Norwest Minerals : High grade gold intersections at Bulgera Gold Project

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03 February 2022

Norwest extends new high-grade gold lode at Bulgera

Highlights:

• First three Bulgera diamond drill holes extend new high-grade gold lode to beyond 400m down dip of the shallow Bulgera open pit
• Hole BDD21003 intersected gold mineralisation 11.3m @ 3.25g/t gold from 260m (downhole) inc. 4m @ 4.5g/t Au from 260m and 3.3m @ 5.3g/t Au from 268m
• Holes BDD21001 and BDD21002, drilled closer to surface, intersected gold zones including:
  o 16.5m @ 1.20g/t gold from 128m and 3.0m @ 4.10g/t gold from 166m (BDD21001) o 6.0 m @ 2.07g/t gold from 195m (BDD21002)
• Gold assay results from the remaining 4 deep diamond drill holes, BDD21004 to BDD21007, are expected within the coming weeks
• Resource modelling of the new Bulgera gold mineralisation will commence once all gold assays from the 7-hole maiden Phase 1 diamond drill program are received
• The Company is sourcing a rig to undertake the Phase 2 diamond drill program (targeting March/April 2022) which will test mineralisation to ~700m down-dip of the Bulgera open-pit.

Norwest Minerals Limited ("Norwest" or "the Company") (ASX: NWM) is pleased to announce that strong gold mineralisation has been intersected in the first three diamond drill holes at Company's 100% owned Bulgera Gold Project.

The drilling program tested the new high-grade gold lode from 200m to 400m extending downdip of the shallow Bulgera open-cut where high-grade gold was intersected by Norwest's March 2021 RC drilling program. Importantly, all 7 diamond holes have intersected the target shear zone with the drill core displaying widths and geological features consistent with the high-grade RC gold zones intercepts1.

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Norwest's CEO, Mr. Charles Schaus commented: "Assay results from the first 3 diamond holes confirms that strong gold mineralisation extends beyond 400 metres down dip of the shallow Bulgera open pit. Once the gold assays from the remaining 4 diamond holes are received (over the coming weeks), the Company will commence re-modelling the Bulgera gold resources which should add considerably to the current, 94,000-ounce, gold resource reported in April 20202.

Figure 1 - Long section showing location of the 3 of 7 Phase 1 diamond drill intercepts (yellow labels) and other significant intersections (white labels).

Bulgera Diamond Drilling

The 7-hole Phase 1 drilling programme required 953 metres of RC pre-collars and 1,406 metres of HQ diamond core tails. The main broad mineralised zone was intersected by holes BDD21001 to BDD21007 where expected in relation to the surrounding mineralisation and corresponds with the interpreted shear seen in the geology logged up dip in the RC holes.

Holes BDD21001 to BDD21003 intersected two mineralised zones returning wide intercepts of moderate gold grades from within the main shear zone and high gold grades from a deeper, relatively narrow zone hosted by white quartz vein with low-moderate sulphides (0.5 % py+po). The wide shear and white quartz zones logged in these holes likely correspond to the two high-grade intercepts reported in hole BRC210153 being 16m @ 7.3 g/t Au from 194m (main shear zone) and 3m @ 30g/t at end of the hole (white quartz zone with minor sulphides).

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The other five Phase 1 holes tested for gold mineralisation at or below 400m downdip of the Bulgera open pit, being well below any previous drilling undertaken across the Bulgera Project.

Diamond drill holes BDD21003 to BDD21007 intersected the shear zone at predicted depths and all displayed widths and geological features consistent with the geological logging of the RC holes intersecting the high-grade gold zone up-dip. The target shear zone intersected by the diamond drilling and hosting the RC gold mineralisation is identified as a sheared silica-sericite-biotite altered amphibolite (+/- sulphides) with patchy destructive silica flooding and intervals of late quartz veining.

Phase 2 diamond drilling is designed to test the continuation of the target shear zone a further 300m down-dip from the Phase 1 holes being over 700m down-dip from the Bulgera open pit. Final planning for the Phase 2 holes will be finalized following receipt of all geological information and gold assays from the Phase 1 drilling. The Company is sourcing a rig to undertake the Phase 2 diamond drill program which is currently targeted to commence in March/April 2022. Pre-collars for the Phase 2 holes were previously drilled in October 2021.

Figure 2 - Map showing drill hole traces and gold mineralisation intercept points of recent diamond and RC drilling. Drilling designed to avoid water course thus several holes drilled oblique to intersect the northwest dipping (-45°) shear zone targets.

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Figure 3 - Simplified geological cross-section showing gold intersection in diamond drill hole BDD21001 along with gold intersections of nearby RC drilling. Gold assay for BDD21004 pending.

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Figure 5 - Simplified geological cross-section showing gold intersection in diamond drill hole BDD21003 along with gold intersections of nearby RC drilling.

This ASX announcement has been authorised for release by the Board of Norwest Minerals Limited.

For further information, visit www.norwestminerals.com.auor contact

Charles Schaus

Chief Executive Officer and Director

1. infor@norwestminerals.com.au