Spectrum Rare Earths Limited (“SPX” or “the Company) is pleased to provide a progress report on the due diligence activities being undertaken by the company on the Washington Gold Project, northern California, U.S.A.
SPX has completed an initial site visit and has evaluated a large proportion of the geological database for the Washington Gold Project. The database includes over 150 diamond drill holes into the Washington Gold Mine quartz vein system. Based on the due diligence conducted so far, which has involved database integrity checking and separate, independent modeling of the lithologies from the digital diamond drill logs, plus the conversion of the State Plane Section grid to the metric NAD83 (2011) grid system, the company can report a large number of high grade drill intercepts from historic drilling, some of which are located in zones prospective for the discovery of additional gold mineralisation.
A significant number of exceptionally high-grade intercepts from identified but unmined mineralised zones include:
A full list of significant intersections verified so far from the historic drilling is tabulated in Appendix 1 of this report.
Historic production from the Washington Gold Project has largely been centered on four veins (lodes). Early exploitation in hard rock was conducted on the North-South Vein, then subsequently on the Washington Vein which has been the largest and most productive vein in the mine. A sub-parallel vein, the Dean Vein, was discovered in the footwall of the Washington and most recently, the Lucky 7 Vein located to the south of the Washington and Dean Veins, which was the last vein to be exploited.
Figure 1 shows the position of the Washington, Dean and the Lucky 7 Veins in context with the current underground development, together with an aerial image showing the site infrastructure.
Company Update Appointment of Managing Director
Spectrum Rare Earths Limited (ASX: SPX) is pleased to announce the appointment of Paul Adams as Managing Director of Spectrum Rare Earths Limited (ASX: SPX) (“SPX” or “the Company).
Mr Adams, a geologist (BSc Geology, UK), joins SPX from DJ Carmichael Pty Limited, where he was Director – Head of Research and Natural Resources, gaining considerable experience in equity capital markets and equity research with a focus in small to mid-cap resource companies across a large range of commodities. Prior to DJ Carmichael Pty Limited, Mr Adams held technical and senior roles with Metana Minerals, Dominion Mining, Australian Goldfields and Placer Dome, where he held senior technical roles at the giant mesothermal-epithermal Porgera gold-silver mine in Papua New Guinea and as Chief Mine Geologist and Development Manager at the Granny Smith Mine in Western Australia. Mr Adams also holds a Graduate Diploma in Applied Finance and Investment from the Financial Securities Institute of Australia.
SPX’s Chairman, Alex Hewlett commented:
“We are delighted that Paul has joined the Spectrum team where his experience in exploration and development of gold assets, combined with a strong equity markets background, will be instrumental in progressing our portfolio of gold projects and to bringing these to the attention of the market.”
For the period ending 31 March 2018
SUMMARY OF ACTIVITIES
The March quarter saw Spectrums’ Whaleshark project advance to the second phase of ground geophysical testing and drill permitting.
The Whaleshark Project is being explored for Gold and Copper mineralisation. Located at the northeastern end of the Carnarvon Basin, which unconformably overlies Archaean and Paleoproterozoic rocks of the Ashburton fold Belt and possibly the Mesoproterozoic Bangemall Basin.
Data processing is continuing to combine recently acquired information for granted Mineral exploration Licence E08/2924 and application E08/2972. A new regional geological interpretation is being formulated from processed drilling and geophysical datasets. A regional depth to basement study has been initiated to assist with drill target ranking and geophysical survey design. To support this study and our regional understanding, passive and active seismic surveys are currently being designed, budgeted and scheduled.
The first phase of ground electrical geophysics (Time domain) revealed encouraging and much needed information to accelerate the development of the Whaleshark Prospect and test regional structural settings at Whaleshark Central and Whaleshark South.
Alexander (Alex) (BSc MAusIMM ) has an extensive background in public companies including involvement in IPO’s, RTO’s and capital raisings. Alex sits on the board of corporate advisory firm K2 Advisory Partners who provides advice and raises capital for both mining and technology related transactions. He has been an active board member of several ASX listed resource companies and has a degree in geology from The University of Western Australia.
Outside of his role as Chair of Spectrum Rare Earths, Alex is currently the CEO of ASX listed base metal explorer Hammer Metals Limited (HMX) who is partnered with Newmont Mining Corporation and is an active explorer in the Mount Isa region of Queensland. He is also a director of a private industrial mineral company “Australian Commercial Minerals Exporters” with assets in Western Australia.
Nader El Sayed holds a Bachelor of Commerce (Banking & Finance), Masters (Accounting) and is member of Australian Institute of Chartered Accountants. Nader is currently the Chief Executive Officer of Multiplant Holdings, a mining and civil services business based in Western Australia. Nader’s previous roles include holding a senior management position with KPMG providing assurance, capital markets and other advisory services to key Australian and international resource companies. Nader brings a wealth of risk management, corporate governance, strategic and financial experience to the Board.
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