Spectrum Metals Limited announced a maiden JORC 2012 Mineral Resource Estimate ("Resource") at the Penny West Gold Project totaling 799,000 t at 13.8 g/t Au for 355,500 oz of contained gold. Maiden Mineral Resource Estimate (Resource) for the Penny West Project of 799 kt @ 13.8 g/t for 355,500 oz. Includes 569 kt at 16.8 g/t Au for 306,800 oz from Penny North. High confidence: 75% of Resources at an Indicated status (Indicated resources total 268,000 oz Au at a grade of 17.8 g/t Au, with the Penny North Indicated component grading 18.6 g/t Au for 247,000 oz Au. Resource delivered <8 months since discovery of Penny North (March 2019) at an exploration cost of approximately $10 per oz. Resource is shallow, delineated from 80m to 320m (below surface). Resource indicates 1,480 ounces per vertical metre. Initial metallurgical test work indicates that Resources are free milling with average recoveries of > 99%. Mineralisation is open at depth and along strike and has very strong extension potential. Results are pending and may form the basis for future Resource growth. Diamond and RC drilling currently continues from Penny North, to Columbia Magenta. Baseline environmental studies will be completed over the Penny North project in the December quarter. Next steps: Work has commenced on a Maiden Reserve Statement to be released in the March quarter 2020. Diamond and RC drilling will move to the Magenta and Columbia prospects while current Penny North core is logged and processed for analysis. A downhole EM program is to be conducted this quarter at Penny North. The program aims to better delineate the high sulphide zones associated with the high grade mineralisation. Pending success of the downhole EM survey, a surface EM survey may be conducted to define robust targets along the corridor between Penny North and Columbia. A Mineral Resource Estimate for the Penny West Gold Project was completed in October 2019 by Payne Geological Services Pty Ltd. ("PayneGeo"). The estimate included all available drilling results received as at 14 October 2019. The estimate incorporated the results of the major drilling program completed by Spectrum in 2019 which has delineated a zone of high-grade gold mineralisation at Penny North as well as confirming the remnant mineralisation at Penny West. The high-grade lodes within the deposit are visually identifiable due to the well-developed and highly tabular quartz-sulphide veining that is present. The Penny North and Penny West lodes are spatially separate and have been separately modelled and estimated. Any future mining of the Resource is likely to be via underground mining and therefore the resource has been modelled with a 2.0 g/t Au cutoff. Early diamond drilling shows a competent rock mass with exceptional geotechnical properties. Preliminary metallurgical studies indicate that excellent recoveries can be expected. Spectrum has recently been diamond drilling at Penny North to provide further confidence to the resource area and at depth to est extensions to mineralisation. Diamond drilling is currently being completed with site geologists geologically, geotechnically and geochemically (pXRF) logging the core. Field crews are measuring specific gravity (density) for all ore and wallrock samples prior to cutting and sample dispatch. Assays have been received for two diamond holes and those holes have been incorporated into the maiden Resource model. Results for the remaining fourteen diamond holes are will be released in coming weeks. SPWDD001 - 3.4m @ 15.4 g/t gold from 255.1m, including 2.75m @ 18.9 g/t gold from 255.1m, and 0.45m @ 1.26 g/t gold from 261.4m. SPWDD003 - 0.9m @ 11.6 g/t gold from 220.5, and 0.5m @ 30.7 g/t gold from 224.0m.