Kingwest Resources Announced Outcomes Of RC Drilling At Gambier Lass North

  • Jun 05, 2019 AEST
  • Team Kalkine
Kingwest Resources Announced Outcomes Of RC Drilling At Gambier Lass North

Mineral exploration company, Kingwest Resources Limited (ASX: KWR) today (5 June 2019) announced the results of RC Drilling at Gambier Lass North, Crawford and King of the West projects. A programme of 34 reverse circulation (RC) holes were completed further on previous and historic drilling.

Gambier Lass North

As per the company’s announcement, 14 holes totalling 1,693m were drilled at Gambier Lass North, and these holes tested historical RAB drilling that returned some high-grade intersections. Also, KWR’s RC drilling program confirmed historical data and defined new mineralisation to the south along with positive new results received from Gambier Lass North include 3m @ 3.04g/t from 81m, 3m @ 1.98g/t from 45m, 12m @ 1.08g/t from 23m (inc. 1m @ 9.84g/t) and 5m @ 1.42g/t from 13m (inc 1m @ 2.83g/t).

Gambier Lass North drilling (Source: Company’s Announcement)

The KWR’s RC drilling program in the north of historic Gambier Lass mine recorded production at 11,000t @ 25g/t, producing 8,500oz, while also delineated primary quartz hosted mineralisation along with shallow supergene mineralisation. KWR also observed High-grade primary mineralisation intersected in the southern most line drilled and interpreted this quartz lode as a continuation of the historic Gambier Lass mine.

The company notified that the follow-up drill would be required to delineate additional primary and supergene mineralisation, and upcoming programs would focus on extending the known mineralisation to the north-west and south-east of the current drill hits.

Crawford

KWR reported that a program of 13 holes totalling 2,073m, combined with re-logging available historic holes has resulted in an updated geological interpretation for the Crawford mineralisation, earlier interpreted as a series of shallow, west dipping, stacked lodes.

The company re-interpreted that the recent drilling program has resulted in bulk near surface free-digging ore body, and primary mineralisation intersected in hole KWCRC08. KWR believes host conglomerates are altered and bleached with trace pyrite; apparent is the erratic distribution of gold mineralisation, and oxidised mineralisation displays increased continuity due to remobilisation of the gold, which is the main exploration target.

The company asserted, a new Mineral Resource Estimate (MRE) has commenced after the procurement of new information and updated geological understanding. Also, MRE includes re-modelling the oxide interpretation, re-modelling of a series of stacked lodes, and this would be followed by mining study focussing on the open-pittable oxide mineralisation.

King of the West

Reportedly, KWR completed a program of 7 holes totalling 980m, which targeted high-grade mineralisation beneath old workings within King of the West and Queen of the West vein systems, as reported. Also, the drilled holes targeted the extensions to the prior announcement related to the intersection.

KWR observed – two holes drilled either side, beneath the high-grade mineralisation did not intersect significant gold mineralisation and drilling of five holes returned no significant intersect for gold at King of the West and Queen of the West, respectively.

Further, it was reported that a partial consideration for the recent drilling campaign from the supplier would be the issue of 606,060 fully paid ordinary shares to a supplier at issue price of $0.165 per share in lieu of cash payment under the placement capacity of the company.

KWR’s stock was trading at A$0.14 (as on 5 June 2019, AEST 2:40 PM) and has a market capitalisation of ~A$7.62 million. The stock’s year-to-date return is -21.05%; however, its one-month return is +7.14%.


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