Norwest Minerals has revised its Bulgera Gold Project resource to 191,000 ounces with 76% in the Indicated category and reported strong metallurgical recoveries supporting heap leach development. The company launched a partly underwritten $1.89 million entitlement offer to fund ongoing studies.
- Bulgera resource updated to 8.7Mt @ 0.68g/t Au for 191,000 ounces
- 76% of resource classified as higher-confidence Indicated
- 86% gold recovery from bottle roll tests with rapid kinetics
- Key technical advisors appointed for Scoping Study
- Partly underwritten $1.89 million entitlement offer announced
Revised Bulgera Resource Anchors Heap Leach Potential
Norwest Minerals Limited (ASX:NWM) has sharpened the economic picture of its 100%-owned Bulgera Gold Project with a revised Mineral Resource Estimate (MRE) of 8.7 million tonnes grading 0.68 g/t gold, containing 191,000 ounces. Crucially, 76% of this resource now sits in the higher-confidence Indicated category, all constrained within an optimised Reasonable Prospects for Eventual Economic Extraction (RPEEE) open-pit shell based on a gold price of A$5,000/oz. This update underpins the project's technical foundation as it advances toward a heap leach development pathway.
The resource modelling, conducted by Hyland Geological and Mining Consultants, incorporated rigorous geostatistical analysis and was further optimised by Orelogy Mining Consultants to reflect realistic mining and processing assumptions. The RPEEE shell accounts for geotechnical pit slopes, production costs, and metallurgical recoveries, with 85% recovery assumed for oxide and transitional material and a conservative 55% for fresh rock zones.
Metallurgical Testwork Validates Heap Leach Strategy
Supporting the resource update, metallurgical testwork from ALS Laboratories delivered impressive gold recoveries of 86% from coarse-crushed (-25mm) oxide and transition samples using bottle roll methods. Remarkably, 75% to 80% of gold was recovered within the first 72 hours, accompanied by exceptionally low reagent consumption averaging 0.38 kg/t cyanide and 1.3 kg/t lime. These results significantly de-risk the heap leach approach and have prompted the commencement of column leach testing to simulate full-scale heap operations, with outcomes expected in August.
Norwest has engaged Kappes, Cassiday & Associates Australia (KCAA), a globally recognised heap leach consultancy, to provide specialist advisory services. KCAA’s expertise, led by General Manager Randall Pyper, complements Orelogy’s role in integrating metallurgical parameters into the ongoing Scoping Study. Environmental planning is also progressing with MBS Environmental finalising the approvals strategy, confirming the project’s footprint lies within historically disturbed mining areas.
Capital Raising to Fund Next Development Phase
To finance these critical next steps, Norwest announced a partly underwritten pro-rata non-renounceable entitlement offer to raise approximately $1.89 million before costs. The offer is underwritten to $1.26 million by an associate of Director Yew Fei Chee and Director Charles Schaus, with additional commitments from other directors and large shareholders. Proceeds will fund ongoing social, environmental, metallurgical, geotechnical, and engineering workstreams necessary to complete the Scoping Study and prepare for definitive studies.
At quarter-end, Norwest held $394,000 in cash, with no mining production or development activities reported during the period. The company remains confident in its funding strategy to sustain operations and deliver on its medium-term objectives.
Exploration and Regional Project Updates
Beyond Bulgera, Norwest continues to explore its Marymia East Project, located less than 10 kilometres southeast. Recent drilling at the Shiraz Prospect returned a notable high-grade intersection of 3 metres at 7.93 g/t gold, reinforcing the area’s potential as a satellite feed source for Bulgera’s heap leach operation. However, further infill drilling is required before a JORC-compliant resource can be established.
Other projects including Arunta West, Bali Copper, and Marriott Nickel saw limited activity during the quarter, with ongoing geophysical data processing and planned soil sampling campaigns aimed at refining drill targets.
Bottom Line?
Norwest Minerals has laid solid technical and financial groundwork for Bulgera’s heap leach development, but upcoming column leach results and the Scoping Study will be key milestones to watch.
Questions in the middle?
- Will the August column leach test results confirm the high gold recoveries and support cost-efficient heap leach design?
- How will the partly underwritten entitlement offer impact shareholder dilution and the company’s capital structure?
- Can Marymia East drilling deliver a viable satellite resource to enhance Bulgera’s feedstock profile?