives Spectrum immediate high-grade drill targets beneath a shallow open pit, famously known for its high-grade gold production. With little work performed at the project since the cessation of mining in 1992, we believe Penny West offers plenty of potential for the discovery of additional high-grade ounces. In addition to the imminent receipt of assay results from a 1,000-hole auger geochemistry program and planning for drilling to commence in the new year, the Company has acquired an additional Exploration License immediately to the east of Penny West covering parts of the prospective Youanmi Shear Zone.“
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