Microcap explorer Norwest Minerals (ASX:NWM) has dug up a big win at its 100%-owned Bulgera Gold Project in the Plutonic Well greenstone belt, confirming that “significant” mineralisation extends on at depth.
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Norwest is looking to take advantage of the findings immediately, preparing a second phase of RC drilling to run through October and beyond.
The first-phase campaign comprised 11 holes totalling 2,624 metres. Eight of the step-back holes intersected gold mineralisation between 50 and 320 metres down dip of the company’s previous drilling.
This, the explorer says, supports an expansion for Bulgera’s existing MRE, which currently stands at 8.4 million tonnes at 1.07 grams per tonne for 288,000 ounces.
“We’re excited with the results of our initial Phase 1 RC drilling at Bulgera,” Norwest CEO Charles Schaus said in a September 17 update. “The 11-hole program has successfully extended the gold mineralisation at depth… [and] supports the project’s potential to add significantly to our gold resources.”
The Mercuri lode drilling was the most “noteworthy,” with three metres at 1.6g/t from 138 metres (including three metres at 2.2g/t from 150m) in hole seven and three metres at 2.5g/t from 158m in the eighth hole.
All the next drilling activities, especially Norwest’s resource model update, now shape as “critical steps in our strategy to maximise the value of the Bulgera project,” the company’s chief explained to shareholders.
“We’re looking forward to seeing what the next phase will uncover,” he added.
NWM opened at 1.4cps in Wednesday morning trade.
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