Spectrum will pay A$100,000 cash and issue $100,000 worth of shares to the undisclosed vendor, with $600,0000 raised from so-called sophisticated investors (at 0.4c per share), to get the show on the road.
Spectrum claimed existing surface and underground drilling at the base of the existing workings indicates gold mineralisation is open to the north, south and down plunge.
The ASX microcap led by geologist and long standing DJ CarmichaeI analyst Paul Adams also said there were indications a parallel, footwall lode exists on the southern end of the main lode structure.
Spectrum further pointed out the average gold price realized by the project over its operational life was $571 per ounce.
Barra commissioned the project in November 2011 and reported the...