Total
0
Shares
Kingwest Resources (ASX:KWR) - CEO, Ed Turner
CEO, Ed Turner
Source: 121 Mining Investment Events
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • Kingwest Resources (KWR) has intersected gold grading up to 237.5g/t from its Menzies Gold Project in Western Australia
  • Since drilling began in early March, a total of 24 holes have been drilled at the First Hit, Lady Shenton, and Yunndaga systems
  • These systems were chosen because they are proven to host high-grade gold deposits
  • Diamond drilling has now begun to test for high-grade targets and results will be announced once samples have been received and analysed
  • Kingwest has ended the day up a strong 26.9 per cent with shares trading for 16.5 cents each

Kingwest Resources (KWR) has intersected gold grading up to 237.5g/t from its Menzies Gold Project in Western Australia.

Since drilling began in March, a total of 14 reverse circulation (RC) pre-collars and 10 RC drill holes have been completed for 3402 metres.

These holes focused on the First Hit, Lady Shenton and Yunndaga systems. These systems were chosen because they lie within the Menzies Mineralised Corridor and are proven to host high-grade gold deposits.

Historical production from these areas include 164,000 ounces at 32.5g/t gold, 191,000 ounces at 32.3 g/t gold, and 270,000 ounces at 16g/t gold, respectively.

First Hit

At First Hit, a total of four reverse circulation holes were drilled and they returned bonanza grades of three metres at 158.4g/t gold including two metres at 237.5g/t gold from 180 metres.

These results prove First Hit has the potential for further depth extensions and more high-grade results.

These results will now be closely analysed to determine the most appropriate program for follow-up drilling.

Lady Shenton

Results received from Lady Shenton were significantly above expectations as holes drilled here cut through the Stirling Lode.

Significant results from this program include five metres at 13.1g/t gold from 32 metres including one metre at 58.6g/t gold from 32 metres, and one metre at 9.4g/t gold from 44 metres.

Yunndaga

Unfortunately, drilling at Yunndaga yielded no significant mineralisation.

“These results are very pleasing and ratify our belief that the high-grade ore zones continue at First Hit and Lady Shenton and throughout the Menzies Gold Project,” CEO Ed Turner commented.

“We were expecting something exceptional if we drilled enough holes in the right areas and three metres at 158.4g/t gold is hard to beat, and it is within one of the high-grade exploration targets that we announced only last month,” he said.

Diamond drilling has now begun to test for high-grade targets and results will be announced once samples have been received and analysed.

Kingwest has ended the day up a strong 26.9 per cent with shares trading for 16.5 cents each in a $15.84 million market cap.

KWR by the numbers
More From The Market Herald
Venus Metals (ASX:VMC) - Managing Director, Matthew Hogan

" Venus Metals (ASX:VMC) intersects encouraging mineralisation at Vidure

Venus Metals (VMC) has intersected encouraging copper-nickel-platinum group element (PGE) mineralisation at the Vidure Prospect.

" Whitehaven Coal (ASX:WHC) uses record prices to pay down debt

Whitehaven Coal (WHC) will use the uplift

" Alderan Resources (ASX:AL8) commences drilling at Detroit

Alderan Resources (AL8) has commenced drilling at its Detroit copper gold project, located in the US state of Utah.
RareX (ASX:REE) - Managing Director, Jeremy Robinson

" RareX (ASX:REE) begins scoping study at Cummins

RareX (REE) has begun a scoping study at its flagship Cummins Range Critical Metals Project.