Norwest Minerals (ASX:NWM) has uncovered 31 new critical mineral targets across its West Arunta tenure package in Western Australia, via a new geophysical interpretation.
The targets have the potential for mineral deposits including carbonatite, iron oxide copper gold (IOCG), and rare earth elements (REEs).
Norwest, which has a market capitalisation of $10.61 million, matched the new geophysical target occurrences to critical mineral anomalies identified from recent analysis of 13,000-plus fine-traction soils collected in 2021-2022, which seemed to be ‘very encouraging’.
The company contracted Atlas Geophysics to conduct a gravity ground survey across its key target areas, which is expected to begin in 4 weeks.
Chief Executive Officer (CEO) Charles Schaus says the new results provide further validation of the prospectivity West Arunta holds for a ‘major’ critical mineral discovery.
“Importantly, many of the high priority targets are located within tenement E80/5031 where Norwest undertook a large heritage study late last year.
Thus, this area is drill ready with only the gravity survey required to finalise drillhole positions. Next month Atlas Geophysics will commence Norwest’s maiden gravity survey across its West Arunta critical mineral targets including tenement E80/5031 and tenement E80/5846 located just south of the Luni discovery.”
The West Arunta project covers a 1,560km-square area and extends over 100km west from the Western Australia and Northern Territory state border.
Norwest Minerals is a Western Australian-focused mineral explorer with assets considered prospective for rare earths, copper, gold, and base metals.
As of 31 December 2023, the company had $447,000 cash and cash equivalents at hand, according to its latest quarterly report.
Write to Aaliyah Rogan at Mining.com.au
Images: Norwest Minerals
