Norwest shares jump after drill results

Norwest Minerals’ shares jumped 60 per cent to trade at 7.2 cents on the Australian Stock Exchange after releasing its maiden drilling results from its Bali copper project.

The Perth-based mining exploration company made the announcement on the ASX this morning, creating increased shareholder interest.

The company received assay results for 33-reverse circulation drillholes at its wholly owned Bali copper project located west of Paraburdoo in Western Australia.

The project encompasses about 8 kilometers of the Bali shear zone, which is a structure extending through the region with copper and other base metal prospects.

The drilling program targeted four priority prospects, with several of the holes returning wide copper intercepts grading more than 0.2 per cent and the highest being 11.2 per cent copper, according to Norwest.

At the Bali high prospect, assays returned intervals of copper, lead, zinc and silver.

Drill planning is now underway after mapping and rock chip assays revealed seven copper-rich veins structures in the deep south area of the project.

Norwest chief executive Charles Schaus said they were encouraged by the results from the first drilling at the Bali project since 1989.

“The program tested each of the four prospects by systematic drilling of holes along strike with the aim of locating the sources for the high-grade copper exposed at surface,” he said.

“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.”

Norwest shares were up 60 percent to trade at 7.2 cents at close of market.