logo-loader
viewKingwest Resources Ltd

Kingwest Resources divests four Leonora tenements to NTM Gold

The ‘Wells Group’ of projects covers 426 square kilometres and contains the interpreted northern extension of the Mertondale shear.

Kingwest Resources Ltd - Kingwest Resources divests four Leonora tenements to NTM Gold Ltd
The tenements have minimal historic exploration

Kingwest Resources Ltd (ASX:KWR) has sold the ‘Wells Group’, a group of four tenements in the Leonora region of Western Australia, to NTM Gold Ltd (ASX:NTM) which has the contiguous Redcliffe Gold Project.

The projects, which covesr 426 square kilometres of highly prospective ground for gold mineralisation contains the interpreted northern extension of the Mertondale shear with very little historical on-ground exploration.

NTM considers the new tenement package, which incorporates the E37/1252, E37/1284, E37/1285 and E37/1285, to be a highly prospective early greenfields opportunity.

Consideration for the 100% acquisition was $125,000 in cash and it is expected that settlement will occur within the next seven days.

Acquisition boosts strategic footprint

NTM Gold managing director Andrew Muir said: “NTM is pleased to be able to acquire such a logical bolt-on to the Redcliffe Gold Project given the contiguous nature of the tenements and their prospectivity.

“The acquisition substantially boosts the company’s footprint in the region and we look forward to testing a number of priority targets in due course.”

Redcliffe is a major developing project with established resources close to existing infrastructure and mines including St Barbara Ltd’s (ASX:SMB) Sons of Gwalia, Saracen Mineral Holdings Ltd’s (ASX:SAR) Thunderbox and Red 5 Limited’s (ASX:RED) Darlot mine.

Redcliffe Project and newly acquired ground

Initial activity at the Wells Group projects will involve further geological and data review followed by targeting studies prior to on-ground work.

Quick facts: Kingwest Resources Ltd

Price: 0.145 AUD

ASX:KWR
Market: ASX
Market Cap: $17.68 m
Follow

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events

NO INVESTMENT ADVICE

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...

In exchange for publishing services rendered by the Company on behalf of Kingwest Resources Ltd named herein, including the promotion by the Company of Kingwest Resources Ltd in any Content on the Site, the Company...

FOR OUR FULL DISCLAIMER CLICK HERE

Watch

Full interview: Kingwest Resources on the latest at the Menzies Gold Project

Kingwest Resources Ltd (ASX:KWR) chief executive officer Ed Turner speaks to Proactive about the Menzies Gold Project north of the Super Pit in Western Australia. Turner said the company spent the summer holidays collating data at the site ahead of a 12,000-metre drilling program planned for...

on 21/2/20

2 min read