Norwest is on the hunt near breakout explorer WA1 Resources. Pic: Getty Images
Norwest is hunting monsters near WA1 Resources, which is up 10,400% in less than two years
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- Norwest Minerals is starting to close in on drilling targets following gravity surveys and soil samples
- The company is exploring near WA1 Resources which has sealed the impressive Luni niobium discovery
- Western Australia’s West Arunta region continues to impress
Special Report: One gravity survey and over 13,000 soil samples later, Norwest Minerals is homing in on some juicy drill targets in the same rocks as WA1 Resources’ mammoth Luni niobium discovery.
In 2022, WA1 hit thick, high-grade niobium in its first hole in the remote, lightly explored, but highly mineralised West Arunta region.
Ongoing drilling success since then means the stock is up a barely believable 10,400%, from 14c to $14.70/sh. Every. Investor’s. Dream.
The find has also shone the spotlight on other explorers in the area, like Norwest Minerals (ASX:NWM) and its fellow Luni neighbour CGN Resources (ASX:CGR).
Yesterday, CGN caught a rocket after enhancing on some key drill targets with a ground geophysics program, helping to hoist their market cap to $45m.
“We are in the West Arunta because of the large-scale target potential to produce meaningful discoveries,” CGN managing director Stan Wholley said.
“Their scale also necessitates us to identify the most compelling parts of the targets as quickly as possible.
“This is why we have completed detailed ground surveys…so we can follow up and expand on what we find quickly and efficiently.”
Such inviting opportunities lay the groundwork for fellow juniors like Norwest to find their own success.
Norwest: A $12m capped junior with tier 1 targets
Located to the south of WA1, explorer NWM has a large project called ‘Arunta West’, where a similar ground gravity survey on tenement E80/5031 to find IOCG, carbonatite, kimberlite and other critical mineral drill targets has just been finalised.
Ground gravity surveys are low-impact geophysical techniques used by geologists to ‘see’ features beneath the earth’s surface.
Importantly, NWM says many anomalous pre-processed gravity readings are coincident (occur together) with “high-priority geochemical and magnetic critical mineral anomalies”.
These 31 anomalies were identified by a recent SGC geophysical study and importantly, are supported by a 13,000 soil sample program completed in 2022.
The chance of finding something significant increases if geophysics and soil sampling are all ‘saying’ the same thing.
The main area of interest right now is the SE Zone, an 8km x 2km target rich part of tenement E80/5031 cleared for drilling late last year.
The key targets hosted within the SE Zone are shown on the map below and include:
- A 2km x 1km coincident rare earths, lithium and niobium “high priority” anomaly (geochemical)
- A 2km x 2km niobium anomaly (geochemical) covering paleochannel & IOCG magnetic targets
- Two kimberlite/carbonatite anomalies; one coincident with a priority geochemical target; and,
- A significant IOCG target zone with 2 coincident priority 1 geochemical anomalies.
Several other coincident geochemical – geophysical anomalies are present within E80/5031, NWM says.
Southern Geoscience Consultants (SGC) is currently processing the newly acquired gravity data to refine drill targeting of these high-priority critical mineral anomalies.
“The new unprocessed gravity readings appear to coincide with many of the critical mineral targets identified via the Company’s recent geophysical and comprehensive geochemical studies,” NWM CEO Charles Schaus says.
“Identifying potential IOCG, carbonatite, kimberlite and other critical mineral targets for drill testing will be a priority once the gravity processing including 3D work by SGC is finalised.
“Fortunately, our critical mineral targets fall within areas that were cleared for drilling late last year.”
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.
