Golden West Resources (GWR)

Shares / Stock Code

GWR

Stock Exchange / Sharemarket

Australian Securities Exchange

Golden West Resources (GWR) is involved in iron ore and gold exploration. The company's two key gold and iron ore exploration projects (The Wiluna Iron project and Doherty's project) are all situated in Western Australia. The Wiluna West project hosts around 126M tonnes of DSO hematite ore at 59% Fe. The project is in study phase currently. The Doherty’s project hosts a combined gold resource of 52,700 tonnes at 23.9 g/t gold for a contained 20,430 oz with considerable further potential. The company listed on the ASX on 24 December 2004.

In the short to medium term, GWR intends to: conduct additional testing to increase confidence level of identified resources (650,000 tons at 3.4 g/t au 71,000 oz) in preparation for mining; conduct regional exploration of project area initially concentrating on known targets; and investigate the Iron ore potential at Wiluna West Project - rock chip assays taken over 8km returns average of 68% iron.

Competing with GWR for exploitable gold reserves are Equigold, AngloGold Ashanti and Oceana Gold Limited. Major customers are governments, bans and international gold brokers

Iron Ore Project

The Wiluna West Project hosts some 147.7 Mt at 59.1% Fe with deleterious elements within sales specifications, contained within two iron ore ridges, Unit B and Unit C and collectively within nine ore bodies. Indicated Mineral Resource Estimate category totalling 49.2 million tonnes (Mt) at 60.5% Fe.

In addition to the major high grade iron resource, the project also hosts a Gold resource of 87,000 oz outlined, and shows Uranium, calcrete style deposit potential.

The Company controls almost the entire Joyners Find greenstone belt, having contiguous tenements covering a length of 45km for a total area of 440km². The Joyners Find greenstone belt is adjacent to the highly productive Norseman-Wiluna greenstone belt. The Greenstone Belt contains two regional shear zones known as the Joyners and the Brilliant Shear Zones. The Joyners Shear is the most significant structure in the area being at least 50km long and up to 1km wide. Both the Joyners and Brilliant Shear Zones are considered to be major controls of mineralisation within the project area.

During the September/October 2008 quarter a major resource upgrade was achieved taking the inferred resources at GWR's flagship iron (including the South 2 deposit) to 126 million tonnes at 59% Fe representing an increase of 46% over the reported September 2007 resource figure.

In Feb 2010 a significant resource upgrade - a 54% increase in Joyners Find hematite deposits, to 18.8Mt @ 63.3% Fe. to the high grade Joyners Find Deposit was completed. This took the Wiluna West global Mineral Resource 147.7 Mt at 59.1% Fe with deleterious elements within expected sales specifications. Indicated and Measured Resource Estimates have increased to 49.2Mt at 60.5% Fe. The resources continues to expand and ongoing drilling continues with a view to further increases.

Gold Project

The Joyners Find and Brilliant Shear Zones exhibit a major structural control on the known gold mineralisation with the Wiluna project area. Mineralisation is most intense where shearing is adjacent to Banded Iron Formations producing both quartz reef and quartz stockwork style mineralisation.

Gold exploration undertaken recently successfully increased the resource at the Iron Monarch prospect and has identified a new resource at Eagle East. Nine gold deposits have now been identified for a combined Indicated and Measured resource of 788,000 tonnes at 3.5 g/t gold for 87,000 ounces of gold.

No exploration has been carried out on the gold targets since the Company’s primary focus concentrated on iron ore. The gold resources will remain an asset of the Company and will possibly be commercialised in due course when mined in conjunction with iron ore mining.

Uranium Project

The most southern Wiluna project tenement is exploration licence 53/1159. GWR's uranium tenement is directly south and along strike of U3O8 Limited's Hinkler Well-Dawson Well calcrete hosted uranium deposit which is within a paleo-channel draining into Lake Way. It is also some 10km west and within the same channel as Toro Energy Limited's Lake Way-Centipede Deposit (inferred resource of 15.5mt @ 580ppm U3O8). U3O8 Limited's Inferred Resource at Hinkler Well on a 100ppm cutoff is 51.5 million tonnes @ 163ppm U3O8 for 8400 tonnes of U3O8 (or 18.5 million lbs of U3O8).

Golden West Resources (GWR) Products and Services

  • Iron ore exploration

Golden West Resources (GWR) Locations and Subsidiaries

Golden West Resources Head Office
Suite 4, 138 Main Street,
OSBOURNE PARK, WA 6017
Phone: (08) 9201 9202
Fax: (08) 9201 9203

Golden West Resources (GWR) Share Price

Submitted by ASX Listed Company on 27 March, 2010 - 21:35

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