{"id":5827,"date":"2024-02-14T03:45:15","date_gmt":"2024-02-14T03:45:15","guid":{"rendered":"https:\/\/economicherald.net\/?p=5827"},"modified":"2024-02-14T03:45:15","modified_gmt":"2024-02-14T03:45:15","slug":"norwest-minerals-snaps-up-prime-west-arunta-ground-so-close-to-wa1s-luni-niobium-ree-discovery","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=5827","title":{"rendered":"Norwest Minerals snaps up prime West Arunta ground so close to WA1\u2019s Luni niobium-REE discovery"},"content":{"rendered":"

Norwest Minerals picks up prime REE ground in the West Arunta region
\nNew tenement is the closest ground position south of WA1\u2019s Luni niobium-REE discovery
\nNorwest is an established West Arunta explorer holding 1560 km\u00b2 where critical mineral targeting across current and the new ground packages is under way<\/p>\n

\u00a0<\/p>\n

Special Report: Norwest Minerals has scored the closest ground to WA1 Resources\u2019 exciting Luni niobium-rare earths discovery that has turned the West Arunta region into Australia\u2019s No.1 exploration hot spot.<\/p>\n

Norwest Minerals (ASX:NWM)<\/a> is no stranger to the <\/span>West Arunta region<\/a>, given that it has been exploring at its own West Arunta critical mineral project since 2019, well before the drill intersection of 54m at 0.62% niobium, 0.18% rare earths and 3.85% phosphorus from 162m that heralded <\/span>WA1 Resources\u2019 (ASX:WA1)<\/a> discovery of Luni.<\/span><\/p>\n

NWM\u2019s exploration efforts thus far have proved there is indeed REE mineralisation on its West Arunta tenure.<\/span><\/p>\n

Drilling carried out in 2022 into a 3km REE soil anomaly returned evidence of clay-hosted REE with three of the southern-most holes returning +1,000ppm total rare earth oxides (TREO) in granite saprolite clays.<\/span><\/p>\n

What this all means is that not only does the company already have an established ground position in a highly sought-after region of WA, it also has proof that REEs are present on its acreage.<\/span><\/p>\n

Map showing key West Arunta explorers, tenements acquired by Norwest and WA1\u2019s Luni discovery. Pic: Supplied (NWM)<\/p>\n

\u00a0<\/p>\n

Tantalisingly close to the play opener<\/h2>\n

NWM has now secured a further 360km2 of ground \u2013 including tenement E80\/5846 \u2013 to its current 1,560km2 project.<\/span><\/p>\n

Notably, E80\/5846 is the closest ground position south of the game-changing Luni discovery, as well as tenements held by <\/span>Encounter Resources (ASX:ENR)<\/a> where niobium-REE mineralisation has also been reported.<\/span><\/p>\n

\u201cThis exciting acquisition includes ground immediately adjacent to WA1\u2019s Luni niobium discovery; being just south of their project border,\u201d NWM chief executive Charles Schaus said.<\/span><\/p>\n

\u201cOur status as an established West Arunta explorer holding a 1,560km\u00b2 ground position allows us to expedite the start of exploration activities across the newly acquired tenements.\u00a0\u00a0<\/span><\/p>\n

\u201c<\/span>In the meantime, Norwest is developing a number of carbonatite and other critical mineral targets from its significant geochemical database and recent geophysical analysis.\u201d<\/span><\/p>\n

\u00a0<\/p>\n

Capital raising and advisor appointment<\/h2>\n

Investors certainly seem to believe in the prospectivity of NWM\u2019s acreage, providing firm commitments towards a placement of 50 million shares priced at 2c each to raise $1m.<\/span><\/p>\n

The company has also sought to improve its balance sheet by reducing short-term liabilities <\/span>
\n<\/span>in the form of loans from certain directors.<\/span><\/p>\n

Subject to shareholder approval, these directors have agreed to convert half of the outstanding loans \u2013 totalling $750,000 \u2013 into shares.<\/span><\/p>\n

NWM has also appointed <\/span>Perseus Mining (ASX:PRU)<\/a> founder and lithium expert Mark Calderwood as its advisor to the West Arunta project.<\/span><\/p>\n

\u00a0<\/p>\n\n

\ufeff<\/span>\u00a0<\/span><\/p>\n

This article was developed in collaboration with Norwest Minerals, a Stockhead advertiser at the time of publishing.\u00a0<\/span><\/p>\n

\u00a0<\/p>\n

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/span><\/p>\n

<\/span><\/p>\n

The post Norwest Minerals snaps up prime West Arunta ground so close to WA1\u2019s Luni niobium-REE discovery<\/a> appeared first on Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Norwest Minerals picks up prime REE ground in the West Arunta region New tenement is the closest ground position south of WA1\u2019s Luni niobium-REE discovery [more…]<\/a><\/p>\n","protected":false},"author":0,"featured_media":5828,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-5827","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"\nNorwest Minerals snaps up prime West Arunta ground so close to WA1\u2019s Luni niobium-REE discovery - Economic Herald<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/economicherald.net\/?p=5827\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Norwest Minerals snaps up prime West Arunta ground so close to WA1\u2019s Luni niobium-REE discovery - 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