Kingwest Resources
Financials:
Primary ticker: ASX:KWR
Stage of development: Exploration, Development
Primary minerals: Gold and Nickel
Project to promote: Menzies Gold Project and Lake Goongarrie
Project location: Australia
Website: www.kingwestresources.com.au
Kingwest Resources owns two projects directly north of Kalgoorlie in the World class gold and nickel producing Eastern Goldfields in Western Australia.
At Menzies Gold Project, Kingwest has defined approximately 500,000oz of JORC gold resources within granted mining leases and we are currently investigating options to restart mining. Historically Menzies has produced 800,000oz at 19 g/t Au from surface and underground.
At Lake Goongarrie, Kingwest has recently made a potentially large gold discovery under Lake Goongarrie. This is named the Sir Laurence Discovery. Mineralisation has already been intersected over an area of 2km x 1km in bedrock and alluvium. The current exploration focus is diamond core drilling to test the primary controls of the mineralised structures in bedrock which commenced in mid April.
Goongarrie also hosts the nickel sulphide fertile Highway Ultramafic over 11km of strike length and an initial aircore drilling programme has just been completed to test this. The next step is expected to be a ground based electromagnetic survey.
Cash: AUD$3M
Debt: Nil
Major shareholders:
Horizon Minerals Ltd – 15%
Management Ownership – 3%
Management Profile
Ed Turner – CEO
Mr Ed Turner is a geologist with more than 30 years of experience in Australia, Eastern Europe, Africa and Brazil. This experience has mostly been focused on gold, nickel and base metal exploration and development but includes a number of years in underground mining and mineral resource estimation. Before joining Kingwest as CEO in 2019 he worked as CEO at Galena Mining which has defined the World class lead and silver Abra deposit which will soon go into production.
Mr Ed Turner is a geologist with more than 30 years of experience in Australia, Eastern Europe, Africa and Brazil. This experience has mostly been focused on gold, nickel and base metal exploration and development but includes a number of years in underground mining and mineral resource estimation. Before joining Kingwest as CEO in 2019 he worked as CEO at Galena Mining which has defined the World class lead and silver Abra deposit which will soon go into production.
What is your rationale for taking part 121 Mining Investment?
Kingwest expects to generate significant newsflow in the short to medium term as we advance both Menzies into production and define gold and potentially nickel resources at Lake Goongarrie. Our key objective is to broaden our share register to include long term institutional investors.
What recent news would you like to highlight to investors attending?
11 April 2022 – Sir Laurence Diamond Core Drilling Commences
21 March 2022 – Lake Goongarrie Nickel Sulphide Drilling Completed
3 March 2022 – Sir Laurence Gold Discover Continues to Grow
6 Sept 2021 – High-grade underground JORC gold resource defined at Menzies
What are your key goals in 3 months, 6 months, 12 months?
3 Months:
Define significant bedrock gold mineralisation with diamond core drilling at Goongarrie Sir Laurence Discovery.
Follow up other significant gold mineralisation outside Sir Laurence.
Advance nickel sulphide exploration at Lake Goongarrie, expected to involve ground based electromagnetic survey.
Advance Menzies gold resources towards production whilst growing the resources.
6 Months:
Define new gold JORC resources at Goongarrie.
Make nickel sulphide discovery at Goongarrie.
Advance Menzies gold resources towards production whilst growing the resources.
12 Months:
Restart gold mining at Menzies.
Grow gold JORC resources at Goongarrie.
Define nickel JORC resources at Goongarrie.
What do you see as the key risks and challenges facing your company at the moment and how are you overcoming these?
Exploration risk and global / macroeconomic risks which may impact the gold price and/or investor appetite.
What do you think makes your company such a compelling investment?
Kingwest has a low valuation of approximately $80AUD per resource ounce at Menzies with considerable opportunity to grow these 500,000oz.
Lake Goongarrie has not been previously explored. Kingwest has the potential to define large gold resources in the short to medium term with mineralisation recently defined over a large area at Sir Laurence. The nickel sulphide potential is also high and exploration is once again at the very early stages.
What are the top 3 key investor takeaways?
Kingwest plans to commercialise Menzies Gold Project within 12 months.
The potential for a very large gold deposit to be defined at Goongarrie’s Sir Laurence is high
Goongarrie also has excellent potential for nickel sulphide mineralisation