A New Mineralization Zone Identified During The Drilling Program At Kingwest Resources

Kingwest Resources Limited (ASX: KWR) which got recently listed as an exploration company, received a strong initial result from its aircore drilling. After the exploration, a new zone of gold mineralization was discovered. The gold mineralization was discovered near Kalgoorlie in Western Australia at its Crawford and Emperor gold projects. As a result of exploration, the new zone met at the Gilmour Dolerites. It is situated 4 kilometers towards the west of its Emperor project. The outcome of the sampling values was larger than 0.1 parts per million gold. There were other elements like silver, copper, zinc, arsenic, and antimony which were found associated with the gold. The gold which was discovered was up to 1.16 ppm, contained these elements as well. There was a regular follow-up done on the samples from Gilmour prospect as the company considered it as high priority target with very good proceptivity. Crawford project has completed the drilling program of 24 angled aircore holes with a depth of 1204 meters. Out of which 12 returned abnormal ore-grade gold results by determining the quality within the initial 3 meters. From the drilling activities performed, 104,000 ounces contained gold which was close to the surface. The best results which came includes a high-grade interval of 7m at 13.04g/t gold from 42m. A new area of mineralization was discovered 200 meters towards the east of the existing resources of the company. The best results of the mineralization were 6 meters at 2.15g/t gold from 24 meters, and 3 meters at 1.04g/t gold from 12meters. The mineralized material which will be the outcome of the evaluation process of the mineralization will be considered for the metallurgical test work. The company has planned that they will be drilling 75 holes each up to 5383 meters deep. The drilling procedure will be based on the projected trend of the Emperor Structure. It is expected that this will also yield equally good results. The drilling which is located abnormally meets 6m at 1.01g/t gold from 60m, 6m at 0.54g/t gold from 27m, 3m at 0.42g/t gold from 30m, and 6m at 0.83g/t gold from 63m. Well-developed ferricrete and calcrete intersection have gone up to 40m thick which was the result of drilling covering dolerite and minor sandstone. It was found that the thickness and weathering of Ferricrete were increasing towards the south-east region. Recently, after an oversubscribed IPO raised worth $5 million, Kingwest got listed on ASX in the month of August, issuing 25 million shares at A$0.20 each. Kingwest holds a total area of 935.77 km2 as total dwelling package. In the month of September, the company reported a high-grade result from its reconnaissance drilling. By the end of the day, the market price of the share was $0.195 with the market capitalization of A$10.16 million.