{"id":8619,"date":"2024-04-22T03:03:19","date_gmt":"2024-04-22T03:03:19","guid":{"rendered":"https:\/\/economicherald.net\/?p=8619"},"modified":"2024-04-22T03:03:19","modified_gmt":"2024-04-22T03:03:19","slug":"soaring-gold-prices-bolster-opportunity-at-norwest-minerals-bulgera-project-in-the-gascoyne","status":"publish","type":"post","link":"https:\/\/economicherald.net\/?p=8619","title":{"rendered":"Soaring gold prices bolster opportunity at Norwest Minerals\u2019 Bulgera project in the Gascoyne"},"content":{"rendered":"<p>Norwest Minerals upgrades its Bulgera gold resource after lowering cut-off grade to 0.3g\/t due to high gold price<br \/>\nFurther upgrades expected through drilling near-surface mineralisation and gold lodes below the shallow open pits<br \/>\nWaste dumps also being investigated for their potential to host economic gold at current prices<\/p>\n<p>\u00a0<\/p>\n<p><strong><em>Special Report:<\/em> High gold prices have allowed Norwest Minerals to upgrade resources at its Bulgera project in WA\u2019s Eastern Gascoyne region to 217,600oz by simply lowering the cut-off grade from 0.6g\/t to 0.3g\/t.<\/strong><\/p>\n<p>Gold has been the darling of the resource industry with uncertainty about inflation, the economic and geopolitical turmoil sending the precious metal up ~16.5% over the year to date to US$2,382.80\/oz.<\/p>\n<p>When combined with the Australian dollar weakening against the US dollar, it makes for sky high Australian gold prices of about ~$3,700\/oz.<\/p>\n<p>The implication of this high gold price is that it makes previously uneconomic resources economic, which is also why <a href=\"https:\/\/stockhead.com.au\/company\/norwest-minerals-nwm\/\"><strong>Norwest Minerals (ASX:NWM)<\/strong><\/a> has moved to halve the Bulgera cut-off grade.<\/p>\n<p>Bulgera sits within the 7Moz Plutonic Well greenstone\u00a0that also hosts <a href=\"https:\/\/stockhead.com.au\/company\/catalyst-metals-cyl\/\"><strong>Catalyst Metals\u2019 (ASX:CYL)<\/strong><\/a> Plutonic gold mine and +1Moz Marymia deposit, which places an operating processing plant just down the road from Norwest Minerals.<\/p>\n<p>Adding further interest, Goldman Sachs has <a href=\"https:\/\/stockhead.com.au\/resources\/all-the-richest-people-in-the-world-are-stockpiling-gold-these-asx-stocks-are-racing-to-supply-it\/\"><strong>flagged the potential<\/strong><\/a> for gold to trade even higher across 2024, setting a target price of US$2,700\/oz by the end of the year.<\/p>\n<p>\u00a0<\/p>\n<p>The Bulgera project resource model showing 3D gold mineralisation grade shells. Pic via NWM<\/p>\n<p>\u00a0<\/p>\n<h2><strong>Potential for growth<\/strong><\/h2>\n<p>Besides increasing resources by lowering the gold cut-off grade, NWM also believes it can deliver significant increases to the Bulgera gold inventory through drill testing both the near-surface mineralisation and gold lodes extending below the shallow open pits.<\/p>\n<p>The company added that it is investigating the economic potential of the project\u2019s oxide waste dumps after a new aerial survey confirmed they exceed 2Mt while historical records suggest they host economic gold at current prices.<\/p>\n<p>It has submitted a Program of Works to WA\u2019s Department of Energy, Mines, Industry Regulation and Safety to drill test the waste material using a slim-line, truck mounted reverse circulation rig.<\/p>\n<p>\u201cThe rising gold price is rapidly improving the Bulgera project economics with the company reviewing all options to exploit this expanding gold asset,\u201d Norwest Minerals CEO Charles Schaus said.<\/p>\n<p>\u201cIn the meantime, Norwest will continue near-mine definition work to increase our gold inventory via the drilling of near surface oxide targets and down-dip of the many prospective gold structures identified by recent and historical exploration efforts.\u201d<\/p>\n<p>\u00a0<\/p>\n\n<p><span class=\"mce_SELRES_start\">\ufeff<\/span>\u00a0<\/p>\n<p><em>This article was developed in collaboration with Norwest Minerals, a Stockhead advertiser at the time of publishing. <\/em><\/p>\n<p><em>\u00a0<\/em><\/p>\n<p><em>This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.<\/em><\/p>\n<p><span class=\"et_bloom_bottom_trigger\"><\/span><\/p>\n<p>The post <a href=\"https:\/\/stockhead.com.au\/resources\/soaring-gold-prices-bolster-opportunity-at-norwest-minerals-bulgera-project-in-the-gascoyne\/\">Soaring gold prices bolster opportunity at Norwest Minerals\u2019 Bulgera project in the Gascoyne<\/a> appeared first on <a href=\"https:\/\/stockhead.com.au\/\">Stockhead<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"<p>Norwest Minerals upgrades its Bulgera gold resource after lowering cut-off grade to 0.3g\/t due to high gold price Further upgrades expected through drilling near-surface mineralisation <a href=\"https:\/\/economicherald.net\/?p=8619\" class=\"read-more-link\">[more&#8230;]<\/a><\/p>\n","protected":false},"author":0,"featured_media":8620,"comment_status":"","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-8619","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - 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