Norwest’s Bulgera Upgrade and Drilling Campaign Signal Exploration Risks Ahead
Norwest Minerals has reported a substantial 33% increase in its Bulgera Gold Project resource to 288,400 ounces and secured $4.85 million to advance exploration, including a new drilling campaign targeting deeper gold zones.
- 33% upgrade in Bulgera Gold Project Mineral Resource Estimate
- New 11-hole RC drilling program commenced at Bulgera
- $4.85 million raised via entitlement offer to fund exploration
- Promising silver-lead-zinc-copper mineralisation at Arunta West
- Government co-funding secured for Arunta West geophysics and drilling
Significant Resource Upgrade at Bulgera
Norwest Minerals Limited has announced a major milestone with a 33% increase in the Mineral Resource Estimate (MRE) at its Bulgera Gold Project in Western Australia. The updated resource now stands at 8.4 million tonnes grading 1.07 grams per tonne gold, equating to 288,400 ounces. This uplift follows a comprehensive reinterpretation of the project's 3D geological model and the inclusion of new gold zones, supported by the doubling of gold prices since 2022.
Advancing Exploration with New Drilling
Building on this resource upgrade, Norwest has commenced an 11-hole Reverse Circulation (RC) drilling program targeting extensions of known gold-bearing shear zones beneath historical open pits. The campaign aims to test down-dip mineralisation at depths of up to 200 metres, with the potential to uncover higher-grade lodes consistent with regional trends observed along the Plutonic Well greenstone belt.
Strong Financial Position Supports Growth
To fund ongoing exploration and development, Norwest successfully raised $4.85 million through a partly underwritten entitlement offer. The company ended the quarter with a healthy cash balance of $4.23 million, positioning it well to execute its drilling programs at Bulgera and the nearby Marymia East project, where further RC drilling is planned to test promising gold targets.
Encouraging Results at Arunta West
Beyond gold, Norwest’s Arunta West project has delivered intriguing silver-lead-zinc-copper mineralisation at the Dale’s Gossan prospect, with significant intersections reported from recent drilling. The company has secured co-funding from the Western Australian Government’s Exploration Incentive Scheme to support upcoming geophysical surveys and follow-up drilling, underscoring the prospectivity of this region.
Outlook and Strategic Focus
While no fieldwork was conducted during the quarter at the Bali Copper and Marriott Nickel projects, Norwest continues to evaluate exploitation options for its nickel assets. The company’s strategic focus remains on advancing its gold projects through targeted exploration, leveraging strong commodity prices and government support to unlock value for shareholders.
Bottom Line?
Norwest’s resource upgrade and fresh capital injection set the stage for a pivotal exploration phase that could reshape its asset portfolio.
Questions in the middle?
- Will the ongoing RC drilling at Bulgera confirm higher-grade gold zones at depth?
- How will the Marymia East drilling results influence Norwest’s regional gold strategy?
- What are the next steps following the promising silver-lead-zinc-copper discoveries at Arunta West?
