RSS UpdatesCompany Information for Golden West Resources Ltd
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 ASX; GWR
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Company Statement
Golden West Resources is a conservatively well managed iron ore focused company. Our directors and senior management have extensive experience and expertise in exploration, project development, corporate and financial management.
The company is focussing on developing the Wiluna West Iron Project to the stage of mining 10 M tonnes of iron ore per annum for at least 15 years.
Exploration to date has identified a number of iron deposits and gives confidence that the project will host iron deposits of at least 200 to 250 million tonnes.
Current Operations
Iron Ore
Wiluna West
The Wiluna project hosts a large high grade iron deposit with in five separate horizons, Units A, B, C, D, and E that have a cumulative strike length of 125km.
Summary
Golden West Wiluna West Project comprises 440km˛ of tenements, 30km south of Wiluna, covering a 45km strike of the Joyners Find Greenstone belt. The Wiluna region hosts significant gold, nickel, lead, uranium and iron ore mineralisation.
The Wiluna West Project hosts some 126 million tonnes of Inferred Direct Shipping Ore (DSO) hematite ore at 59% Fe contained within two iron ore ridges, Unit B and Unit C and collectively within nine ore bodies.
The focus of drilling and other studies in 2009 will be predominantly to convert Inferred Resources to Indicated Resources (>100Mt).
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 440km˛. 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.
Current activities
- A proposal for mining of a bulk sample in 2009 has been submitted for approval.
- The company expects to complete a definitive feasibility study and submit a mining proposal during 2009.
- The focus of drilling and other studies in 2009 will be predominantly to convert Inferred Resources to Indicated Resources (>100Mt).
- A program of metallurgical diamond drill testing of the deposits commenced in 2007 to provide ore characterisation in advance of feasibility testing.
In addition, the Wiluna project hosts a combined gold resource of 788,000 tonnes at 3.5 g/t gold for a contained 87,000 oz with considerable further potential.
Uranium potential exists on the most southern tenement, up stream from the calcrete hosted style uranium deposits of Dawson Well, Hinkler Well, Centipede and Lakeway.
Gold
Wiluna West 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 as summarised in table below.
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.
Doherty's Project
The Doherty's project is located in the Barrambie Greenstone Belt, 65km north of the township of Sandstone in the Murchison region of Western Australia. The project consists of a single granted prospecting licence P57/972 covering an area of 175 hectares.
RC Drilling during January 2008 defined further anomalous gold intercepts with a maximum of:
- GWRC001 1m @ 3.5g/t Au from 38m
- GWRC003 1m @ 36.95g/t Au from 76m
The Doherty's project is not considered by the Directors of GWR as a core asset and as such will look to farm out the project.
Uranium
Wiluna West 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).
Geographical Spread
Australia
Board of Directors and Key Management
| Michael Wilson | Executive Chairman |
| John Lester | Managing Director |
| Wang Jun | Non-Executive Director |
| John Doutch | Non-Executive Director |
| Vaughan Webber | Non-Executive Director |
| Anthony Begovich | Chief Financial Officer & Company Secretary |
Company AddressSuite 4, 138 Main Street
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Additional Address/Key ContactP.O. Box 260 |
CapitalIssued capital (May 2009) 143M
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Annual General MeetingNovember, West Perth | Year End30 June |
Major Shareholders
| Name | Number of ordinary shares held | Percentage of issued shares % |
| FAIRSTAR RESOURCES LIMITED | 25,297,958 | 17.67% |
| PORTMAN IRON ORE LTD | 24,276,852 | 16.96% |
| HUNAN VALIN STEEL CO LTD | 14,400,000 | 10.06% |
| YILGARN INFRASTRUCTURE LIMITED | 6,720,000 | 4.69% |
| PUBLIC TRUSTEE | 3,820,000 | 2.67% |
| RIMCAPITAL LIMITED | 3,276,016 | 2.29% |
| LINGCHIP PTY LTD | 2,527,000 | 1.77% |
| SHASHUA PTY LTD | 1,885,000 | 1.32% |
| YIJIAN INVESTMENT CO LTD | 1,600,000 | 1.12% |
| DOLPHIN TECHNOLOGY PTY LTD | 1,536,488 | 1.07% |
Related News
03/09/09 - After A Year In The Wilderness Golden West Is Poised To Rejoin Its Peers Amongst The Recovery Iron Ore Plays05/02/09 - Golden West Regains Some Of Its Lost Lustre, As The Iron Ore Markets Begin To Turn In Its Favour
30/06/08 - Cleveland-Cliffs Denies It's Going To Make A Bid For Golden West, But Watch This Space
Most Recent Statement
21/09/09 - Change in Director`s Interest Notice31/07/09 - Quarterly Reports on Company Activities - June 2009
27/07/09 - Change in substantial holding from FAS
24/07/09 - Company Update
08/07/09 - Change of Director`s Interest Notice
12/12/08 - Appointment of Corporate Advisers