Page 31 - gmj138-Jan-Mar-20-mag-web_Neat

Spectrum

goes full on

Within nine months of 2019, Spectrum drilled
by Mark Andrews 30,000m and produced a resource at Penny
West in Western Australia’s Youanmi district

enus Metals Corp’s court claim against Spectrum Metals Ltd reach wider audiences in North America and Europe.
Vover the acquisition of Penny West has been a distraction, Within six months of discovery Spectrum was able to
but that has done little to stop momentum on the project. institutionalise its share registry with 1832 Asset Management
After starting the year with a market cap around $4 million, (9%) one noticeable big hitter showing interest. Adams said the
Spectrum closed 2019 valued at around $107 million, enough to high-grade, advanced status of Penny West was an attractive
make it a popular contender for GMJ’s Explorer of the Year. proposition for people to buy into and may eventually be a
The company managed two capital raisings throughout the year complimentary asset for another company.
– $5 million in March and $7.25 million in August – which helped How others view Penny West will play out in the long run, with
with 30,000m of RC/diamond drilling culminating in a maiden Adams’ primary concern being to continue the emphatic work
resource released in October from Penny West. The resource rate which has lifted Spectrum to prominence in quick time in
of 355,000oz gold @ 13.8 g/t within 80-320m depth, includes the last 12 months.
75% in the indicated category. “We knew we were in a high tenor system,” Adams said.
Standout intercepts from the Penny West project, south-east “It has been a phenomenal year, but I don’t think any of us
of Mount Magnet, included 14m @ 14.5 g/t gold from 124m, could have really anticipated this when we started. We didn’t
including 8m @ 23.4 g/t, 6m @ 47.7 g/t from 150m, including anticipate what lay north of the pit at all and now a good portion
2m @ 140 g/t, 9m @ 24.1 g/t from 265m, including 3m @ 69.3 of 2020 will deal with project development to get to [a decision-
g/t and 11m @ 25.8 g/t from 120m, including 6m @ 46.8 g/t. to-mine] as soon as we can.”
Diamond and RC drilling is continuing, with strong gold intercepts
reported from extensional drilling at Penny North (2.87m @ 14.7
g/t gold, including 1.26m @ 31.7 g/t from 365.17m, 2m @ 26.7
g/t with an additional 8m @ 4 g/t gold and 2m @ 1.73 g/t from
225m) about 100m north of the existing Penny North resource.
Meanwhile, infill drilling at Penny North has returned 1.85m @
25.4 g/t gold from 303.12m and 1.65m @ 11.6 g/t from 252.35m,
as RC drilling at Magenta and other areas north of Penny North
remain ongoing ahead of a resource update in the first half of REVEALING REBECCA
2020. Spectrum also expects to have a verdict on Venus’ claims A NEW EASTERN GOLDFIELDS DISCOVERY TAKES SHAPE
on Penny West in the first half of next year with a court hearing
scheduled in early March.
“We believe the claim has no merit and we will be vigorously l Three mineralised systems ✓ Rebecca
defending it,” Spectrum managing director Paul Adams told ✓ Duke
GMJ in relation to Venus claiming breaches of confidence
✓ Duchess
and misuse of information regarding Spectrum’s acquisition of
Penny West. l Rebecca – 1.7km Strike with multiple gold surfaces
Corporate affairs aside, Spectrum’s ambitions for 2020 l High grade to drive commerciality
*
include completing a fair portion of work committed to project 49m @ 4.57 g/t au
development at Penny West. 42m @ 7.75 g/t au
*
*
Baseline flora/fauna studies have been completed, mining 25m @ 7.88 g/t au
studies initiated and drilling will be in full flow to determine if l More than 30 holes with >50grm intercepts
Penny West can be in production within 18-24 months.
l Drilling continues
“We have a view to developing it ourselves,” Adams said.
Helping the company to achieve its production ambitions will
be founding Silver Lake Resources Ltd managing director Les
Visit us at www.apolloconsolidated.com.au
Davis, who joined Spectrum as a non-executive director in
December. Email: info@apolloconsolidated.com.au
Tel: (08) 6319 1900
Davis joins at a time when the Spectrum story is starting to

Page 31