Kingswood bet fails to impress majors

Drilling results from Kingswood Exploration’s (ASE) Lanoullier- Gaudet project in the Casa-Berardi area of Quebec have failed to impress major mining companies. Of the 15 majors that visited the project with the intention of evaluating its potential for further work, 13 have rejected Kingswood’s joint venture proposal.

“We couldn’t provide the majors with an ore-grade intersection,” Kingswood President Wayne O’Connor told shareholders at the company’s annual meeting. But two majors are still looking at the property, and O’Connor seemed particularly hopeful that one of these companies would accept the proposal.

The Lanoullier-Gaudet property, consisting of 404 claims, lies on a splay of the Grasset fault along the Detour Lake-Matagami Deformation zone. After completing an 18-hole drilling program, Kingswood reported intersecting a porphyry system with geological characteristics similar to Hemlo.