ASX mining share Norwest Minerals Ltd (ASX: NWM) shot the lights out on Thursday. The junior miner's share price screamed 60% higher on a positive company update.
Investors went positively crazy over the stock, with more than 30 million shares traded today. To put that into perspective, Norwest has a 30-day average trading volume of 362,000 per day.
The Norwest share price finished the session at 7.2 cents.
What did the ASX mining share report?
The gold and base metals explorer released assay results from its maiden drilling program at its 100% owned Bali Copper Project in Western Australia today.
The assay results from 33 drill holes showed "broad intervals of significant copper mineralisation".
One example is 1.4% copper at 52 metres from 0 metres, including 4.4% copper at 12 metres from four metres. Sixteen individual metres of copper assaying above 3% was found.
The highest concentration discovered was 11.2% copper.
The assay results also showed intervals of lead, zinc, and silver.
The Bali Copper Project comprises approximately 8km of the Bali shear zone. Norwest says the area has "numerous copper and other base metal prospects".
What did the company say?
Norwest CEO Charles Schaus commented:
This is the first drilling undertaken at Bali since 1989 and we are very encouraged by the results.
The program tested each of the four prospects by systematic drilling of holes along strike with the aim of locating the source(s) for the high-grade copper exposed at surface.
All prospects returned one or more wide drill intersections of copper mineralisation.
Norwest also reported that mapping and rock chip assays have identified seven further copper-rich veins at the site. Plans for another drilling program are now underway.
Norwest share price snapshot
The Norwest Minerals share price has risen by 137% over the past six months.
However, it has halved in value since listing on the ASX at 14 cents back in November 2018.
Norwest Minerals has a market capitalisation of around $15 million based on the current share price.
