News Articles for Spectrum Metals

Javelin Minerals has picked up the historic Eureka open pit north of Kalgoorlie where it is seeking to prove up a theory that more golden riches may be lurking nearby. The move follows the spectacular success of Spectrum Metals and Spartan Resources. Both found multi-million dollar gold deposits about 300m north of their mothballed open pits and Javelin already has some intriguing drill holes about 300m north of Eureka suggesting there is more gold out there.

Javelin Minerals' reinterpretation of data from its Coogee project in Western Australia's Goldfields region has thrown up a tantalising exploration theory that it is now primed to test with the drill bit. The company plans to determine if a magnetic anomaly lurking just 300m from an old open pit at the site is a potential repetition of the historic lode.

TNT Mines has nailed its first drill program at the Eureka gold project 50 kilometres north of Kalgoorlie after it hit 34 metres at 1.75 grams per tonne gold in one drill hole. The company has moved quickly to test the potential of the Eureka gold project after it reached an agreement to acquire 100 per cent of Warriedar Mining, the previous owner of the project back in October 2020.

Our board moves wrap includes Mark Freeman, James Bahen, Nicholas Sage, Costa Tsesmelis, Alexander Hewlett, Paul Adams, Simon Durack, Laura Coles, Jon Bennett, Kate Pass, Lloyd Smith, and Tony Ottaviano.

Ramelius Resources' friendly takeover bid for ASX-listed Spectrum Metals is gathering momentum with Ramelius' relevant interest in Spectrum now hitting 77.48%. Ramelius has extended its offer to remaining shareholders until the 29th of May whilst at the same time declaring the offer to be fixed and final. Ramelius also said that Spectrum shareholders who choose not to sell may be disadvantaged by a lack of liquidity.

Our daily board moves wrap includes Douglas Loh, Tim Desmond, Terry Smart, John Baillie, Petar Tomasevic, Leeanne Bond, Will Burbury, John Richards, Kevin Lines, Mark Zeptner, Tim Manners, Richard Jones, James Croser, Nader El Sayed, Les Davis, David Baxby, and Tim Bult.

Ramelius Resources' takeover bid for ASX-listed Spectrum Metals has gone unconditional after Ramelius' relevant interest in Spectrum surpassed 50 per cent. The cash and scrip offer by Ramelius, announced on February 10th and quickly endorsed by the Spectrum board, implied a 50 odd per cent premium to Spectrum's closing share price at the time.

More than half of Spectrum Metals shareholders have accepted $208 million takeover by Ramelius Resources, resulting in a wholly unconditional offer.

Spectrum Metals has followed up the highest grade drill results seen to date outside of its Penny North deposit in WA and made some further encouraging hits including 3 metres grading 9.62 grams per tonne and 2m grading 13.0g/t gold from its Magenta prospect. It looks as if the company may also be onto a new discovery with a “stratigraphic” hole at the Golden Hinde prospect returning 1m grading 54.9g/t gold from 77m downhole.

In a Target Statement made to the ASX, Spectrum Metals' Board has unanimously urged its shareholders to accept the friendly take-over bid by Ramelius Resources. The ASX300 listed company's implied offer of 15 cents per Spectrum share is a serious 70% increase to its 30-day volume weighted average share price of just over 8 cents. Ramelius' offer represents an implied value of about $231m for Spectrum's Penny West gold project.

Spectrum Metals is not sitting idly by while shareholders consider a takeover bid by ASX-listed Ramelius Resources Ltd. In fact, Spectrum is gearing up for another bunch of drill holes around the various deposits that make up its Penny West gold project. It is targeting resource additions to add to an already healthy maiden estimate of 799kt at 13.8g/t for 355,500 ounces of contained gold.

Spectrum Metals' share price has jumped 40% from Friday's close on news of a take-over bid from gold titan, Ramelius Resources which has the blessing of the Spectrum board. The cash and scrip offer represent a 70% premium to Spectrum's 30-day volume weighted average share price. Ramelius says there are strong synergies between the two companies and the board of Spectrum has endorsed those views.

Goldminer Ramelius Resources has lodged a $208 million takeover offer for Spectrum Metals, after Spectrum settled its disputes with Venus Metals Corporation in relation to the acquisition of the Penny West gold project in Western Australia.

Spectrum Metals has encountered its highest gold grades yet outside of the historical Penny North deposit located 25km south of the Youanmi mining centre in Western Australia. Recent exploration drilling has snagged a 4 metre wide zone grading at 11.1 grams per tonne gold from 195m downhole, including a metre grading 41g/t gold at the Magenta prospect, 1.5km north of Penny North.

With a recent new drill hole at its Penny North prospect going 2.87m at 14.7g/t from 363m downhole, Spectrum Metals appears to be showing that its shiny new ore body, recently discovered just to the north of the historic Penny West open pit in W.A, is not going to give up anytime soon. Penny North is located 25km south of Youanmi.

Our board moves wrap includes Mark Syropoulo, Cathy Moises, Kate Stoney, Bradley Marwood, Peter Bewick, Henko Vos, Abby Siew, Grant Mooney, Les Davis, Doron Nevo, Michael Soucik, Dan Smith, Swee Chen Goh, Osagie Imasogie, Lisa Gray, Oludare Odumosu, Harry Karelis, Mara Gordon, and Stewart Washer.

Spectrum Metals announced it has filed and served its defence to a claim from Venus Metals Corporation in relation to Spectrum's acquisition of DJ Carmichael's Penny West gold project in Western Australia.

Spectrum Metals has announced a stunning maiden resource of 569,000 tonnes grading a whopping 16.8g/t gold for 306,800 ounces at its Penny North discovery near the Youanmi mineral province in WA. This brings the entire Penny West project resource to 799,000 tonnes grading 13.8g/t gold for 355,500 ounces. Importantly, the ore body is still well and truly open and will most likely continue to impress.

Spectrum Metals has intersected further high-grade visible gold mineralisation from deep drilling at its Penny North discovery near Youanmi in WA. The company will now move the rig to complete exploratory drilling at the Magenta prospect, about 1.5km to the north. Spectrum is also compiling a maiden resource for Penny North, undertaking site-based environmental studies and preparing geophysical surveys to help rank existing gold targets.

Venus Metals Corporation has commenced proceedings in the Supreme Court of Western Australia against Davide Bosio, Paul Adams, DJ Carmichael and Spectrum Metals, in relation to Spectrum's acquisition of the Penny West gold project.

Spectrum Metals continues its run of solid drilling success at its Penny North gold prospect located 25km south of the Youanmi mining centre in Western Australia. New drilling showed that the mineralised zones at Penny North are harbouring ounce plus dirt with drill hits including 2m at 32.5 g/t gold from 322m within a wider 6 meter intercept grading 11.1 g/t.

Spectrum Metals' recently completed detailed sub-audio magnetic survey has identified several new targets in the gap zone between the Penny North deposit and the Columbia-Magenta targets of its Penny West gold project near Youanmi, WA. The company is currently increasing its drilling capacity and will test targets generated from the survey over the coming months.

Spectrum Metals' ongoing drilling campaign at the Penny North gold discovery near Youanmi in WA continues to impress. The company has now extended the length of its high-grade ore shoot to 260 metres with exceptional new intersections like 3m @ 83.7g/t gold. Spectrum has also revealed more gold mineralisation from Penny South, beneath the historical Penny West pit, with 2m @ 17.1g/t gold from 182m down-hole.

A summary of last week's smaller deals that did not get included in our daily news coverage.

Spectrum Metals' drilling campaign at the Penny West project near Youanmi, WA, has returned its deepest high-grade gold intersection to date, with a spectacular 9m @ 15.9g/t gold from 294m down-hole, incorporating a 6-metre section going 22.5g/t gold from 295m. The company said additional drill rigs would commence work in August and that the latest results indicate gold mineralisation remains open at depth down-plunge.

Spectrum Metals' Phase II drilling campaign at the Penny West project near Youanmi, WA, has returned additional, deep high-grade gold intersections at the Penny North discovery, extending the mineralisation down-plunge. New drill intercepts included 5m @ 24.4g/t gold from 241m down-hole, 6m @ 14.8g/t gold from 268m down-hole and another hole that recorded 11m @ 3.9g/t from 221m down-hole and 3m @ 15.4g/t gold from 239m down-hole.

Spectrum Metals' Phase II drilling campaign at the Penny West project near Youanmi, WA, has returned further high-grade gold intersections, with mineralisation now defined over 650 metres of strike to a vertical depth of 230m. Preliminary metallurgical test work from the Penny North ores have been encouraging, with gold recoveries up to 99.2% and free-milling gold potentially amenable to a conventional processing circuit.

Spectrum Metals' Phase II drilling campaign at the Penny West project near Youanmi, WA, has returned top results of 1m @ 180.3 g/t gold from 206m down-hole and 11m @ 11.7g/t gold from 229m from the first holes drilled at the Penny North prospect. The results have already doubled the down-dip extent of the Penny North lode on this section while results are pending for two up-dip holes on the same drill section.

Spectrum Metals will commence a detailed, ground-based geophysical SAM survey program over the Penny West shear corridor next month, which hosts the high-grade gold mineralisation at its namesake project located near Youanmi, WA. The surveying covers a gap between the recently identified Penny North mineralisation and the Columbia-Magenta targets to the north and will assist in the delineation of geological structures.

Spectrum Metals has drilled high-grade gold intersections at its Penny North and Magenta prospects near Youanmi in WA and has raised $5m to support ongoing exploration and resource development at the broader Penny West project. The company will shortly commence its Phase II drilling program, which will target regions adjacent to the existing Penny West resource and extensions to the Penny North and Magenta prospects.

Spectrum Metals has drilled additional wide, high-grade gold intersections at its Penny North gold prospect near Youanmi in WA. New intercepts included 6m @ 47.4g/t gold from 150m down-hole, located 40m down-plunge of March's discovery hole and 11m @ 25.8g/t gold from 120m down-hole directly up-dip from the discovery hole. The company is raising $5m to support ongoing exploration and development at the emerging project.

Spectrum Metals has received firm commitments from investors to raise $5 million via a share place, with the funds set to go towards the company's Penny West gold project in Western Australia's Mid West.

Spectrum Metals has returned a high-grade gold intersection 125m below a historical open pit at its Penny West gold prospect near Youanmi in WA. The intercept of 5 metres grading 28.9g/t gold from 203m down-hole was contained within a wider zone of 31m @ 5.5g/t gold from the same depth. The company said the result might represent a structurally thickened zone and that further drilling is planned.

Spectrum Metals has drilled a bonanza grade intercept at its new Penny North gold prospect near Youanmi in WA, returning a 4 metre wide intersection of mineralisation grading 105.2g/t gold from 151m down-hole. The company has expanded its drilling campaign to follow up the new find, which is along strike from a historical open pit that produced 85,000 ounces at 21.8g/t gold in the 1990s.

Spectrum Metals has drilled high grade extensions at its Penny West gold project near Youanmi in WA, intersecting an 8 metre wide intercept of mineralisation grading 24.2g/t gold from 149m down-hole. The zone at Penny North is directly on strike from a historical open pit, that generated 85,000 ounces at 21.8g/t gold in the 1990s. The company has expanded its drilling campaign to follow up the discovery.

Spectrum Metals has added a bit of polish to its Penny West project near Youanmi in WA discovering 14 metres of mineralisation grading 14.4g/t gold and 4.11g/t silver from 124m down-hole. The zone is north of the historic Penny West open cut, that produced 85,000 ounces grading 21.8g/t gold in the early 1990s. The company said it would expand its drilling to follow up the new find.

Spectrum Metals has started spinning the drill bit at its new Penny West project in the Murchison mining district, one of the highest grade open pit gold mines ever worked in Western Australia. The 4500 metre maiden drill campaign is primarily aimed at defining and extending the mineralised envelope below the Penny West open pit. Final assay results are expected during April.

Spectrum Metals has generated multiple, high priority drill targets from a regional exploration auger geochemical sampling program at its newly acquired Penny West gold project, located in the Murchison mining district of WA. The company said it will drill the Columbia-Magenta prospect in the coming weeks and also target high grade gold mineralisation beneath the historic Penny West open pit shell.

Spectrum Metals has completed the acquisition of the high grade Penny West gold project and an exploration licence located immediately east of the project in WA's Goldfields region. The company is currently awaiting assay results from a 1000 hole auger geochemistry program and is planning to start a RC/Diamond drilling program in the first quarter of next year.

Helix Resources is pleased to announce the completion of a placement to raise $0.9m via the issue of 30,000,000 at the last market close price of 3 cents.