Kingwest Resources Ltd (ASX:KWR) has hit high-grade shoots outside the current Menzies mineral resource estimate of 446,000 ounces in Western Australia during extensional drilling, delivering grades up to 2 metres at 49.5 g/t gold from 169 metres.
Initial assays have been received for the RC drilling program completed at the Menzies Gold Project (MGP) in June, where 24 holes (KWR274–297) for 4,709 metres were drilled within the Lady Shenton, Lady Harriet and Yunndaga Systems.
Assays have been received for all Lady Shenton System holes (KWR274–286) with the Lady Harriet and Yunndaga holes (KWR287-297) pending.
Shares have been as much as 11.9% higher today to 9.4 cents.
Speaking to the results, chief executive officer Ed Turner said: “This deeper extensional drilling is enormously encouraging - proving large extensions to the Falconer Lode at Lady Shenton which shows continuous and predictable strike extensions as well and some of the broadest widths we’ve seen from any of the lodes at Menzies.
“This lode has not been mined underground historically below the current open pit level so it has plenty of potential to provide significant additional resources that can be exploited in the future.”
New results include:
- 26 metres at 4.6 g/t gold, including 2 metres at 49.5 g/t from 169 metres;
- 19 metres at 2.2 g/t from 167 metres; and
- 25 metres at 1.9 g/t, including 2 metres at 10.1 g/t from 213 metres and 1 metre at 11.6 g/t from 232 metres.
The Falconer lode extended 100 metres down-dip, along strike from the current mineral resource estimate (MRE) while the Big Babe lode intersected 70 metres down-dip from the current MRE.
“Barely scratched the surface”
Turner added: “We have barely scratched the surface of this lode and we expect to continue to expand on this resource with additional drilling.
“Initial RC drilling at Goongarrie, comprising 8 holes for 1,196 metres, has also been completed and we eagerly anticipate the outcomes from this drilling.
“Assays expected in a few weeks.
“This program was designed to better test the high-grade mineralisation intersected in the first pass aircore drilling earlier in 2021, which included 38 metres at 3.1 g/t gold to the end of hole in KGA038.”
Deeper extensional drilling will continue to follow the higher grade “shoots” in order to prove up underground mineral resources.