Recent results from drilling are shaping Kingwest Resources Ltds (ASX:KWR) Menzies Project into a real winner for shareholders.
CEO Ed Turner shares the significance of the recent drilling and how the gold resources have doubled since they took on the project.
A recent capital raising and the selling of non-core assets have really boosted the bank balance, which allows the company to take on further drilling and make the mining of the resource a reality.
Ed has been a regular participant on Coffee with Samso and Rooster Talk and I felt that it is a good time to get some updates on Kingwest. Recent results from drilling are shaping the Menzies Project into a real winner for shareholders.
About Kingwest Resources[hhmc]
Kingwest Resources is a mining and exploration company focused primarily on gold exploration in the Eastern Goldfields of Western Australia. It will aggressively explore for and extract gold in a mix of advanced, intermediate and greenfield projects within this highly prospective district.
With a new team on board and new projects, Kingwest is redirecting its focus on developing the highly prospective Menzies Gold Project.
The Menzies project contains some of the highest-grade historic production in the Eastern Goldfields with the five underground mines producing between 16 g/t and 32 g/t gold over their respective life of mine for a total of 650,000 ounces at 22.5g/t.
The last underground mining ceased in 1943 and there has been limited drilling beneath the historic workings since then. Open Pit mining during the 1990s before the collapse of the gold price in 1999 also produced 145,000 ounces at a high-grade average of 2.6 g/t.
A relatively shallow resource comprising 2.42 million tonnes at 2.2 g/t for 171,300 ounces, using a 1 g/t cut-off, has been estimated in recent years, however, the best future economic potential is in targeting the high-grade mineralisation that remains open at depth beneath every deposit.
About Ed Turner[hhmc]
Ed Turner, BSc (Hons), MAusIMM, is a geologist with 30 years of experience throughout Europe, South America, Africa and Australia in a range of roles encompassing base, precious and speciality metals for leading mining companies. Technical strengths include exploration, underground mining, resource estimation, feasibility studies and development level work.
Ed was previously engaged as the CEO and general manager of exploration for Galena Mining Ltd (ASX:G1A) where he delineated the high-grade Abra lead-silver deposit that is shaping up to be a highly profitable mine development.
Tune in for recent Menzies Goldfields updates:
The recent M&A activity within the Eastern Goldfield gold producers is proof that if you cannot find more resources, you just buy them.
Ed Turner returns to talk about the progress of the company at the Menzies Gold Mining District. Kingwest's recent drilling has increased the gold resources and confirmed extensions to the existing ore bodies after raising capital of A$3.5 million.
COVID-19 has not affected Kingwest's fieldwork and Ed announced high-grade gold deposits.
For further information about Coffee with Samso and Rooster Talks visit: www.samso.com.au
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