Gold: Spectrum’s now up 82.5pc in a week as Penny West just keeps on giving

The high-grade hits keep coming for Spectrum Metals (ASX: SPX) at Penny West.

Just a week after a swathe of high-grade hits from Spectrum’s Phase II program at Penny West sent its stocks on a huge run, the company is reporting more significant hits such as these from new holes:

• 3m at 34.4 g/t gold from 264m, including 1m at 99.9 g/t gold from 265m
• 9m at 24.1 g/t gold from 265m, including 3m at 69.3 g/t gold from 267m
• 9m at 15.9 g/t gold from 294m, including 6m at 22.5g/t from 295m
• 2m at 16.6 g/t gold from 274m

• Scroll down for more ASX gold news >>>

And two more holes to complete the set of six results from last week:

• 4m at 16.8 g/t gold from 116m, including 2m at 31.1 g/t gold from 116m
• 4m at 6.1 g/t gold from 68m

Anything above 5g/t is considered high grade.

The 2m at 16.6 g/t gold result from 274m is considered “of particular interest”. Spectrum said it previously appeared to lie outside the +20 gram meter contour on the long section:

“However, the intersection confirms that the northern extent of the shoot may extend further north at this RL,” the company said.

These results came right at the edge of the known high grade mineralisation – and Spectrum has “very high grade mineralisation” in the deepest hole ever drilled at Penny West: 6m at 22.5g/t from 295m.

Had these results already been priced into the market though? Spectrum went on a huge run last week, from 2.5c to 6.3c.

Nope. The explorer is currently up 20 per cent in morning trade.

That’s taken its return for shareholders this year up to a cool 1100 per cent. Suh-weet.
 

In other ASX small cap gold news today:

Indiana Resources (ASX: IDA) has completed a shallow RC drilling programme at “The Edge” in West Mali, and hit some “significant intersections” of gold, including one of 18m @ 1.95 g/t from 45m. The programme so far has confirmed mineralisation in “multiple lithological and structural settings” which Indiana says indicates a “large hydrothermal system within a corridor at least 12km long and 5km wide”.

Gold mineralisation at The Edge consists of quartz veins and silica carbonate sulfide hosted within sheared mafic sediments. Indiana says this represents “a significant shallow open-pittable target, with the potential for high-grade depth extensions”.
 
And West African Resources (ASX: WAF) reckons it’s on track for its first gold pour in mid-2020. It’s first pass gold control drilling programme at M1 South is done, and significant results include 10m @ 15.4 g/t Au from 32m, and 18m @ 8.3 g/t Au from 3m. Construction activities remain on budget and on schedule, WAF says, and a dam and 21km pipeline and powerline are complete. Look: