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Norwest Minerals Limited has revealed an updated Mineral Resource Estimate for its Bulgera Gold Project, alongside progress in its heap leach development strategy. These advancements highlight the project's economic promise and the company's dedication to advancing its operations, offering important insights for investors.
Key Points
- Norwest Minerals Limited (NWM)
- Revised Mineral Resource Estimate announced for Bulgera Gold Project.
- Updated resource totals 8.7 million tonnes at 0.68 grams per tonne gold, equating to 191,000 ounces.
- Investors should watch ongoing Scoping Study progress and column leach test outcomes.
Updated Mineral Resource Estimate Confirms Economic Viability
Norwest Minerals has updated its Mineral Resource Estimate (MRE) for the Bulgera Gold Project to 8.7 million tonnes at 0.68 grams per tonne (g/t) gold, representing roughly 191,000 ounces of gold. This estimate is confined within an optimised Reasonable Prospects for Eventual Economic Extraction (RPEEE) open-pit shell, incorporating a gold price assumption of A$5,000 per ounce, reinforcing the project’s economic feasibility.
Notably, 76% of the resource is classified as Indicated at a cut-off grade of 0.24 g/t gold, providing investors with higher confidence in resource recoverability and lowering investment risk, thus enhancing the project’s appeal.
Metallurgical Testing Supports Heap Leach Strategy
Metallurgical tests at Bulgera have yielded encouraging results, with bottle roll tests on coarse-crushed oxide and transition composite samples achieving an 86% gold recovery. These findings support Norwest’s heap leach approach.
Rapid leaching kinetics were observed, with 75% to 80% of gold recovered within 72 hours. Additionally, low reagent consumption rates averaging 0.38 kg/t cyanide and 1.3 kg/t lime improve cost efficiency, making the heap leach process economically attractive.
Strategic Industry Partnerships Enhance Project Development
Norwest has appointed Kappes, Cassiday & Associates Australia (KCAA), a globally recognised heap leach consultancy, to provide expert advisory services for heap leach development.
Orelogy Mining Consultants have also been engaged to support the Scoping Study and update the resource model, integrating KCAA’s technical inputs to optimize project development.
Environmental Approvals Strategy Progressing
MBS Environmental has completed the Environmental Approvals Strategy, a key component of the final Scoping Study, ensuring compliance with regulatory and environmental standards.
This focus on environmental planning underscores Norwest’s commitment to sustainable mining practices and aims to mitigate risks related to environmental compliance, enhancing investor and stakeholder confidence.
Funding Initiative to Propel Project Advancement
Norwest has launched a partly underwritten pro-rata non-renounceable entitlement offer to raise approximately A$1.89 million. The funds will support ongoing development activities at the Bulgera Gold Project, including the Scoping Study.
This capital raise demonstrates the company’s proactive approach to securing necessary resources, reinforcing its commitment to advancing the project and delivering shareholder value.
Ongoing Scoping Study and Operational Optimisation
Key activities in the Scoping Study include refining process efficiencies and variability profiles through continued metallurgical testing, critical for optimizing the heap leach process.
Development of the project borefield and processing parameter refinement are underway, alongside broader optimisation studies to enhance overall project performance and long-term success.
Bulgera Gold Project’s Historical Significance and Future Outlook
Fully owned by Norwest, the Bulgera Gold Project has a history of gold mining from 1996 to 1998 and 2002 to 2004, providing valuable context for current exploration and development.
Recent resource and metallurgical advancements position the project to capitalize on its historical data combined with modern mining techniques, highlighting significant future potential and making it an attractive opportunity for the company and investors alike.
