Spectrum Metals Ltd. announced that drilling at the Magenta Prospect and on a new, early stage target named Golden Hinde, at the company's Penny West Project in Western Australia has intersected further high-grade gold mineralisation. Two drill holes at Magenta, following up on the 1m at 41 g/t gold intersection in hole SPWRC125, have intersected quartz and base metal sulphides similar to that seen at Penny North and Penny West. Hole SPWRC162 recorded an intersection of 3m at 9.62 g/t gold from 226m down hole including 2m at 13.0 g/t gold from 226m. In addition, hole SPWRC161 at Magenta, located 30m north of SPWRC162, has intersected 2m at 6.6 g/t gold from 211m including 1m at 12.1 g/t gold from 211m Further drilling at Magenta will be undertaken to extend the strike length of the gold mineralisation at depth. Two additional drill holes at Magenta have assay results pending. Preliminary assays have been received from a single startigraphic hole, SPWRC154, targeting a ground EM anomaly at a new prospect called Golden Hinde. A high grade gold intersection of 1m at 54.9 g/t gold from 77m downhole has been recorded. This newly discovered mineralised zone is located in the north eastern part of lease M57/180. Follow up drilling will be required to determine the extents of this new high-grade gold discovery. A single Reverse Circulation drill rig is currently drilling at Penny West targeting areas of potential high grade gold mineralisation beneath the historic open pit at positions down-dip and down plunge of the existing resource envelope. One hole in this area (SPWRC179) has now been completed. The program beneath the historic open pit aims to complete the initial Phase I drilling program from early 2019 that was postponed after the disovery of the Penny North deposit. Drilling continues and assays are awaited for a number of holes.