Kingwest Resources Ltd (ASX:KWR) chairman Gregory Bittar has demonstrated his faith in the company’s gold strategy with the purchase of shares in an on-market transaction.
On August 3, Bittar acquired 300,000 shares in a direct interest for $21,565, increasing his holding in that interest to 800,000 shares.
RC drilling at Goongarrie
Recent reverse circulation drilling at the Goongarrie Gold project has returned up to 8 metres at 4.94 g/t gold from 72 metres with the results confirming previous strong aircore results.
The composite results are from an initial 1,196 metres RC program at Goongarrie with single metre sample assays pending.
The 8-metre result was within 20 metres at 2.55 g/t gold from 72 metres and other strong results are:
- 4 metres at 2.18 g/t from 64 metres; and
- 8 metres at 1.43 g/t from 44 metres.
A full interpretation of the significance of the drill results is not possible until all single metre assays have been received, which are expected in around three to four weeks.
Aircore drilling of Kanowna Belle style litho-structural targets with coincidental geochemical anomalies (up to 361ppb gold) under Lake Goongarrie will take place in early August.