Norwest Minerals Limited (ASX:NWM) has been granted Mining Lease 52/1085 for its Bulgera Gold Project. The lease covers 2,435 hectares, including the historical Bulgera gold mining center. The current gold mineral resource estimate (MRE) for Bulgera stands at 6.3 million tonnes at 1.07g/t gold, totaling 217,600 ounces.
With the gold price now exceeding A$5000 per ounce, Norwest is targeting significant increases to the gold MRE following a revision of the resource model. The company is also raising $4.85 million to fund resource expansion drilling and assess the economic potential of stockpiles.
NWM Price at posting:
1.3¢ Sentiment: Buy Disclosure: Held
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