- Shares in Kingwest Resources (KWR) have risen in early trade following the latest round of assay results from the Lake Goongarrie gold discovery near Kalgoorlie in WA
- The junior mining company has received assays for 29 out of 80 aircore holes drilled at the Sir Laurence prospect in the Lake Goongarrie area
- Of these, some of the best results included a 28-metre hit grading 1.9 grams of gold per tonne (g/t gold) from 20 metres and an 8-metre hit at 2.2 g/t gold from 12 metres
- Kingwest CEO Ed Turner said the “excellent” results reinforce the company’s interpretation of Sir Laurence as having the potential to be a large mineralised system
- Following today’s news, Kingwest shares are up 10.3 per cent and trading at 16 cents each at 12:25 pm AEDT
Shares in Kingwest Resources (KWR) have risen in early trade following the latest round of assay results from the Lake Goongarrie gold discovery near Kalgoorlie in WA.
The junior mining company drilled 80 aircore holes along several drilling lines within the Sir Laurence Discovery in the project area, with assays having been received for 29 of the holes drilled.
Of these, some of the best results included a 28-metre hit grading 1.9 grams of gold per tonne (g/t gold) from 20 metres and an 8-metre hit at 2.2 g/t gold from 12 metres.
Kingwest said bedrock and alluvial gold mineralisation was present in Lines A, B, and C. What’s more, bedrock mineralisation remains open to the south and west of Line A.
Kingwest CEO Ed Turner said the “excellent” results were just 800 metres south of and along strike of previously-reported discovery Line 5, though the new results were much shallower and included bedrock mineralisation.
“This reinforces our interpretation of Sir Laurence as having the potential to be a large mineralised system,” Mr Turner said.
“Line A is the first line of drilling within the current program, and we eagerly anticipate results from all of the remaining drill holes within the Sir Laurence prospect.”
Though Kingwest is still awaiting the assays from the remaining 51 aircore holes at Sir Laurence, the company said it was planning to kick off a 1000-metre diamond drilling program in the area in just two weeks time.
Further, Kingwest is planning 2000 metres of aircore drilling at Lake Goongarrie targets outside of Sir Laurence. The company said this drilling would begin immediately following the currently Sir Laurence extension lines.
On top of the initial aircore assay results, Kingwest today told investors it had resampled a mineralised single metre from the Line 5 discovery in the area, returning assay results of 31 g/t gold and 5.4 g/t gold.
Following today’s news, Kingwest shares were up 10.3 per cent and trading at 16 cents each at 12:25 pm AEDT. The company has a $37.5 million market cap.