Guess which ASX mining share just leapt 33% on a new discovery?

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.

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

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Motley Fool contributor Monica O’Shea has no positions in Norwest Minerals Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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