New High-Grade Discovery at Penny West
Spectrum Metals Limited (“SPX” or “the Company”) is pleased to announce the discovery of a new high-grade zone of gold mineralisation at the 100% owned Penny West gold project in WA. The new discovery is currently open in all directions and is located approximately 150m north of the historic high-grade Penny West open pit, previously mined in 1991/1992 for 85,000 ounces1 (121,000 tonnes at 21.8g/t Au).
The discovery hole (SPWRC002) was designed to follow up an isolated intersection of 1m @ 6.47g/t from 92m in 4PWRC01101, located north of the historic pit.
SPWRC002 has intersected a high-grade zone from 128m down hole
8 metres @ 23.3g/t gold & 6.9g/t silver
within an overall intersection of 14 metres @ 14.4g/t gold & 4.11 g/t silver from 124m down hole, approximately 40m down dip of the previous hole.
The intersection is currently open in all directions.
Crucially, the high-grade portion of the intersection has the same characteristics as the mineralisation seen in the Penny West lode mined within the open pit to the south, inferring that is it part of the same mineralising event.
SPX will immediately expand the current drill program to follow up this discovery.
The Managing Director of Spectrum Paul Adams commented “This intersection, in the first hole submitted for analysis in our maiden program at Penny West, has exceeded our highest expectations at this location, both in terms of tenor and width. The fact that the mineralisation style and grade is essentially the same as was mined previously gives us confidence that the newly discovered zone is contemporaneous with the original high-grade mineralisation that made Penny West such a famous name in WA mining history”.
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.