Liked your post but do get concerned when remarks such as this...

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vespasian03

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12/03/21

23:11

Post #: 51736804
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Originally posted by ciroc: ↑

Spectrum Metals (SPX) Originally acquired the First Hit project 4th of October 2018 at the time Spectrum CEO Paul Adam’s said “The acquisition of the First Hit mine near Menzies is a great opportunity for Spectrum to get into an advanced stage project with significant existing infrastructure with very easy access. The existing drilling and relatively easy access to the previously mined zones means that this is a development opportunity with immediate drill targets. Numerous opportunities to treat ore in the district, opening the prospect for a low capital cost start up, combined with high grade gold mineralization.’

Then on the 16th of October 2018 spectrum acquired the Penny West project and in early 2019 Spectrum received some results from an auger geochemistry program which identified 5 high priority drilling targets, so with the companies limited resources Spectrum put all their effort into drilling Penny West and First Hit was put on the back burner.

On the 10th of February 2020 Ramelius resources (RMS) made a takeover for spectrum after the results at Penny West proved to have 355,000 oz at 13.8 g/t. The deal included 1 share of RMS for every 10 owned in SPX and also 1.7c per SPX share owned, this valued Spectrum at 208 million.

Also to note if you timed it well.. RMS shares roughly doubled from the time of the takeover announcement to September that year with the rising gold price, but timing was important as it started to drop in price after that.

One of the main reasons RMS took SPX over was because penny west could utilize RMS’s nearby mount magnet processing facility. Now the fact that the First Hit project is 50km’s from Ora Banda Mining’s (OBM) mill and the closest mine being only 8 km’s from the First Hit project.

These reasons is why I’ve heard many people say Viking will be the next Spectrum once we prove up enough high grade gold we could be quickly taken over, It pretty much only took Spectrum 1 year to go from first drilling at Penny West to take over.

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Liked your post but do get concerned when remarks such as this one are made
"These reasons is why I’ve heard many people say Viking will be the next Spectrum "
Readers have no idea who those "many people" are to whom are referring....
But I agree great potential here .Julian Woodcock's judgement is what I like...and also the vendor of the lease (Vanguard) buying so strongly!

VKA Price at posting: 4.2¢ Sentiment: Buy Disclosure: Held
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Liked your post but do get concerned when remarks such as this...

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Liked your post but do get concerned when remarks such as this...

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Dart on-target for high-grade structures and multiple reefs at VIC's Rushworth

iTech Minerals flags high-grade rockchip finds, boasting one sample at +18% copper. What lies underground remains to be seen

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