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On January 7, 2019, Kingwest Resources (ASX:KWR) announced the initial results of the drilling at the King of the West Project, which is in the region of North East Goldfields, Western Australia. In the result findings, it is mentioned that 11 reverse circulation holes were completed for a total of 1,121 meters with all holes (KWRC001 to KWRC011), which intersects the identified shear zones. The purpose of the drilling was to test beneath outcropping lodes and old workings identified by the company.
Kingwest Resources Limited is in the mining business which mainly focusses on gold exploration. The company got listed on ASX in August 2018.
All holes intersected shear zones up to 40m wide with quartz veining, consistent with surface mapping and nearby deposits. The high-grade mineralization was intersected in hole KWRC007 of 15m @ 9.18g/t AU, 4g/t from 60m which includes 5m @26.67g/t Au, 10g/t Ag from 66m. This intercepts on the King of the West Lode lies below a prospecting pit and collapsed shaft with rock chip results up to 168g/t Au, 45g/t Ag. This mineralization indicates a high-grade gold shoot within the shear zone that remains open at depth.
The company also conducted tests on two holes from Duke of the West lode which returned anomalous results while three holes tested below shafts on the Prince of the West lode also returned anomalous results.
These initial drilling results motivate the company which now looks forward to the next phase of the work program.
Prior to the drilling program, Kingwest exploration at the King of the West project consisted of rock chip sampling that has returned multiple high-grade samples on several outcropping quartz lodes. The samples have identified four east-west trending lodes, with significant gold rock chip results. Two of the major details are mentioned below:
- Duke of the West Mine and lode – A 200m strike of vein quartz outcrop, shafts, and pits with rock chip results to 4.92g/t Au.
- Prince of the West lode – A 100m strike of quartz lode with three shafts and stoping to more than 20m deep. Rock chip values to 8.18g/t Au.
The company’s near-term future work likely to include additional soil or rock chip sampling to assess the surface extent of mineralization, reviewing aeromagnetic and radiometric data to target areas under cover, possible induced polarization surveys to target sulphide-bearing quartz lodes below the base of weathering.
Financial Performance: The Company’s net loss for the year stood at $590,441 in 2018. The diluted loss per share for the year was reported at 6.89 (US cents per share). On Balance Sheet front, the company declared Net Assets at $705,249 in FY18. As at 30 June 2018, the company had cash and cash equivalent of $865,683.
Stock performance: On January 8, 2019, Kingwest Resources Limited stock price has settled at A$0.180 per share. The company’s stock delivered a return of 2.86% over last three months. However, during the last month, KWR offered the return of 16.13%.
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