This application area includes geology hosting historical production and exploration success similar to the MGP.
The eight prospecting licences applied for include P29/2578–2585 and are along strike and between gold deposits of the project.
New tenements shown in red
Chief executive officer Ed Turner said: “We are excited to increase our holdings with a significant area of prospective land at our MGP, which is located between known high-grade gold mineralisation at Lady Irene and Selkirk.
“Recently flown detailed aeromagnetics at Menzies clearly show the sequence of rocks that host the Menzies Mineralised Corridor continuing through the new PLAs.
“Historical underground mining has been conducted on this strike trend.
“This further consolidation strengthens KWR’s land holdings and we look forward to commencing exploration in the PLs upon grant.”
Significant intersections within KWR’s adjoining Lady Irene and Selkirk deposits include:
- 7.0 metres at 45.77 g/t from 54 metres;
- 2.0 metres at 37.60 g/t from 133 metres;
- 39.30 metres at 4.27 g/t including 12 metres at 7.68 g/t from 159 metres;
- 3.0 metres at 74.6 g/t from 84 metres;
- 2.0 metres at 34.80 g/t from 48 metres; and
- 4.0 metrtes at 17.10 g/t from 50 metres.
Transported sand cover extends over the bedrock and weathered in-situ geology in the northern parts of the MGP, which reduced the success of historical exploration and prospecting.
Kingwest is well placed to drill test the mineralised strike extent.
The company has agreed to issue 110,529 fully paid shares at a value of $21,000 and pay $24,000 cash for the purchase of data acquired relating to the tenement package.
Kingwest will complete a detailed interpretation of the aeromagnetic data in conjunction with known geology and the limited historic drilling with the PLAs.
It is hoped this will lead to the delineation of the best structural settings suitable for gold mineralisation.
Following the grant of the tenements, first-pass aircore drilling will be planned to focus on the best structural target areas.