Spectrum Metals Ltd (SPX) – ASX Release

Auger Geochemistry Identifies Five High Priority Targets ahead of RC drilling at Penny West

Spectrum Metals Limited (“SPX” or “the Company) is pleased to announce the results of the auger geochemistry program conducted last year over both the mining leases at Penny West. Five high-priority targets have been identified, with the highest priority target scheduled for Reverse Circulation (RC) drilling within three (3) weeks, in addition to high grade mineralisation beneath the Penny West open pit.

Key Points

  • Sample results have been received and interpreted for the auger geochemistry program conducted in 2018.

  • Gold results up to 477 ppb gold against a median of just 4 ppb

  • Five high priority targets have been identified from a total of 18 anomalies.

  • Results have highlighted important structural features.

  • A potential pegmatite has been discovered around the Youangarra East prospect.

  • The Columbia-Magenta Prospect, 2km north of the Penny West deposit, emerges as an area of future gold focus.

  • Mineralisation previously identified at Magenta remains open to the south down plunge, with Columbia open to the south west.

  • A maiden 4,500m Reverse Circulation (RC) drilling program is scheduled to commence late January/early February targeting high grade mineralisation below the Penny West open pit, a possible off-set position of the Penny West lode to the north and depth and plunge extensions at Magenta.

The information contained has been prepared by third parties. No warranty of accuracy or reliability is given in relation to any advice or information contained in this document and no responsibility for any loss or damage whatsoever arising in any way for any representation, act or omission, whether express or implied (including responsibility to any persons by reason of negligence), is given by DJ Carmichael Pty Limited or any officer, agent or employee of DJ Carmichael Pty Limited.