Kingwest Resources
Financials:
Primary ticker: ASX:KWR
Stage of development: Exploration, Development
Primary minerals: Gold, 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. A profit share mining agreement to recommence mining of the Selkirk Deposit was recently signed with private company BML Ventures. This couldbring cashflow in teh short to medium term.
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. This drilling returned anomalous nickel and gold intersections.
Cash: AUD$3M
Debt: /
Major shareholders:
Horizon Minerals Ltd – 13%
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.
What is your rationale for taking part in 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?
5 September 2022 – Excellent High-Grade Gold Intersections at Selkirk Deposit
4 August 2022 – Share Purchase Plan Upsized Due to Strong Shareholder Demand
11 July 2022 – High Grade Gold Intersection Confirms Sir Laurence Potential
23 May 2022 – Extensive Zones of Ni Rich Ultramafic Drilled at Goongarrie
26 April 2022 – Menzies JORC gold resources surpass 500,000 ounces
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
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.
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.
Recommence Menzies gold production at Selkirk whilst growing the resources.
12 Months:
Grow the Menzies gold resources and commercialise the current defined 500,000oz resources.
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 very low valuation of approximately $40AUD 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