Norwest Minerals : To commence RC drilling at Bali Copper Project

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25 July 2022

RC drilling activities commence at

Norwest's Bali Copper Project

Highlights:

• 4,000 metre reverse circulation (RC) program will test 4 high priority copper targets along the 8km Bali shear zone
• Earth moving equipment is on-site preparing access tracks and drill sites, with drilling to commence in August
• Drill targets generated from historical drill intercepts grading up to 6m @ 7.17% copper1 and 87 rock chips sampled by Norwest that average 6.3% copper2
• Neighbouring explorer recently reported rock chips grading up to 55% copper from the southeast extension of the Bali shear zone3

Norwest Minerals Limited ("Norwest" or "the Company") (ASX: NWM) is pleased to announce the commencement of preparation of access tracks and drill pads for its 30-hole x 4,000m maiden RC drilling program at its 100% owned, Bali Copper Project in Western Australia. Norwest's Bali Copper Project comprises approximately 8 kilometres of the Bali shear zone; a major structure extending through the region and hosting numerous copper and other base metal prospects.

Norwest's CEO, Mr. Charles Schaus commented: "The commencement of RC drilling at our Bali Copper project has been highly anticipated due to the very high-gradecopper reported in shallow drilling undertaken by past explorers and in surface samples collected by Norwest. We will be drill testing below the historical holes at Bali High and Bali Lo as well as drilling the virgin ground at Bali East and Bali South. Further highlighting the regions potential are high-gradecopper results being reported by our neighbors to the southeast where the Bali shear extends across their project area."

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Project Overview

Norwest holds 100% of the Bali Copper Project located in Western Australia, 75 kilometres west of Paraburdoo. The project covers 41km² with four prospects identified along the 8-kilometre northwest trending Bali shear zone. The complex history of the Bali Shear combined with interaction of earlier structures has resulted in mineralisation within and adjacent to the Bali Shear4. Small-scale mining occurred in the project area during the 1950s and 1960s.

Figure 1 - Bali project location map showing key copper prospects along the Bali shear zone.

The Bali Lo and Bali High prospects have had minimal drill testing with most holes being less than 30 metres deep and returning intersections up to 6m @ 7.2% copper. Drilling was last undertaken by Barrick in 1989.

Norwest's surface mapping and sampling programme

In 2018, exploration included mapping along the Bali Shear Zone and the collection of 87 rock chip samples from the Bali Hi, Bali Lo and Bali East prospects. At surface, the potential for high-grade copper mineralisation is evidenced by visual copper associated with gossans. Assaying of the rock chips resulted in 33 samples reporting above 5% copper, 17 samples returning an impressive 10% copper or greater and a best recorded sample assaying at 36.8% copper. The copper grades of all 87 rock chip samples averaged 6.3%5.

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Figure 2 - Map showing the location and copper grades of Norwest rock chip samples and significant drilling intercepts completed in the 1980s at Bali Lo and Bali High copper prospects.

Historic drilling and channel sampling

Historic drilling along the Bali Shear Zone targeted copper, lead, zinc and silver mineralisation at Bali Lo and Bali High. The drilling was undertaken by groups including PMI (2 diamond holes in 1968), Esso (20 percussion holes in 1977) and Barrick (16 RC holes in 1984 and 21 RAB holes in 1989); a total of 59 holes for just 2,379m. Drill intercepts include:

• 9 metres @ 1.8% Copper and 9 g/t silver from 8 metres downhole (Drill hole CL4),
• 12 metres @ 3.6% Copper and 16 g/t silver from 0 metres downhole (Drill hole CL1B),
• 6 metres @ 7.2% Copper and 27 g/t silver from 17 metres downhole (Drill hole CL1A).

No drilling has been carried out at Bali East or Bali South. Historic channel sampling of the Bali East prospect returned encouraging results, with assays ranging up to 20.6% copper. Sampling of the Bali South prospect similarly returned promising assays that ranged from 0.98% up to 11.3% copper6.

The majority of holes from past drilling on the Bali shear only tested for mineralisation down to 30 metres. Additional structures mapped in the project area trending adjacent to the mineralised Bali Shear Zone have not yet been tested by historic exploration work.

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Recent analysis and drill planning

In May 2021, the Bali surface sampling and drill dataset was analysed by an independent geochemist. The analysis confirmed the strong prospectivity for copper mineralisation to be hosted within the main Bali fault zone and along structures crossing or running parallel to the main Bali shear.

The 302 rock chip samples (87 Norwest & 215 historical) collected over the entire Bali Project tenement have a mean value is 2.9% Cu and of the 106 (top 33% of population) the mean value is 8.7% Cu. Analysis also shows that Copper is dominant with only a minor association with Lead or Zinc. Observations based on the rock chip samples are set out on the 'copper dot plot' map below.

Figure 3 - Summary map of historical and recent rock chip analysis.

The geochemistry work has also shown that stream sediment sampling serves as an effective low- cost exploration tool. The historical sediment samples clearly identify:

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Neighboring explorer reports high-gradecopper in rock chips along Bail shear extension The Bali Copper Project shares its eastern tenement boundary with the Station Creek Project. The operators, Techgen Metals Limited (ASX: TG1), have recently reported rock chip results exceeding 50% copper from the Bali shear zone which bisects both Projects. Importantly, Norwest's database shows that no surface sampling or drilling has been undertaken along the 2km Bali fault line between the Bali East prospect and the eastern tenement boundary. Surface sampling and mapping of the untested zone will commence next month.

Figure 4 - Map showing untested 2km zone located between high-grade copper prospects along the Bali fault line.