- Spectrum Metals has received firm commitments for a $7.25 million placement to accelerate exploration at Penny West/Penny North
- Based on historic and recent drilling, it is considered to be a high-grade gold project
- Recent exploration has included an ongoing RC drilling program and a completed SAM geophysics survey – results are pending
- Additional funding will allow the company to expand exploration to other targets within its tenement package.
Spectrum Metals has received firm commitments for a $7.25 million placement to accelerate exploration at Penny West/Penny North.
The Penny West/Penny North project is located 25 kilometres south of the Youanmi Gold Mine in Western Australia. Historically, Penny West produced 91.4 thousand ounces at 18.1 grams per tonne of gold including low grade stockpiles.
Based on historic and recent drilling, it is considered to be a high-grade gold project.
“We are very pleased with the support shown from investors and are looking forward to expediting an expanded exploration program at Penny West and Penny North and generating strong news flow,” Managing Director Paul Adams said.
The company has conducted small-scale mining activities at the Penny West and Penny North prospects however they have been segmented. The recent placement will enable the company to maintain an aggressive exploration drilling program at Penny West.
Concurrently, Spectrum is awaiting results from its recently completed Sub Audio Magnetics (SAM) geophysical survey over the 4.5 kilometre-long corridor covering the Penny West Shear.
The SAM survey was conducted to map the structure that hosts Penny North and to potentially target additional gold mineralisation along the Penny West Shear.
Spectrum is undertaking an ongoing reverse circulation (RC) drilling program at Penny West, which has so far intercepted high grade mineralisation. Additional funding, however, will allow the company to expand exploration to other targets within its tenement package.