The S&P/ASX 200 Materials Index (ASX: XMJ) is down 1.87% today, but one ASX mining share is surging ahead.
The Norwest Minerals Ltd (ASX: NWM) share price is currently trading at 8 cents, a 33% gain.
Let's take a look at what Norwest reported to the market today.
New discovery
Norwest advised it has discovered high-grade copper and gold-bearing quartz veins at the Bali Copper Project.
The company holds a 100% interest in this project, located 75 kilometres west of Paraburdoo in Western Australia.
Norwest collected 23 rock chip samples spanning 2.25 kilometres of exposed quartz veins at a location known as Deep South.
High-grade assays revealed up to 46% copper and 6.7 grams per tonne (g/t) of gold. Assay results on average showed 21% copper and 1.2 g/t of gold.
Commenting on the news, Norwest CEO Charles Schaus said:
The discovery of the new copper-gold bearing quartz veins is a very exciting outcome following Norwest's recent commencement of work at the previously unexplored Deep South area.
More drilling is taking place at four historical copper prospects along the Bali Shear zone.
Share price snapshot
The Norwest Minerals share price has risen 14% in the past year. However, in the past month, this ASX mining share has actually doubled in value.
For perspective, the ASX 200 materials index has descended nearly 8% in the past year.
Norwest Minerals has a market capitalisation of about $14.6 million based on the current share price.
