Gold: A flurry of high grade hits for Spectrum, Musgrave and Tietto
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Gold is shining bright and today, explorers Spectrum Metals, Musgrave Minerals, and Tietto Minerals are making hay.
Spectrum (ASX:SPX) has gone from $5m shell company to ~$140m small cap superstar within six months.
It’s a fantastic, still-developing story which has highlighted the wider potential of the underexplored Younami region in WA.
Today, Spectrum announced more high-grade hits from extensional drilling within the high-grade shoot at the Penny North discovery.
All four holes hit high grades, including 3m at 83.7 grams per tonne (g/t) from 289m.
And Spectrum also reckons the lode continues south of the historic pit after drilling returned grades including 2m at 17.1g/t. How big is this thing?
In the Murchison, Musgrave Minerals (ASX:MGV) has reported high grades from its flagship Cue gold project, including 1m at 42.8g/t gold inside a larger 24m section grading 3.2g/t, 140m from surface.
These high-grade hits are underneath the current 153,000oz Lena deposit resource, Musgrave says.
“The upside at Lena is significant with drilling confirming high-grade gold mineralisation below the existing resource that remains open,” Musgrave managing director Rob Waugh says.
“Our reinterpretation of the geology and shoot control has highlighted the excellent potential to extend the current Lena resource and we look forward to further strong results as drilling continues.”
Initial drilling at the recently acquired Mainland prospect also hit 3m at 5.4g/t gold, 74m from surface.
And West African explorer Tietto Minerals (ASX:TIE) continues to find gold around the 1.06-million-ounce AG deposit ahead of a major Q4 resource update.
Significant new intersections include 2m at 10.95g/t gold, inside a larger 7m section grading 4.09g/t.
These latest results have extended known gold mineralisation by up to 130m in places, Tietto’s Caigen Wang says.
“Our drilling continues to intersect high‐grade gold mineralisation on section after section,” he says.
“Between lines 16 to 29, we now have 68 intervals of 20-gram metres, within this there are 25 intervals reporting over 50-gram metres which includes nine intervals greater than 100-gram metres.
“We believe that there is much more to come: the Abujar shear remains underexplored with 90 per cent of the 70km long shear zone remaining to be tested.”