Norwest Minerals Limited (ASX: NWM) traded flat at a market price of $0.170 as at December 04, 2018. Following its successful $6.6 million IPO, Norwest Minerals listed on the Australian Stock Exchange as at 29th November 2018. Norwest has commenced a reverse circulation drilling program at its 100% owned Warriedar Gold Project located in Western Australia south of Mt Magnet, while understanding that one of the best ways to create wealth for its shareholders is through exploration success.
Across potential areas of the Warriedar Project a detailed surface geochemical sampling and magnetic program have also commenced. Targeting untested gold mineralization downdip of intercepts encountered in historical RAB and RC drilling reverse circulation (RC) drilling at Mount Laws has started. Where earlier this year some high-grade gold results including rock chips examining up to 28.6 grams per ton gold were collected, along the 1.5-kilometer Mount Laws trend the RC drilling will also test below old workings and zones. Totaling 1,290 meters norwest plans to drill 14 RC holes. Including two phases of drilling, the Mount Laws prospect has been exploring erratically. The company has received positive results from the historic RC and RAB drilling.
Creating quartz or quartz-tourmaline veins and stock works in felsic and mafic volcanic rocks, Epigenetic gold mineralization in the Warriedar Fold Belt associated with pyritic alteration of intensely folded and brecciated banded ironstones. To identify potential drill targets over areas of interest at Warriedar surface geochemistry programs are also undertaken. To several prospects including Mt Laws, Langs Find, Golden Eagle and Reids Ridge, soil grids planned over extensions with a total of approximately 1300 samples collected.
Over tenements M59/755, E59/1696, E59/2104 and P59/2070, 50m line spaced north-south oriented ground magnetic survey constituting 164 line-kilometers has been designed. To highlight geophysical features extending west across these tenements the new magnetic data will be combined with existing high-resolution aeromagnetic imagery to the immediate east.
The company’s segment is yet to be announced as the class is still pending on the ASX, but it looks like it will be classified under the metals and mining category and as materials industry group.