Special Report: The newly acquired Bulgera gold project, a stone’s throw from the Tier 1 +5moz Plutonic operation, represents an advanced development opportunity for explorer Norwest Minerals.
Norwest (ASX:NWM) believes historic mining at Bulgera, totalling 23,400oz from four open pits, barely scratched the surface.
Chief executive Charles Schaus says an extensive project database identifies the projected positions of multiple gold lodes below these shallow pits and along Bulgera’s 5km strike of the gold-rich Plutonic Well Greenstone Belt.
This belt is responsible for a number of established mines and emerging discoveries, such as the Plutonic gold mine which has produced ~6moz million ounces of gold since 1990.
Even closer is Vango Mining’s Marymia mining centre, one of Australia’s most significant pre-development high grade gold projects. The flagship 410,000oz Trident deposit at Marymia boasts exceptional grades above 8g/t.
Norwest will start drilling along strike and below the small open cuts at Bulgera as soon as other statutory approvals are in place.
The explorer is targeting extensions to existing well-defined mined structures – the open pits — before applying the understanding to regional targets along the 5km of strike.
These ‘walk up’ drilling targets make fresh gold resources a lot easier to unearth using modern exploration methods. For small cap explorers, this can mean a quick, cost effective path to production.
And any mine development at Bulgera could also benefit from nearby infrastructure including two gas-fired power stations, overhead transmission power lines, bore fields, airstrip and camp facilities.
With the gold price now exceeding $2000 per ounce – 3.5 times higher than when mining ceased in 2004 — Schaus says the stage is set for a dramatic re-rating of this asset.
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This story was developed in collaboration with Norwest Minerals, a Stockhead advertiser at the time of publishing.
This story does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.