- Kingswest Resources (KWR) may enter into a joint venture (JV) partnership with FMR Investments where KWR will own 40 per cent and FMR will control the rest
- Although the companies have not officially joined the venture partnership, KWR intends to continue discussions about a profit share JV with FMR
- KWR wholly owns the mining leases which encapsulate both the Menzies and Goongarrie Gold Projects
- According to the announcement, the strike containing MGP and GGP have been largely restricted to modern exploration for the past 20 years
- Kingswest shares were trading down by 4.55 per cent at 21 cents a share
Kingswest Resources (KWR) may enter into a joint venture (JV) partnership with FMR Investments where KWR will own 40 per cent and FMR will control the rest.
The companies entered a term sheet early last month but had till today to conduct due diligence.
Although the companies have not officially joined the venture partnership, KWR intends to continue discussions about a profit share JV with FMR which may or may not lead to the partnership being signed.
“Whilst our focus is on the very exciting potential we continue seeing at Goongarrie, we remain committed to pursuing opportunities to unlock the commercial potential of the Menzies Gold Project,” Kingwest CEO Ed Turner said.
Menzies and Goongarrie gold projects
KWR wholly owns the mining leases which encapsulate both the Menzies and Goongarrie gold projects.
The Menzies Gold Project (MGP) and the Goongarrie Gold Project (GGP) are major historic fields for gold mining in Western Australia and are located 130 kilometres and 90 kilometres north of Kalgoorlie, respectively.
According to the announcement, the strike containing MGP and GGP have been largely restricted to modern exploration for the past 20 years.
GGP sits within the Bardoc Tectonic Zone which extends north of MGP and as far south as Kalgoorlie.
Kingswest shares were trading down by 4.55 per cent at 21 cents a share at 2:14 pm AEDT.