Norwest has raised $2.2m to fund and accelerate its upcoming copper, rare earth elements and lithium exploration programs.
The funds were raised through a placement of 41.5 million shares priced at 5.3c each to a number of high-quality professional investors.
Proceeds will be used by Norwest Minerals (ASX:NWM) to fund exploration at its Bali copper project and Arunta West critical minerals project.
“Norwest is pleased with the level of support that it has received in the capital raising from new investors and existing shareholders,” chief executive officer Charles Schaus said.
“The capital raising ensures that Norwest is well funded to accelerate and expand multiple Western Australian exploration programs across a number of compelling copper, REE and lithium targets.”
Exploration in high gear
Proceeds will be used to accelerate ongoing exploration at Bali such as reverse circulation drilling to test four historical copper prospects, downhole geophysics programs and further geochemical sampling programs.
Recent rock chip sampling of high-grade copper-gold veins had returned assays averaging 21% copper and 1.2 grams per tonne (g/t) gold and topping up at 46% copper and 6.7g/t gold.
Funds will also be used for first pass drilling of REE and iron oxide copper gold targets at Arunta West as well as analysis of recent infill soil sampling across its large lithium anomaly.
Arunta West project area has had no systematic geochemical exploration prior to Norwest’s first pass 3000-point regional soil program completed in 2019.
This article was developed in collaboration with Norwest Minerals, a Stockhead advertiser at the time of publishing.