- Norwest Minerals (NWM) is down 7.69 per cent on the back of disappointing drilling performance at its Bulgera Gold project, south of Newman
- The company conducted a 2423 metre, 27-hole reverse circulation (RC) drilling programme
- Northwest Minerals only hit five results that graded at over 2.5 grams per tonne, with the best being a four-metre result at 2.5 grams per tonne gold
- Others included one metre at 6.2 grams per tonne and one metre at 5.4 grams per tonne
- Norwest Minerals is currently down 7.69 per cent with shares trading for 12 cents
Norwest Minerals (NWM) has seen a slide in its share price on the back of an underwhelming reverse circulation (RC) drilling programme at the company’s Pilbara gold play.
The West Australian junior posted the results from its 2423-metre reverse drilling programme to test an anomaly on its Bulgera gold project.
That anomaly was initially identified through aircore drilling and has been defined at 800 metres long.
The 27-drill hole program located a 400-metre-long section of gold within the 800-metre-long anomaly, but at lower grades than the company would have hoped for.
Significant intercepts included four metres at 2.5 grams per tonne from 19 metres in hole BRC20011 and one metre at 6.2 grams per tonne gold from 49 metres in hole BRC20012.
Other results included one metre at 5.4 grams per tonne from 99 metres, one metre at 4.3 grams per tonne from 110 metres and one metre at three grams per tonne from 70 metres.
Norwest Minerals says it is now accessing the new geological data found during the drilling program and will focus on that 400-metre section.
The Bulgera project lies just next to the large Plutonic Gold operation, 200 kilometres south of Newman.
The property is made up of two separate exploration leases, is 48 kilometres from Plutonic Gold’s and contains four formerly producing shallow open pits mines, that were last operated in 2004.
These pits include the Bulgera, Mercuri, Venus and Price mines that produced 23,398 ounces of gold over their lifetimes.
Norwest Minerals is down 7.69 per cent with shares trading for 12 cents.