NWM - Norwest Minerals

[System]

Norwest Minerals was formed to allow the spin-off of Australian Mines Limited's portfolio of prospective gold and base-metal properties in Western Australia. Upon successful listing on ASX, Norwest's strategy is to focus on delineating an economically viable resource capable of transforming the Company from an explorer into a mineral producer.

The Company holds interests in the following Gold and Base-Metal Projects:

(a) the Bali Project, which is a copper and base metals exploration licence, located approximately 250 kilometres west of Newman in the Ashburton region of Western Australia. Exploration will initially focus on the Bali Shear Zone, which appears prospective for copper and silver;

(b) the Warriedar Project, which is a gold project located approximately 420 kilometres northeast of Perth and has a number of drill-ready gold targets including the project’s historic Reid’s Ridge Gold Mine and the Mount Laws mineralised trend;

(c) the Arunta West Project, which is an Iron Oxide Copper-Gold (IOCG) project located 600 kilometres west of Alice Springs. The Arunta West Project features an ovoid co-incident magnetic and gravity anomaly known as the North Dovers prospect. Four deep diamond drill holes at North Dovers are planned to test the Iron Oxide Copper-Gold (IOCG) target and other styles of economic mineralisation;

(d) the Marymia Project, which is a gold and copper project located approximately 900 kilometres north of Perth and is targeting orogenic-gold and Volcanogenic Massive Sulphide (VMS) copper/base metal mineralisation. Several walk-up drill targets comprising both gold and VMS style mineralisation are scheduled for testing prior to the end of the 2018 calendar year; and

(e) the Marriotts Project, which is a nickel project located approximately 70 kilometers south of Leinster and 80 kilometres north of Leonora. The project has an established Inferred Mineral Resource of 662,000 tonnes @1.3% nickel(2). Remodelling of the deposit will be undertaken in order to seek to reclassify part of the resource into the Indicated category.

It is anticipated that NWM will list on the ASX during October 2018.

https://www.norwestminerals.com.au

 

[greggles]

Patience sometimes pays off. After a long share price decline, Norwest Minerals finally delivers the goods.

 

[Miner]

NWM is my tip for Jan 23.
The reasons for my dart are :

1. commodities - demand
2. Recent CR - with a good story
3. Recent drill result on copper and REE
4. Low market capitalisation - all they need power ball

 

[Dona Ferentes]

bouncing around, got as high as 7.5c and up 60% right now, at 7c

Significant copper intersections

Northwest’s CEO, Mr. Charles Schaus commented: “This is the first drilling undertaken at Bali since 1989 and we are very encouraged by the results. The program tested each of the four prospects by systematic drilling of holes along strike with the aim of locating the source(s) for the high-grade copper exposed at surface. All prospects returned one or more wide drill intersections of copper mineralisation. Also, we have identified additional shear zones across the Deep South area with high-grade copper rock chips, with drill planning underway focusing on potential lateral and depth extension of these seven high-grade copper vein structures.”

 

[Dona Ferentes]

NWM still running with Arunta, and it looks like they are dabbling in REE, as well.

So, let's raise some more capital: aiming for $2.2M :

Norwest is offering shareholders the opportunity to participate in the Entitlement Offer on the basis of one (1) New Shares for every four (4) shares held at the record date, at an issue price of $0.04 per New Share and with one (1) free attaching option for every two (2) New Shares applied for, having an exercise price of $0.07 and five-year term.

And how was that received?

 

[Dona Ferentes]

speeding ticket due?

 

[Dona Ferentes]

speeding ticket due?

and capital raise?

$447k at end of Dec

The following persons were directors of the Company during or since the end of the half-year:
- Charles Schaus, Chairman, Chief Executive Officer
- Ching Hong Loong, Non-Executive Director
- Kok Hou Leong, Non-Executive Director
- Yew Fei Chee, Non-Executive Director
- Hok Kiang Sia, Non-Executive Director
- Oliver Carton, Non-Executive Director
Michael Tilley was the Chairman of the Company from the beginning of the period until 6 November 2023. He passed away after an illness. Oliver Carton was appointed a director on that date.

Principal activities
During the period the principal continuing activities were engaging in the business of seeking to exploit and mine natural resources.

Operating results
The net loss for the period ended 31 December 2023 after providing for income tax is $533,704 (2022: $774,640).

Review of operations
Overview
During the period the Company completed RC drilling at its Bali Copper project with significant copper oxide intersected in the widely spaced holes. Norwest also sanctioned a desktop geophysical study designed to identify WA1 style niobium and other hard rock targets within its 1550km² Arunta West project area. Study results are due out February 2024. The increasing gold price has led to the commissioning of a study to determine the economics of mining and delivering Bulgera gold ore to the Plutonic Gold plant.

 

[Dona Ferentes]

still going. ... 1.9c .. MC $9M

RC drilling intersects wide zones of VMS style mineralisation below Dales Gossan located within the West Arunta Tamba prospect.

Highlights:
• RC drilling has intersected a ~40m wide zone of near surface Volcanogenic Massive Sulphide style mineralisation below the ‘Dales Gossan’ outcrop target. Geological logging and pXRF analysis identified highly anomalous zinc and lead in the sulphide-rich drill samples along with trace levels of copper and silver. Norwest is planning further RC drilling around the VMS discovery zone following the completion of aircore drilling at its Malibu prospect.
• Aircore and reverse circulation drilling also encountered multiple intervals of stacked quartz veins with sulphides coincident to the large 2022 Tamba gold-in-soil target. The gold assay results will be available by early December.
• Norwest was recently notified of its successful Exploration Incentive Scheme application for co-funded RC drilling at its Arunta West project. The WA government scheme offers a 50% refund of direct drilling and mobilisation costs of up to $180,000. Norwest will apply the co-funding toward follow-up drilling of its highly prospective West Arunta targets in 2025.

Norwest’s CEO, Mr. Charles Schaus commented:
“Clearly, Norwest is excited by the results of its Tamba scout drilling program. The identification of VMS-style mineralisation at ‘Dales Gossan’ is supported by geological logging and pXFR analyser readings indicating wide zones of highly anomalous zinc and lead mineralisation. Norwest is planning a return to Tamba for further RC drilling of prospective VMS zones down dip and along strike of the discovery holes following the completion of drilling at Malibu. We look forward to receiving the lab assay results of this exciting drill program.”