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Kingwest Resources (ASX:KWR) encouraged by drill results from Menzies

Mining
ASX:KWR
05 July 2021 15:00 (AEST)
Kingwest Resources (ASX:KWR) - CEO, Ed Turner

Source: Bulls N'Bears

Kingwest Resources (KWR) has received results from drilling at its Menzies Gold Project in Western Australia.

The company recently completed a reverse circulation (RC) drilling program which included 24 holes for over 4700 metres across the Lady Shenton, Lady Harriet, Yunndaga and Stirling systems.

Drilling aimed to continue to grow the mineral resource estimate which was updated in March this year and currently sits at 446,200 ounces at 1.26 grams of gold per tonne (g/t).

The results come from drilling at Lady Shenton and the Stirling prospect, while the remaining results from the two other systems are pending.

The Falconer Lode at Lady Shenton intersected 26 metres at 4.6g/t gold including two metres at 49.5g/t gold more than 100 metres below and along strike from current resource blocks.

Other results from Lady Shenton include 19 metres at 2.2g/t gold from 167 metres, and 25 metres at 1.9g/t gold including two metres at 10.1g/t gold from 213 metres and one metre at 11.6g/t gold from 232 metres.

CEO Ed Turner found the deeper extensional drilling results to be “enormously encouraging”.

“This lode has not been mined underground historically below the current open pit level so it has plenty of potential to provide significant additional resources that can be exploited in the future. We have barely scratched the surface of this lode and we expect to continue to expand on this resource with additional drilling.”

The four holes drilled at the Stirling prospect were targeting a deeper lode to the south of the prospect. The best result was one metre at 12.78g/t gold from 105 metres. The main lode remains open at depth and further extensional drilling will be considered.

Lastly, an eight-hole RC drilling program has just been completed at the Goongarrie Gold Project. This drilling aimed to better test the high-grade mineralisation intersected in a first pass aircore drilling program completed earlier this year. Assays are expected in the next few weeks.

Company shares were up 9.52 per cent and were trading at 9.2 cents at 2:12 pm AEST.

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