Escrow Watch
Kingwest Resources Limited is an exploration company focused primarily on gold exploration at the historic Menzies gold fields, 120km north of Kalgoorlie. The Menzies Project contains some of the highest-grade historic production in the Eastern Goldfields with the five underground mines producing between 16g/t and 32g/t Au over their respective life of mine for a total of 650,000 oz @ 22.5g/t. The last underground mining ceased in 1943 and there has been limited drilling beneath the historic workings since then. Open Pit mining during the 1990’s before the collapse of the gold price in 1999 also produced 145,000 oz at a high-grade average of 2.6g/t Au.
A relatively shallow resource comprising 3.29Mt at 2.0g/t Au for 208,300 oz (using 1g/t cut off) has been estimated, however the best future economic potential is in targeting the high-grade mineralisation that remains open at depth beneath every deposit. This was recently proven through underground sampling data acquired from the DMIRS archives which include results such as 31m @ 22.3 g/t Au with an average width of 2.1m at the bottom level of the Yunndaga underground workings, and 22m @ 49.5 g/t Au from 18 channel samples from the lower levels of the Lady Shenton workings.
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