Gold explorer Spectrum Metals (ASX: SPX) has recovered more high-grade gold from the Penny North prospect within its wholly-owned Penny West project near Youanmi, Western Australia.
The company today reported results from four new holes in an extensional reverse circulation drilling program, which it said demonstrated the continuity of high-tenor mineralisation within the high-grade Penny North shoot.
Significant intersections were: 3m at 34.4 grams per tonne of gold from 264m, including 1m at 99.9g/t gold from 265m; 9m at 24.1 g/t gold from 267m including 3m at 69.3g/t gold; and 9m at 15.9g/t gold from 294m, including 6m at 22.5g/t gold.
Further results were revealed for another six holes, where the main lode intersections had been previously reported. Highlights included 4m at 16.8g/t gold from 116m, including 2m at 31.1g/t gold; and 4m at 6.1g/t gold from 68m.
In addition, Spectrum said a 2m high-grade intersection from one of the new holes confirmed the northern extent of the shoot may continue even further north.
These results add to the high-grade gold already unearthed during the company’s phase two drilling program.
In June, Spectrum announced Penny North intersections grading up to 26g/t gold and earlier this month, it returned additional high-grade results such as a 5m intersection at 24.4g/t gold from 241m, including 3m at 40.2g/t gold.
Spectrum managing director Paul Adams described the latest drill results as impressive, particularly as the holes are located at the edge of the high-grade envelope.
“We have been able to increase the known strike length at the base of the zone to at least 200m and have very high-grade mineralisation in the deepest hole yet drilled at Penny West in hole SPWRC069,” he said.
In Spectrum’s mid-July announcement, Mr Adams said the board was “very encouraged” by the results at Penny North and had decided to “allocate further resources to allow for an expedited drill program”.
Drilling will continue at the prospect with further rigs scheduled to begin in mid to late August to expand the project on multiple fronts.
By early afternoon trade, Spectrum shares were up 16.67% at $0.07.