Spectrum Metals Ltd (SPX) – ASX Release

High grade gold drill results continue to be received from Penny North

Spectrum Metals Limited (“SPX” or “the Company”) is pleased to announce continuing high tenor gold results from the Phase II drilling program at the Penny North prospect.

Key Points

  • Significant intercepts received and expanded include:

    • SPWRC056 ‐ 5m at 24.4 g/t gold from 241m, including 3m at 40.2 g/t gold from 241m.

    • SPWRC060 ‐ 6m at 14.8 g/t gold from 268m, including 3m at 26.7 g/t gold from 268m.

    • SPWRC058 ‐ 2m at 5.6 g/t gold from 237m, including 1m at 10.6 g/t gold from 237m.

    • SPWRC054 ‐ 11m at 3.9 g/t gold from 221m, including 1m at 23.7g/t from 231m and 3m at 15.4 g/t gold from 239m

  • The panned gold from the three meters in hole SPWRC060, as reported in the ASX announcement dated 25 June 2019, returned 3m at 26.7 g/t.

  • Further assay results from hole SPWRC054 have increased the width of the intersection which is now stated as 11m at 3.9 g/t gold (formerly 7m at 4.9g/t gold) from 221m including 1m at 23.7 g/t gold from 231m and 3m at 15.4 g/t gold from 239m.

  • An additional three (3) holes containing visible gold panned from RC chips have been completed and have assays pending

    • SPWRC066 – trace gold from composited 290 to 294m,

    • SPWRC067 – 265 to 266m downhole,

    • SPWRC068 – 267 to 270m downhole composite.

  • Spectrum plans to allocate additional funds to both expedite and enlarge the Phase II RC drill program.

  • Diamond rig scheduled for August 2019.

Spectrums Managing Director, Paul Adams said “The Spectrum Board are very encouraged by what we are seeing at Penny North with the latest set of results and the panned gold from three additional holes indicating the expansion of the high‐grade zone at depth. The board has decided to allocate further resources to allow for an expedited drill program.”.

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.