Special Report: Norwest Minerals (ASX:NWM) is now fully funded to drill multiple ‘walk-up’ gold targets at Marymia East, an underexplored project along strike from the +5.5moz Plutonic and +1moz Vango mine sequences.
A number of high quality international and domestic institutional and professional investors will tip in $2.5m to fund a drilling blitz at Marymia East, ~200km north of Meekatharra.
The 266sqkm Marymia East land package is split into two main areas, Bulgera and Marymia.
After acquiring the Bulgera project in WA last year, Norwest quickly established a 65,000oz gold resource based on old, shallow drilling around the existing open pits.
A Maiden drilling program returned grades up to 29.3 grams per tonne (g/t) below and along strike of the old open pits while increasing the gold resource to 94,000 ounces.
But this WA project remains underexplored, both along strike and at depth.
Bulgera gold project location.
Bulgera an extension of the Plutonic (+5.5moz) and Vango (+1moz) mafic-ultramafic mine sequence, where drilling shows that gold tenor increases with depth.
Drilling by neighbouring explorer Vango Mining (ASX:VAN) indicates that the highest gold grades are located below 100m — its most recent results include a highlight 2m at 23.8 g/t gold inside a larger 6m intersection at 8.66 g/t, 128m from surface.
The Marymia tenements abut Lodestar Minerals’ (ASX:LSR) Ned’s Creek gold prospect, where Vango is spending $5m over three years to earn a 51 per cent interest.
Ned’s Creek mineralisation identified to date has been focused along the ‘Contessa Granite’ contact, which extends through 10km of untested Norwest ground, the explorer says.