Shareholders have demonstrated their confidence in Norwest Minerals by taking up more than 80% of the shares available under its $5.02m entitlement offer.
Eligible shareholders applied for 59.71 million of the 71.77 million new shares priced at 7c each on offer with the shortfall shares taken up by the underwriters.
The $5.02m raised from the entitlement offer will be used to advance exploration activities across all three of Norwest Minerals’ (ASX:NWM) highly prospective projects.
“The strong support clearly reflects shareholders’ confidence in the quality and prospectivity of our portfolio of WA gold and base metals projects,” chief executive officer Charles Schaus said.
“With meaningful funds in hand, Norwest will commence diamond drilling at Bulgera to determine the down-dip extent of the new high-grade gold zone and undertake Norwest’s maiden drilling program at the exciting Bali copper project.
“When combined with the field work recently completed at Arunta West, the remainder of 2021 is set to be an exciting time for Norwest and its shareholders.”
The company plans to carry out a 10-hole diamond drilling program at the high-grade gold zone below the Bulgera open pit and along strike from the +5.5 million oz Plutonic gold mine.
This follows up on better intersections such as 16m grading 7.3 grams per tonne (g/t) gold from a depth of 194m including 3m at 30.3g/t gold and 6m at 11.8g/t gold from 218m including 3m at 22.4g/t gold.
Norwest will also carry out maiden drilling of prospective copper targets at the Bali project in Western Australia’s Ashburton region along with ongoing exploration at the Arunta West gold and base metal project to identify drill ready targets for testing in 2022.
This article was developed in collaboration with Norwest MInerals, a Stockhead advertiser at the time of publishing.