IOCG deposits can be company makers – and Norwest is about to drill a huge, untouched target in Western Australia
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Special Report: Norwest Minerals (ASX:NWM) is aiming big – tier 1 big – in a maiden drilling program at the exciting Arunta West project in Western Australia.
In May, Norwest will be drilling deep into its untouched North Dovers IOCG target at Arunta West.
Iron oxide copper gold ore deposits (IOCG), like Olympic Dam, can be tremendously large, high grade, and simple-to-process concentrations of copper, gold and other economic minerals.
Olympic Dam – which is aiming to produce 215,000 tonnes of copper for FY19 — is the third largest copper equivalent deposit, the largest uranium deposit, and third largest gold deposit in the world. These things are company makers.
Norwest chief executive Charles Schaus has a history of mining industry success, most notably with Aurox Resources which he founded in 2003 and then successful merged with Atlas Iron in a deal worth $130 million.
Mr Schaus says North Dovers is a very exciting prospect.
The target is defined by a large coincident magnetic-gravity anomaly and geological features which are very similar to Olympic Dam — and it’s never been drilled before.
“North Dovers was identified by BHP back in 1999, but they ran into serious land access issues,” Mr Schaus told Stockhead.
“Those issues have now been resolved making Norwest the first company sanctioned to put a drill hole into this fantastic target since its identification by BHP 20 years ago.”
“When you have the opportunity to find a big one, you have to take it.”
The prospectivity of the area is further underlined by the fact that major miner Independence Group (ASX:IGO) has kicked off an aggressive 10,000m RC drilling campaign across its 19,000kmof ground holding adjoining the Arunta West project.
Norwest has planned 4 diamond drill holes, about 800m deep each, to test North Dovers.
“We are very excited about getting out there,” Mr Schaus says.
“I have had geologists ask to sit on the rig because they are keen to be part of what could be a major discovery in a new region.”
“I mean, BHP has just found what may be their second Olympic Dam drilling 425m at 3 per cent copper at their Oak Dam site,” Mr Schaus says.
“Something like that and you would never look back.”