Bulgera Drilling Extends Gold Mineralisation 320m Down Dip; Heap Leach Study Updated

Bulgera Gold Project, Depth and Potential

Norwest Minerals Limited has reported substantial progress at its flagship Bulgera Gold Project in Western Australia during the quarter ended 30 September 2025. The completion of Phase 1 Reverse Circulation (RC) drilling has confirmed that gold mineralisation continues well below previously known zones, with significant intersections found between 50 and 320 metres down dip. This deepening of the resource base supports the existing Mineral Resource Estimate of 8.4 million tonnes at 1.07 grams per tonne gold, containing approximately 288,000 ounces.

Alongside drilling, Norwest is revisiting the economic viability of a heap leach operation at Bulgera. A 2024 desktop study suggested positive cash flow potential using a gold price of A$3,500 per ounce. The company is now updating this study with a more optimistic A$5,000 per ounce gold price and the latest resource model. Crucially, laboratory testwork to assess heap leach amenability and recovery rates is underway, with results expected shortly. The conceptual heap leach facility is designed to fit within the footprint of historical mining disturbances, potentially easing environmental approvals and enabling rehabilitation funding.

Marymia East, Revisiting Historical Gold Targets

Norwest’s Marymia East Project, located just 10 kilometres southeast of Bulgera, has gained renewed attention following a comprehensive review of historical exploration data. The standout target is the Shiraz gold prospect, where a 1996 diamond drill hole intersected 6 metres grading 4.2 grams per tonne gold at around 260 metres depth. This high-grade intercept lies beneath a near-surface saprolite zone and was never followed up due to the low gold prices at the time.

Plans are in place to drill four RC holes to test the continuity of this mineralisation both up-dip and along strike, with drilling scheduled to commence in mid-November 2025. Complementing this, a high-resolution airborne electromagnetic survey has been completed to refine geological understanding and assist in targeting.

Arunta West, Silver and Base Metals Exploration Advances

At the Arunta West Project, Norwest has identified promising silver and base metal mineralisation at the Dales Gossan prospect. Reconnaissance drilling last year intersected wide zones of silver, copper, lead, and zinc associated with a major regional fault structure. A government-sponsored airborne magnetic and radiometric survey is nearing completion, expected to help delineate extensions of this mineralisation and identify repeat targets along the 40-kilometre Sandman fault.

This multi-element mineralisation style suggests a complex, multi-stage system with potential for Volcanogenic Massive Sulphide (VMS) deposits, a highly sought-after target type in the region.

Other Projects and Financial Position

Norwest’s Bali Copper Project has shown encouraging signs of gold and copper mineralisation through recent mapping and rock chip sampling, with soil sampling and geophysical surveys planned to guide future drilling. Meanwhile, the Marriott Nickel Project remains under review with no new activity this quarter.

Financially, Norwest held $2.87 million in cash at quarter-end, having spent approximately $1.1 million on exploration activities primarily focused on drilling and geophysical surveys. The company also completed a securities issue to directors as part of remuneration arrangements.

Overall, Norwest Minerals is advancing multiple projects with a clear focus on expanding and upgrading its gold resources while exploring base metals and copper opportunities, positioning itself for potential growth in a buoyant commodities environment.