- Spectrum Metals (SPX) has begun its planned drilling program for 2020 at the Penny West Project in WA
- A total of 29 holes have been designed with many to be used to increase the resource base at Penny North
- Drilling at the Magenta prospect will follow-up on the high-grade intersection of 41 grammes per tonne gold
- Additional holes have been planned at Penny South where re-interpretation of the geology shows that the area may not have been sufficiently tested
- Spectrum’s share price has slumped a slight 3.57 per cent with shares currently trading for 13.5 cents apiece
Spectrum Metals (SPX) has begun its planned drilling program for 2020 at the Penny West Project in WA.
The company began its 2020 reverse circulation (RC) drilling program in late January with one rig currently operating on a single shift basis.
Initial focus has been on stratigraphic drilling of several areas on the Penny West leases to obtain a better understanding of the geology as well as the location of similar geological sequences that host mineralisation at Penny West and Penny North.
Several stratigraphic holes have been completed with portable XRF (x-ray fluorescent) readings have been taken to assist in the correct identification and interpretation of the geology.
In addition to this, several holes have been now been drilled at the Magenta prospect to follow up on the high grade gold intersection in hole SPWC125 of 4 metres at 11.1g/t gold from 195 metres, including 1 metre at 41g/t gold from 198 metres.
A series of holes are planned around Penny North and at Penny South where an updated interpretation of the major structural feature indicate that previous drilling may not have adequately tested the main mineralised structure south of Penny West.
Penny North
Spectrum has completed a review of Penny North in order to plan and implement its 2020 RC drilling program.
This program is aimed at expanding the existing resource envelope and adding resource ounces to the current JORC 2012 resource estimate of 799,000 tonnes at 13.8g/t gold for 355,500 ounces.
An area of immediate focus will be the up-dip target which will target the up-dip section of the Penny North lode towards the surface.
Low grade intersections in this area indicate that the host mineralised structure continues up-plunge of the current resource model.
A total of seven holes have been planned to expand the resources at depth.
Magenta Area
Several holes have been designed at Magenta to follow up on hole SPWRC125 with the current hole, SPWRC161, being drilled 40 metres to the south and along strike from hole SPWRC125.
This current hole has intersected a 4 metre zone of quartz and base metal sulphides including galena and sphalerite from 212 metres downhole.
The assembly of the quartz and sulphide is similar to that at Penny West and hole SPWRC125.
Penny South
Spectrum has re-visited Penny South and re-interpreted the downhole geology in combination with the recently completed sam audio magnetic geophysical survey completed in 2019.
Results indicate that the mineralised structure on the southern end may not have been sufficiently tested.
Spectrum’s share price has slumped a slight 3.57 per cent with shares trading for 13.5 cents apiece at 2:44 pm AEDT.