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Norwest Minerals (ASX:NWM) - CEO, Charles Schaus
CEO, Charles Schaus
Source: Finance News Network
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  • Norwest Minerals (NWM) hits base metals and gold during 5600-metre air core program at the Marymia East joint venture in Western Australia
  • At the Jenkins Area, NWM has intersected anomalous zones of lead, zinc and nickel along one kilometre of strike
  • Drilling at Area 2 intercepted four metres at 2.5 grams of gold per tonne from 32 metres, with mineralisation remaining open at depth
  • At Neds Creek, the program identified where the Contessa granite contact extends into Marymia East, with plans for follow-up drilling underway
  • Shares are down almost four per cent to 7.3 cents each at 12:53 pm AEST

Norwest Minerals (NWM) has intersected base metals and gold at its Marymia East project in Western Australia.

Marymia is a joint venture between Norwest, which owns 84 per cent, and fellow ASX-lister Riedel Resources (RIE), which holds the remaining 16 per cent stake.

The company received assay results from a 5600-metre air core drilling program focussed on the project’s Jenkins and Area 2 prospects and Contessa granite contact extension.

Samples were collected as four-metre composites and assayed for 30 key elements, including gold, nickel, copper, lead, zinc and silver.

Jenkins Area results

At Jenkins, NWM reportedly intersected anomalous zones of lead, zinc and nickel along one kilometre of strike.

Best results included 28 metres at 0.9 per cent lead from 28 metres, including eight metres at 2.5 per cent lead. Another hole returned six metres at 0.7 per cent zinc from 28 metres, including two metres at 1.5 per cent zinc.

Drilling also intersected 40 metres at 0.18 per cent nickel from four metres.

Area 2 results

Meanwhile, the company drilled six air core holes at Area 2 to better define a north-south striking, 400-metre-long gold anomaly.

This drilling intercepted four metres at 2.5 grams of gold per tonne from 32 metres, with mineralisation remaining open at depth.

Contessa granite contact results

Elsewhere, at Neds Creek, Norwest’s air core program identified where the Contessa granite contact extends into Marymia East.

The company is subsequently planning reverse circulation (RC) drilling to test the granite contact at depths similar to those that host gold mineralisation at the Ned’s Creek prospects.

Commenting on the results, Norwest Minerals CEO Charles Schaus said Marymia East was another example of the “highly prospective” WA gold and base metal projects in NWM’s portfolio.

“Follow-up RC drilling programs will now be planned at all three Marymia prospects, which will complement the upcoming diamond drilling programs at the Bulgera Gold Project and Bali Copper Project,” he said.

Capital raising update

In other news, NWM has received $2.6 million in commitments for its entitlement offer announced last month.

The partially underwritten two-for-three, non-renounceable offer will see more than 71.6 million shares issued at 0.7 cents each in an effort to raise $5 million.

For every two shares issued under the offer, one free attaching option will also be issued at 10.5 cents with a five-year term.

Commitments received to date include $1.1 million from major shareholders with a further $1.5 million underwritten pursuant to the terms of agreement.

The offer is expected to close on August 9.

Shares were down by almost four per cent to 7.3 cents each at 12:53 pm AEST.

NWM by the numbers
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