Kingwest Resources : Menzies JORC gold resources surpass 500,000 ounces

26 April 2022

Kingwest Resources Ltd

ASX: KWR

Menzies JORC gold resources surpass 500,000 ounces

Shares on Issue 242,973,025

•  JORC Mineral Resource Estimates (MRE's) at Menzies increase to 505,100 ounces @ 1.3 g/t

  Directors & Management

  Chairman

  Gregory Bittar

  CEO

  Ed Turner

  Non Executive Directors Stephen Brockhurst Jonathan Downes Jon Price

•  Lady Shenton System MRE's now comprise 293,200oz @ 1.3g/t Au

•  Pericles MRE increases by 20% to 192,400oz @ 1.3g/t Au at a discovery cost of $5/oz

•  All resources remain open at depth

•  Kingwest continues to investigate the best options to develop and/or commercialise these Menzies resources

Company Secretary Stephen BrockhurstPrincipal Place of Business Unit 3, Churchill Court 335 Hay Street Subiaco WA 6008

Registered Office Level 11

216 St Georges Terrace Perth WA 6000

Kingwest Resources Limited ("Kingwest" or "KWR") is pleased to announce updated Mineral Resource Estimate's (MRE's) for the Pericles, Lady Shenton and Stirling deposits at the Menzies Gold Project (MGP) (Figure 1). These were based on additional RC drilling completed in 2021 that was not included in previous MRE's. New drill intersections included 26m @ 4.56 g/t Au from 158m, including 2m @ 49.49 g/t Au from 169m in KWR2771 and 19m @ 2.15 g/t Au from 167m in KWR2741.

The MGP is located approximately 130km north of Kalgoorlie and is well serviced by infrastructure and within trucking distances of numerous treatment plants.

The new estimates are presented in the Table 1 below using 0.5g/t Au cut offs except for Yunndaga which includes some Inferred resources above a 2.0g/t Au cut off at greater depths.

Contact

T 08 9481 0389

[e-mail] Wwww.kingwestresources.com.au

Investor Relations

Lucas Robinson

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Kingwest CEO Ed Turner commented that "We are very pleased to continue to increase our near surface gold resources at Menzies, particularly with Pericles increasing by 34,000oz at a discovery cost of only $5/oz. The potential to continue to grow these resources with further extensional drilling is high. It is important to note that these MRE's are constrained by depths that are likely to be captured within open cut mining. Kingwest continues to investigate the best options to develop and/or commercialise these significant resources."

Table 1: Menzies Project Mineral Resource Estimates, April 2022

Category	Indicated	Inferred	Total
Deposit	Au Cut-off	Mt	Au g/t	Ounces	Mt	Au g/t	Ounces	Mt	Au g/t	Ounces
Pericles	0.5	2.31	1.29	95,600	2.46	1.22	96,800	4.77	1.26	192,400
Lady Shenton	0.5	-	-	-	1.04	1.45	48,400	1.04	1.45	48,400
Stirling	0.5	0.46	1.54	22,700	0.70	1.14	25,700	1.16	1.30	48,500
Yunndaga	0.5	1.27	1.31	53,500	2.05	1.37	90,000	3.31	1.35	143,500
2.0	-	-	-	0.11	3.32	12,200	0.11	3.32	12,200
Lady Harriet	0.5	0.17	2.11	11,800	0.32	1.14	11,600	0.49	1.48	23,300
Bellenger	0.5	0.32	0.92	9,400	0.08	0.89	2,400	0.40	0.91	11,800
Warrior	0.5	0.03	1.37	1,200	0.19	1.11	6,700	0.22	1.15	8,000
Selkirk	0.5	0.03	6.25	6,200	0.14	1.21	5,300	0.17	2.15	11,500
Lady Irene	0.5	0.10	1.73	5,600	0.10	1.73	5,600
Total	4.6	1.36	200,400	7.18	1.32	304,700	11.77	1.33	505,100

Figure 1: Menzies Gold Project (MGP) aerial view showing the main mineralised systems as well as the MRE locations

1. Introduction and Background

Cube Consulting (Cube) was engaged by Kingwest Resources Limited (KWR) to update the Mineral Resource Estimate (MRE) for the Lady Shenton, Pericles and Stirling deposits. This was based on additional drilling completed at the project by KWR since the previous MRE's in March 20212.

2. Data

For the April 2022 MRE updates, Cube was provided with an updated database which included recent drilling completed at the project area. The database included 56 additional RC drillholes: KWR212 to KWR286 used directly within the updated MRE's.

The final grade estimate was based on:

•  694 RC holes

•  17 RC pre-collar holes with diamond tail

•  2 diamond holes

•  476 RC grade control holes within the pit area

No other new additional data was included and all information relating to the March 2021 MRE was included in the April 2022 update.

3. Geology and Interpretation

3.1. Weathering

Weathering interpretations were completed by KWR during the March 2021 MRE process and supplied to Cube as wireframe solids created in Leapfrog software. These interpretations were reviewed with respect to the recent drilling and no modifications have been made. The majority of recent drilling has targeted deeper extensions to mineralisation and therefore not materially affected the weathering surfaces.

The weathering interpretation included three solids representing oxide, transitional and fresh material.

3.2. Lithology

Lithology interpretations were completed by KWR during the March 2021 MRE process and supplied to Cube as wireframe solids created in Leapfrog software. These interpretations were reviewed with respect to the recent drilling and no modifications have been made.

3.3. Mineralisation

The mineralised domains were updated based on the previous March 2021 MRE interpretations and edited to account for the recent drilling. The final domain wireframes acted as hard boundaries during the grade estimation.

The mineralisation interpretation process was guided by the following criteria from drill hole assaying and logging, and other information provided from the historical data and documentation:

•  Cube reviewed the digital database for gold and geological logging to identify any correlation between lithology/alteration/veining logged and gold mineralisation.

•  Previous gold mineralisation interpretations were used as a guide for updating and developing the main mineralisation domains and trends used to develop the updated estimation model.

•  Mineralisation interpretations were usually completed on section and then revised in plan. The interpretations were generally modelled on a nominal 0.3 g/t Au mineralisation envelope which appears to be a natural cut-off and provides sufficient continuity.

  Area	Domain	2021 Vol.	2022 Vol.	Act. Diff	Rel. Diff
  Lady Shenton	401	272,428	352,908	80,480	30%
  402	8,029	8,029	-	0%
  403	215,125	237,573	22,448	10%
  404	24,153	24,153	-	0%
  405	423,995	523,776	99,781	24%
  406	27,030	27,030	-	0%
  407	4,739	4,739	-	0%
  Pericles	501	1,441,437	1,787,398	345,961	24%
  502	100,222	109,716	9,494	9%
  503	27,141	26,973	-168	-1%
  504	372,695	376,153	3,458	1%
  505	59,277	98,332	39,055	66%
  506	42,564	42,564	-	0%
  507	38,064	38,064	-	0%
  508	13,398	13,398	-	0%

•  Interpretations were generally extended half the drillhole spacing past the last intersection. No minimum intersection length criteria was used but typically the intersections were greater than 2m but did included minor 1m intersections for continuity of interpretation.

•  All final 3DM domains were validated to ensure wireframe integrity and continuity for later volume checks with the block model.

•  The mineralised downhole intervals were coded into the drilling database and boundary snapping checked/amended in 3D software (Surpac).

•  The samples contained within the domains were then composited and plotted for later exploratory data analysis (basic statistics) and spatial data analysis (variography and KNA), prior to block model construction and grade interpolation.

Table 2 below compares the mineralisation domain volumes from March 2021 to April 2022. The key differences include:

•  Significant interpreted volume increases for the Lady Shenton domains 401 and 405 and to a lesser degree 402. The extensions are due to new drilling down dip and along strike to the southeast.

•  Significant interpreted volume increase for the Pericles domain 501 and to a much lesser degree 502 to 504. The main extension to domain 501 is due to new drilling down dip and along strike to the southeast.

•  Significant interpreted volume increases for almost all Stirling domains, especially 601 and 607. In addition, 3 new domains have been interpreted. Most of the new drilling at Stirling has been infill and down dip of the previously known mineralisation extents.

Table 2: Domain Volume Comparison between Mar2021 and Apr2022

509	4,688	4,688	-	0%
Stirling	601	273,358	365,864	92,506	34%
602	91,677	86,361	-5,316	-6%
603	36,397	36,488	91	0%
604	32,320	36,417	4,097	13%
605	19,575	14,231	-5,344	-27%
606	19,025	34,789	15,764	83%
607	12,825	98,932	86,107	671%
608	-	58,194	58,194
609	-	8,333	8,333
610	-	6,925	6,925
Total	3,560,162	4,422,028	861,866	24%

Figures 2 - 4 below show longsection comparisons between the March 2021 and updated April 2022 mineralisation interpretations.

Figure 2: Comparison between March 2021 and April 2022 Lady Shenton Mineralisation Interpretations - Longsection looking NE.