Norwest raises $2.5m to drill deeper into Marymia East gold project
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Special Report: Norwest Minerals (ASX:NWM) is now fully funded to drill multiple ‘walk-up’ gold targets at Marymia East, an underexplored project along strike from the +5.5moz Plutonic and +1moz Vango mine sequences.
A number of high quality international and domestic institutional and professional investors will tip in $2.5m to fund a drilling blitz at Marymia East, ~200km north of Meekatharra.
The 266sqkm Marymia East land package is split into two main areas, Bulgera and Marymia.
After acquiring the Bulgera project in WA last year, Norwest quickly established a 65,000oz gold resource based on old, shallow drilling around the existing open pits.
A Maiden drilling program returned grades up to 29.3 grams per tonne (g/t) below and along strike of the old open pits while increasing the gold resource to 94,000 ounces.
But this WA project remains underexplored, both along strike and at depth.
Bulgera an extension of the Plutonic (+5.5moz) and Vango (+1moz) mafic-ultramafic mine sequence, where drilling shows that gold tenor increases with depth.
Drilling by neighbouring explorer Vango Mining (ASX:VAN) indicates that the highest gold grades are located below 100m — its most recent results include a highlight 2m at 23.8 g/t gold inside a larger 6m intersection at 8.66 g/t, 128m from surface.
The Marymia tenements abut Lodestar Minerals’ (ASX:LSR) Ned’s Creek gold prospect, where Vango is spending $5m over three years to earn a 51 per cent interest.
Ned’s Creek mineralisation identified to date has been focused along the ‘Contessa Granite’ contact, which extends through 10km of untested Norwest ground, the explorer says.
In October, Norwest will launch into ~5,000m of deeper RC drilling designed to test for gold extensions +150m below the three existing shallow pits at Bulgera.
An additional air core program will test for gold ‘along strike’ of the three pits at Bulgera (~3,000m) and extensions of the Ned’s Creek gold mineralisation at Marymia East (~3,000m).
Norwest chief exec Charles Schaus says the explorer is pleased with the level of support that it has received in the capital raising from new investors.
“The capital raising ensures that Norwest is fully funded to accelerate and expand multiple upcoming drilling programs which will focus on a number of walk-up gold targets at our Marymia East gold project, along strike from the Plutonic (+5.5moz) and Vango (+1.0mz) mine sequence,” he says.
“We are excited by the excellent potential for new gold discoveries from the upcoming drilling programs.”
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.