Norwest Minerals eyes $4.85m to grow Bulgera gold resource

• NWM raising $4.85m in entitlement offer for resource expansion drilling
• Company targeting upgrade to 217,600oz Bulgera gold project
• Funds will also allow assessment of economic potential of stockpiles

Special Report: Norwest Minerals has arranged an entitlement offer for around $4.85m to drive resource drilling at its Bulgera gold project in WA.

Located 50km northeast of Catalyst Metals’ (ASX:CYL) Plutonic gold project and mill, Bulgera has a resource of 6.3Mt at 1.07g/t gold for 217,600oz, along with oxide stockpiles thought to exceed 2Mt of material from open cuts mined before 2004.

Records suggest gold grading under 1g/t was stored onsite, with the 2Mt estimate assessed via aerial surveys.

The gold resources were last drilled and modelled in 2021-22 when gold was valued at A$2500 per ounce.

And with the price now exceeding $5000 per ounce, Norwest Minerals (ASX:NWM) is targeting significant increases to the MRE following the 2025 drilling campaign and revision of the resource model.

Funds raised will be used to analyse mining options and drill test numerous near-surface and deeper gold targets within the Bulgera mining lease area.

Stockpiles economic at current prices

Norwest is investigating the gold contained in the 2.2Mt Bulgera stockpiles, where historical records indicate pre-2004 miners allocated ore grading less than 1g/t gold to the waste stockpiles.

The company said the 10-fold rise in the gold price since 2004 significantly lifted the economic potential of these dumps.

“The rising gold price has significantly bolstered the Bulgera project economics with the company reviewing all options to exploit the Bulgera gold asset for the benefit of all stakeholders,” CEO Charles Schaus said.

“The new funds will underpin the review of mining options and drive an aggressive resource drilling campaign to test the many near-surface and deeper gold structures identified by recent and historical exploration efforts.

“The company is targeting a significant increase to the current 218,000 ounce Bulgera gold resource.

“Additionally, the value of the 2.2 million tonnes of mineralised waste will also be evaluated via drill testing for gold content and sampling to undertake metallurgical analysis.”

$3 million of the entitlement offer is underwritten, with confirmations received from directors and major shareholders to uptake their full allocations totalling $1.62 million.

This article was developed in collaboration with Norwest Minerals, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.