Kingwest Resources Ltd (ASX:KWR)’s initial results have revealed broad mineralisation at Sir Laurence discovery within the Goongarrie Gold Project, reinforcing the company’s interpretation that the discovery has potential to be a large mineralised system.
It has found bedrock and alluvial gold mineralisation in holes on Lines A, B and C, with bedrock mineralisation open to south and west of Line A.
The company will now move to 1,000 metres of diamond drilling at Sir Laurence and this is expected to start in two weeks.
Further, 2,000 metres of aircore drilling will focus on Lake Goongarrie targets outside Sir Laurence.
Mineralisation much shallower
Kingwest CEO Ed Turner said: “These excellent results including 28 metres at 1.9 g/t gold from 20 metres in follow-up drilling at Sir Laurence, are very significant in that they are 800 metres south of, and along strike of, the discovery Line 5 but mineralisation is at a much shallower depth and includes bedrock mineralisation.
“Significant bedrock mineralisation has also been intersected on Lines B and C.
“This reinforces our interpretation of Sir Laurence as having the potential to be a large mineralised system.
“Line A is the first line of drilling within the current program, and we eagerly anticipate results from all of the remaining drill holes within the Sir Laurence prospect.”
Shares have been as much as 14% higher this morning to 16.5 cents.
Results
Initial results from 29 of 80 holes drilled so far at Sir Laurence, demonstrates significant mineralisation up to 800 metres south and along strike of discovery line 5 including:
➢ 28 metres at 1.9 g/t gold from 20 metres in KGA0627 (16 metres in bedrock); and
➢ 8 metres at 2.2 g/t from 12 metres in KGA0626.
Vein quartz gravel assay results
Kingwest has also resampled a mineralised single metre from the first round of aircore drilling to ascertain the exact material that contained the gold within the paleochannel sediments.
Two samples of individual vein quartz gravel clasts were hand-picked from the basal gravel intervals in KGA0409 for fire assay gold analysis to confirm if the gold in the alluvial channel was in the quartz gravels or in the clays that contain the gravels.
Sample RBS71119 returned 30.98 g/t gold and sample RBS71120 returned 5.38 g/t, indicating that the gold is present within the actual vein quartz, rather than as fine-grained free gold within the associated alluvial clays.
The presence of high gold values in the vein quartz clasts demonstrates that the gold in these gravels is being directly derived from high-grade, gold-bearing vein quartz reefs somewhere in the immediate vicinity.
It confirms that the bedrock at the Sir Laurence gold discovery is gold mineralised and contains high grade auriferous quartz reefs.
Deeper, more penetrative diamond and RC drilling is required to locate these reefs.
Next steps
About 2,000 metres of aircore drilling is planned to better test several targets outside of Sir Laurence.
This will commence immediately following the current Sir Laurence extension lines.
Encouraging results were returned from first pass drilling in five targets including 11 metres at 250 ppb gold from 15 metres in KGA0546, 4 kilometres to the north of Sir Laurence, and 2 metres at 260 ppb gold from 66 metres in KGA05861, 1.5 kilometres to the north of Sir Laurence.
The KGA0546 gold intersection is open at depth and occurs in an intensely altered, chloritised, siliceous metasediment.
It shows similarities to the Sir Laurence bedrock gold mineralisaton and lies at the intersection of a NW-trending D4 fault zone with a magnetically prominent stratigraphic unit.
Also of interest are the intersections in drill holes KGA0433 and KGA0594, which lie on the important Victorious Basalt/Black Flag Sediments contact that hosts numerous multi-million-ounce deposits further to the south, including the 1.7 million ounce Aphrodite deposit.
Around 1,000 metres of diamond core drilling is also planned to commence at Sir Laurence in late November to determine the three-dimensional controls of the primary mineralisation.