Norwest Minerals stacks up Bulgera gold resource by 33pc

• Bulgera gold inventory expands 33% to 288,400oz
• New modelling benefits from doubling of gold price, expanding economical grades
• RC rig on-site next week to drum up more ounces for a second resource upgrade

Special Report: On the verge of drilling toward another resource estimate update, Norwest Minerals has expanded its gold inventory at the Bulgera gold project by 33%, adding 70,800 ounces.

The company went back over its 3D geological model, this time including new zones of gold from the margins of shear zones, large areas of near-surface oxide gold, and newly defined gold prospects beyond the historical mining centre.

NWM brought it all together to produce a fresh mineral resource estimate of 8.4Mt at 1.07 g/t gold for 288,400 ounces.

Norwest’s modelling also benefited from a doubling of the gold price to A$5000/oz since the last model was completed in 2022, widening the margin of economically viable gold grades.

Norwest Minerals (ASX:NWM) CEO Charles Schaus said the MRE upgrade was a result of the meticulous work undertaken by the team in reinterpreting the project’s 3D geological model and the successful identification of new gold zones within the greater Mining Lease area.

“This revised 2025 resource model not only accounts for the doubling of the gold price to A$5,000/oz since our last modelling in March 2022, but it has also allowed us to incorporate additional gold mineralisation along the margins of previously identified shear zones, surrounding near-surface oxide, and within newly defined prospects beyond the historic Bulgera mining centre,” Schaus said.

“What makes this news even more compelling is that it coincides perfectly with the recommencement of our reverse circulation (RC) drilling program at Bulgera.”

Reverse circulation drilling program

Next week Norwest Minerals commences an RC drilling program targeting down-dip mineralisation from both known and newly modelled gold-bearing shear zones.

“We firmly believe this has the potential for one or more major gold discoveries, particularly given the consistent presence of higher gold grades below 100 vertical metres along the Bulgera gold trend,” Schaus said.

“Upon completion of this drilling, we will undertake another revision of the Bulgera model with a further increase to our gold MRE anticipated.

“This is a truly exciting time for Norwest Minerals as we continue to unlock the full potential of the Bulgera Gold Project.”

The RC drilling will test shear-hosted gold mineralisation from 50m to 200m down-dip from the old Mercuri, Price, and Venus pits, as well as down-dip of other known gold prospects within the project’s mining lease.

Once the program at Bulgera is complete, the rig will move to the Marymia East project to drill test several gold targets identified in a review of historical exploration completed in the 1990s.

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.