Norwest Minerals has released multi-element assays from aircore drilling at the Marymia East JV project in WA.

The 5,600m aircore drilling program targeted the Jenkins base metals area, the Area 2 gold anomaly and the Contessa granite contact extension.

At Jenkins, anomalous zones of lead, zinc and nickel were intersected along a 1km strike, including:

  • 28m at 0.9% lead (including 8m at 2.5% lead) from 28m;
  • 6m at 0.7% zinc (including 2m at 1.5% zinc) from 28m; and
  • 40m at 0.18% nickel from 4m.

At Area 2, the drilling intersected 4m at 2.5 g/t gold from 32m within a 400m gold zone – with mineralisation open down-dip.

And at Ned’s Creek, Norwest Minerals (ASX:NWM) identified where the Contessa granite contact extends into the Marymia East Project, and the company is now planning deep (+100m) RC drilling to test the granite contact at depths – similar to those that host gold mineralisation at the Ned’s Creek gold prospects.

Highly prospective project portfolio

The Marymia East JV (Riedel Resources 16%) comprises two tenements covering 23,250ha, and is around eight kilometres southeast of Norwest’s 100% owned Bulgera Gold Project.

“Marymia East is another example of the highly prospective WA gold and base metal projects in the exciting Norwest portfolio,” Norwest CEO Charles Schaus said.

“Follow up RC drilling programs will now be planned at all three Marymia prospects, which will complement the upcoming diamond drilling programs at the Bulgera Gold Project and Bali Copper Project.”

Bulgera diamond drilling planned

In mid-July, the company intersected high-grade gold at a hole drilled to infill a gap in the developing gold zone immediately below the existing shallow pit at its Bulgera project.

The 3m zone grading 10 grams per tonne (g/t) gold including 1m at 27.8g/t gold bolstered Norwest’s confidence ahead of its upcoming diamond drilling program.

A further 10 diamond holes are planned to test the new Bulgera high-grade gold lode at 400m and 700m downdip from the Bulgera open-cut.

$5 million entitlement offer underway

On 14 July 2021, the company announced a partially underwritten 2-for-3 non-renounceable entitlement offer at $0.07 per share to raise $5 million through the issue of 71,676,095 new Norwest shares.

For every two new shares issued pursuant to the entitlement offer, one free attaching option will be issued, having an exercise price of $0.105 and a five-year term.

To date, Norwest has received $2.6 million of commitments for the entitlement offer, including firm commitments of $1.1 million from major shareholders and a further $1.5 million underwritten.

The entitlement issue is expected to close on 9 August 2021.

 

 

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.

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