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Kingwest Resources outlines Menzies Gold Project 12-month plan at Proactive gold webinar

A select group of gold exploration companies joined Proactive’s virtual investor conference today.

Kingwest Resources Ltd - Kingwest Resources presents Menzies Gold Project 12 month plan at Proactive CEO Session
Kingwest recently upgraded the overall resource at its Menzies Gold Project (MGP) by 37% to 320,000 ounces

Kingwest Resources Ltd (ASX:KWR) has a busy 12 months ahead as it fast-tracks the Menzies Gold Project (MGP) in Western Australia towards production.

During a Proactive gold CEO investor session today, chief executive officer Ed Turner provided an insight into the company’s vision of becoming a key gold producer in the Eastern Goldfields region of WA.

Turner said Kingwest was currently leveraging off record gold prices – a crucial change that would drive shareholder value.

Plans to unlock value

As it stands, the company has a market cap of around $17.6 million and held cash on hand at the end of the June quarter totalling $2.8 million.  

This amount, Turner said, is set to increase over the next few weeks following the company being in the middle of a $3.3 million rights issue and upon Kingwest receiving an estimated $2.1 million from the sale of non-core assets (Goongarrie Lady, Crawford’s and Gambier North).

Kingwest’s long-term plan remains on unlocking the value of the historic Menzies and Goongarrie goldfields as well as to take advantage of infrastructure nearby.  

Advantages of Menzies

Menzies is within trucking distance of numerous process plants, with the closest toll mill being around 80 kilometres away by sealed road - further enabling a rapid move towards production.  

Turner said the project had water, power and technical skill support on the ready due to its location being in the mining heartland of the Goldfields.

There are clear brownfields exploration drill targets on the project site area, which Turner said had been dormant for more than 20 years as well as additional underground potential yet to be tested.

Around 10,000 metres of reverse circulation drilling is planned for the second half of 2020, which will add to the resource base and improve confidence levels – potentially leading to optimisation and mining studies.

Goongarrie greenfields exploration

As well as Menzies, Kingwest holds 125 square kilometres of the Goongarrie greenstone belt, of which 80% lies under thin salt lake cover.

The project is largely unexplored due to the shallow salt lake cover, however, the company plans to begin an inaugural 5,000-metre RAB and aircore drilling program testing new targets shortly.

Three companies presented

Vango Mining Ltd (ASX:VAN) and Moho Resources Ltd (ASX:MOH) also presented their gold strategies at Proactive’s online CEO Session today.

Quick facts: Kingwest Resources Ltd

Price: 0.17 AUD

Market: ASX
Market Cap: $26.13 m

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Kingwest Resources continuing to hit high-grade mineralisation at Menzies

  Kingwest Resources Ltd's (ASX:KWR) Ed Turner caught up with Proactive's Andrew Scott after announcing they've received high-grade results at the Menzies Gold Project in Western Australia. They include 1-metre at 107 g/t and 5 metres at 13.8 g/t. The resource definition program has been...

on 27/10/20

2 min read