With so much focus on the Legal battle and not so much on the mining , I went back and looked at the SPX Announcement - Drilling extends mineralisation at Penny west & Magenta dated - 03/12/2019
I found several points that I missed regarding past drilling, extending the resource envelope,future JORC update H1 and future drilling reports becoming due. It would seem we should have back assays on quite a bit of drilling by now or very soon!Below are extracts from that Announcement - 03/12/2019. ---------------------------------------------------------------------------------------------------------------------------------------------------------------------- • Results are pending for most of the Magenta and Youngarra program with early results including 1m at 9.54 g/t gold at Magenta, which has expanded the gold mineralisation below the previous drilling with mineralisation open in all directions Further diamond drilling results are expected over the coming weeks as diamond drill core continues to be processed on site.
. Further diamond drilling results are expected over the coming weeks as diamond drill core continues to be processed on site.
• RC drilling continues in the Magenta area to the north of Penny West with results also expected over the coming weeks.
SPWDD004 – 1.85m at 25.4 g/t gold from 303.12m. (Penny North) • SPWDD007 – 2.87m at 14.7 g/t gold from 363.56m, including 1.26m at 31.7 g/t gold from 365.17m. (Penny North) • SPWRC104 – 2m at 26.7 g/t gold from 321m and 8m at 4.01 g/t gold from 296m (Penny North) • SPWDD002 – 1.65m at 11.6 g/t gold from 252.35m. (Penny North)
• SPWRC099 – 2m at 1.73 g/t gold from 225m and 1m at 0.75 g/t gold from 244m (Gap Zone) • SPWDD005 – 0.53m at 0.70 g/t gold from 473.47m. (Penny North Deeps)
The 2m at 1.73 g/t from 225m in hole SPWRC099 is in the Gap Zone to the north of Penny North. This is of particular interest as it demonstrates that the structure that hosts the Penny North mineralisation continues to the north and is mineralised
The high-grade intersection in hole SPWDD007 will extend the mineralised envelope in the forthcoming JORC resource update. ------------------------------------------------------------------ Managing Director Mr Paul Adams commented: “Spectrum is extremely pleased to see continued strong gold intercepts from our Penny North prospect extensional drilling. These results will feed into our JORC resource update scheduled for 1H 2020. In addition, our drilling to the north at Magenta and other prospects north of Penny North, will also be included in future resource estimates ------------------------------------------------------------------
Hole SPWDD005 has intersected the mineralised structure approximately 100m below the current resource envelope with a lower grade interval of 0.53m @ 0.7g/t gold from 473.5 m and demonstrates continuity in mineralisation at depth. Importantly the structure remains open down plunge and down dip.
Spectrum has completed several RC holes at the Magenta prospect, located 1.5km to the north of Penny North and along strike within the Penny West Shear. These holes have extended the mineralised structure down dip from the previous drilling done by Eastmet in the early 1990’s and the three holes drilled by Spectrum as part of its Phase I RC drilling program in February/March of 2019.
• SPWRC112 – 5m at 2.95 g/t gold from 124m, including 1m at 9.54 g/t gold from 126m. • SPWRC118 – 2m at 2.83 g/t gold from 152m, including 1m at 4.82 g/t gold from 152m. • SPWRC117 – 1m at 1.71 g/t gold from 129m.
Drilling at Magenta and Columbia builds upon some significant historical drilling results which have not previously been reported, including;
• YGR0118 – 10m at 10.9 g/t gold from 25m.[Eastmet] • YGR0022 – 8m at 9.74 g/t gold from 10m. [Eastmet] • YGR0113 – 6m at 5.82 g/t gold from 44m. [Eastmet]
Historical driling from Columbia include
YGC0062 - 6m@ 8.06g/t Au from 28m [Eastmet] YGR0034 - 14m @6.81g/t Au from 38m [Eastmet] YGR0126 - 6m @ 13.6g/t Au from 35m [Eastmet]
Mining continues regardless of the Legal issue and we have some excellent news to look forward to.
Yak52
SPX Price at posting:
7.0¢ Sentiment: Buy Disclosure: Held
(20min delay)