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wolfofbridgest

3,162 Posts.

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29/11/21

22:13

Post #: 57946812
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Originally posted by mraki082: ↑

Another article below releases today by Peleton which you can find on the KWR website.

KWR also presenting this week at #RIUResurgence 21 Conference this week.Wed 1st Dec 21 @ 5.00pm (AWST)

Stock Commentary Subject:

Kingwest Resources Limited

Goongarrie Salt Lake Drilling:

New Bedrock Gold Intersections Extend Sir Laurence Mineralisation Strike Footprint Out to >1km & ~400m width

*Diamond Drilling Has Commenced*

Background:

Kingwest Resources Limited (ASX:KWR) announced on 29th November 2021 the latest returned batch of assay results of the now completed aircore program over the Lake Goongarrie salt pan at the Company’s wholly owned Goongarrie Gold Project (GGP) in Western Australia.

The drilling was undertaken immediately following up and expanding drill coverage along strike of the Company’s recent gold discovery at the Sir Laurence prospect, announced 13th September 2021, testing for the first time, litho-structural and geochemical targets.

Composite assay results have now been received for 44 of 107 holes, (Drill lines A to H)

Latest results include:

• 2m grading 1.6gpt Au from 76m (in bedrock at end of drill fence line “F”)

• 8m grading 0.7gpt Au from 72m (above 6m grading 0.3gpt in bedrock) and

• 4m grading 0.7gpt Au from 84m

32 holes testing for the first time similar proximal geological targets to Sir Laurence have also been completed with assays now pending.

A track mounted diamond drilling rig has now arrived and has commenced drilling at the Sir Laurence Discovery zone.

Key Takeaway Points from this Announcement:

1) We remain strongly encouraged with the latest results of this follow-up reconnaissance aircore program, which has continued to expand on the initial Sir Laurence discovery yet again with success.

2) This latest batch of assays, has allowed us to observe three key things that are significantly important to note:

i. Firstly, the new assay results reported have now confirmed significant gold mineralisation on every fence line of drill holes now demonstrating the mineralisation footprint of the Sir Laurence discovery to be over 1km in strike length.

ii. Secondly, the aircore has also again achieved further gold intersections in bedrock which again further bolsters evidence of a sizeable intact, in-situ gold system. Nb) We have to remember that aircore isn’t really “drilling” as such but is an alternative to augering with a blade attached to the bit to get a geochemical sample from soils, clays and weathered bedrock. So, to achieve intersections in bedrock of >0.2gpt Au is an strong result for aircore.

iii. Thirdly this set of results has also reported significant high grade mineralisation at the end of a drill fence line (2m grading 1.6gpt Au), which can be interpreted as the mineralisation footprint width has now extended out to circa 400m. Whilst it is too premature to know how much of the still open 400m width is continuous mineralisation (and we are certainly not implying that at this point) we are nevertheless observing that mineralisation has now been reported over 400m in an east-west direction and it has not been closed off.

3) It is also worthy of note that several holes were drilled and classified as “ineffective” (See Fig 2). This is despite, we understand, several intersecting quartz veining at the base of the hole. However a sample from the base of the hole was unable to be obtained which then rendered them “ineffective” This therefore doesn’t mean that all the ineffective holes are ‘barren” but simply a sample could not be obtained from the bedrock at the base of the hole. We have little doubt that several warrant early follow up with RC or diamond drilling.

4) We also note with excitement that a track mounted diamond drilling rig has now arrived and has commenced drilling the Sir Laurence discovery. This drilling will test the mineralisation at depth below the discovery intercept but also equally as importantly, it will provide the KWR geologists with key geological and structural information from the core such as orientation of structures, shears, mineralisation etc as well as hopefully attaining for the first time an example of a fresh intact piece of the new mineralisation in core for visual and geochemical analysis. KWR management is hopeful of being able to report on the initial progress of the first couple of diamond holes of this program before the Christmas break.

5) Finally, we also look forward to assay results being reported for the now recently completed 32 holes testing for the first time similar proximal litho-structural geological targets to Sir Laurence. We expect to hear this news in the New Year.

Expand

thank you mah man

if gold pops and the dow rallies tonight I think we'll be in for a real treat tomorrow

GLTA

Last edited by wolfofbridgest: 29/11/21

KWR Price at posting: 23.0¢ Sentiment: Buy Disclosure: Held
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