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.

The post Guess which ASX mining share exploded 60% on Thursday appeared first on The Motley Fool Australia.

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.

The post Guess which ASX mining share just leapt 33% on a new discovery? appeared first on The Motley Fool Australia.