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Spectrum Metals completes Penny West gold acquisition, expands property

Spectrum Metals Ltd. completed the acquisition of the Penny West gold project in Western Australia for A$50,000 in cash and A$950,000 in shares.

The company outlined plans in October to acquire the project, which consists of two contiguous mining leases covering 878.2 hectares, from Patina Resources Pty. Ltd. and Plateaux Resources Pty. Ltd.

Spectrum Metals said Dec. 11 that it also expanded its footprint in the area by acquiring an exploration license immediately east of the Penny West licenses for A$7,500 in cash and A$7,150 in shares.

The additional land hosts sections of the prospective Youanmi Shear Zone, and local prospectors have identified several alluvial gold targets on the license.

The company plans to start a drill program in the first quarter of 2019. Assay results from a recent auger geochemistry program over the entire property are expected soon.