Kingwest Resources : Drilling Recommences at Sir Laurence Gold Discovery

Kingwest Resources Ltd

ASX: KWR

onlyShares on Issue 242,973,025

Directors & Management

Chairman

Gregory Bittar

useCEO

Ed Turner

Non Executive Directors

Adrian Byass

Jonathan Downes

Jon Price

personalComp ny Secretary Stephen Brockhurst

Principal Place of Business

Unit 3, Churchill Court

335 Hay Street

Subiaco WA 6008

Registered Office

L v l 11

216 St Georges Terrace

Perth WA 6000

Contact

ForT 08 9481 0389

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

Investor Relations

Lucas Robinson

T [phone]

1. [e-mail]

1 February 2022

Drilling Recommences at Sir Laurence Gold Discovery

• 4,000m aircore drilling programme has commenced to test for extensions to the Kanowna Belle style Sir Laurence Discovery at Lake Goongarrie
• 2021 aircore drilling has already delivered significant gold on every line over 2km strike length highlighting high grade source potential
• Mineralisation remains open in all directions
• Initial 3,000m diamond core drilling programme scheduled to commence within weeks

CEO, Ed Turner commented "We are excited to recommence drilling at Sir

Laurence as we believe we have not yet delineated the full extent of gold mineralisation there or indeed within the Goongarrie Project area.

Drilling in 2021 following discovery of this system exceeded expectations with significant intersections on every line of drilling over more than 2km strike length and up to 500m across strike. Some of our best results were within the last round of drilling which augers well for the continued success at Sir Laurence.

In addition, the planned initial 3,000m diamond core drilling program is scheduled to commence in February 2022, with a new customised drill rig already onsite. This will be a critical programme in delineating the primary mineralised controls within Sir Laurence so we will be in a position to potentially define economic gold resources in the future".

DISCUSSION

This new 4,000m programme is designed to test for further extension to the Sir Laurence which remains open in all directions.

In 2021 significant mineralisation was intersected on all 14 lines of drilling over a 2km strike length.

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Recent aircore intersections from the northern extents of Sir Laurence in late 2021 included 12m @

0.7 g/t Au from 64m in KGA0693 (Line I), 16m @ 1.4 g/t Au from 64m in KGA0694 (Line J), 12m @ 0.8 g/t Au from 64m in KHA0736 (Line K) and 12m @ 0.7 g/t Au from 60m in KGA07011 (Line L) demonstrate the huge potential for further discoveries within the mineralised system as well as the potential for further extensions to the system (Figure 1).

Outside of Sir Laurence drillholes on regional lines returned numerous significant intersections from lines 22, 19 and 8 (Figure 2). These included 8m @ 5.0 g/t Au from 12m in KGA07301 1.5km to the west of Sir Laurence on line 8. The Goongarrie Gold Project has exceptional potential for multiple discoveries including a major discovery and the results to date support and enhance this potential.

Figure 1: Significant 2021 aircore drill results within the Sir Laurence Discovery on magnetics background

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Figure 2: Location of all drill collars for the first and second 2021 aircore programmes completed. Regional

holes completed in the second programme are within the black circles

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Next Steps

An initial diamond core programme comprising a minimum of approximately 3,000m of diamond core drilling is planned to commence in February 2022 at Sir Laurence to determine the three-dimensional controls of the primary mineralisation. The diamond holes will target the bedrock mineralisation already encountered in both aircore programs. This will be extended as required depending on

results.

This is a larger programme than was planned to commence in 2021 as multiple new zones of significant bedrock mineralisation were intersected late in 2021. It will be completed with a newly acquired Raglan Drilling rig more suitable to the lake conditions after the first diamond core rig became continually bogged and could not complete any of the planned drilling.

In addition Kingwest has now received the detailed aeromagnetic data for the area to the east of Sir Laurence conglomerate unit and this is now being interpreted. This interpretation will consider the potential for nickel sulphide mineralisation and if drill testing of the Highway ultramafic unit that runs through the tenement is justified.

ABOUT KINGWEST's MENZIES GOLD PROJECT (MGP) AND GOONGARRIE GOLD PROJECT (GGP)

The MGP is one of Western Australia's major historic gold fields. Located 130km north of the globally significant gold deposits of Kalgoorlie (Figure 3). The MGP covers a contiguous land package over a strike length in excess of 15km. Within the MGP a series of structurally controlled high-grade gold deposits have been historically mined and display extensive exploration potential for high-grade extensions. Modern exploration since closure over 20 years ago has been limited.

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Figure 3: MGP and GGP locations

The MGP has recorded historical production of 643,200 oz @ 22.5g/t Au2 from underground (U/G) between 1895 and 1943 plus 145,000 oz @ 2.6g/t Au2 open cut between 1995 and 1999, for a total of

787,200 oz @ 18.9g/t2 Au.

The MGP is hosted within the Menzies Shear Zone. All deposits lie within granted Mining Leases and are 100% owned by KWR (Figure 4). Current JORC mineral resources total 475,100 oz @ 1.35 g/t Au3 using a 0.5 g/t Au cut-off (Table 1) or 346,100 oz @ 2.06 g/t Au3 using a 1.0 g/t Au cut-off (Table 2).

Importantly the MGP lies on the Goldfields Highway, has power and water and is within trucking distance of numerous Gold Processing Plants.