Sydney: Kingwest Resources Ltd will be listed on the ASX after its IPO was “oversubscribed”, according toExecutive Director and CEO Stephen Woodham.
Mr Woodham said the company hoped to begin drilling its tenement in Leonora in Western Australia’s Eastern Goldfields in the next four weeks.
“Once we start drilling, results will start coming in,” Mr Woodham said.
“We will also be flying an airmag over the tenement looking for magnetic rocks which will help identify areas of interest which have not been identified before.
“We already have significant drilling targets that don’t rely on the airmag, so while that survey is important, it’s not necessary to begin work.”
He said the drill rig and airmag survey will begin at the same time and operate concurrently.
Mr Woodham is one of Australia’s most storied miners. His resume includes Centaurus Metals, LFB Resources (now Alkane), YTC (Aurelia) and Tellus.
The father of three has been raising beef cattle in Western NSW for the past few years and was persuaded to end his sabbatical to head this project, such is his faith in the Leonora tenement.
The Kingwest tenements now combine to form an extensive, 959 square-kilometre landholding located between Leonora, Laverton and Leinster.
The projects, including the 67.68 square-kilometre Emperor Project, are 250 metres away and on the same geological structure that hosts the Endeavor Prospect, where recent drill results have yielded bonanza grade gold intercepts.
These include 4 metres at 50.3 grams per tonne from 43m including 1 metre at 158 grams per tonne from 43 metres; 7 metres at 27.1 grams per tonne including 1 metre at 159 grams per tonne from 46 metres; and 4 metres at 23.2 grams per tonne including 1 metre at 81.8 grams per tonne from 28 metres.
The Crawfords Deposit project situated on a mining lease, presents the opportunity for early gold production within trucking distance of a number of toll treatment options.
The Kingwest board includes Non-Executive Chairman, Peter Bennetto, Non-Executive Director Steve Brockhurst, and Mr Woodham. Together they hold a combined 70+ years’ corporate and executive experience in banking, finance, corporate advisory, and mining and exploration.
For more information on Kingwest: www.kingwestresources.com.au