Penny north lode is 300m north to Penny west lode which acquired by Spectrum metal in Dec 2018, it just took spectrum few months to discover the penny north lode, then just after one year till project sold for $215m. I notice most of penny north drill holes are under 200m(refer to the pic)
SMX said no historical drill below 70m within 300m area to the tenements boundary to penny west where its target 1 area is located.
wish there could be several large lodes in the region and one of them sitting in target 1. Below is the Spectrum story
https://announcements.asx.com.au/asxpdf/20190722/pdf/446ryrtwpbb4cf.pdf
risk/reward ratio now is quite fair:
first drill program failed, no gold discovered, SP back to 1.3-1.4c ? Lost 40% from here
first drill program succeed: new gold lode discovered , SP soar 400%
Penny north lode is 300m north to Penny west lode which acquired...
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