Norwest Minerals : Significant REE anomaly at Arunta West

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ASX ANNOUNCEMENT	ASX: NWM
28 February 2022

• Arunta West Update -

Significant rare earth element anomaly associated with copper-gold & base metals identified in Arunta West.

Highlights:

• A significant rare earth element (REE) anomaly associated with copper-gold & base metals has been identified on tenement E80/5031 (NWM 100%) from the Company's recent 6,550 multi-element soil samples program.
• The highly anomalous REE shows coincident, Cerium (Ce), Lanthanum (La) and Yttrium (Y) extending along a 3 km section of the geological contact between the Mount Webb granite and Bitter Springs Group sediments.
• Benchmarked against the soil data from Dazzler and Iceman REE prospects at Browns Range (2013-141.), the tenor of the Arunta West REE anomaly is significantly higher
• Elevated copper-gold are present within "REE lows" and associated with a major NE-SW structure hosted in the Mount Webb granite with distal base metal anomalism (Pb-Cd) within the Bitter Springs Group sediments.
• Evaluation of the Company's 6,550 multi-element soil samples results continues.

Norwest Minerals Limited ("Norwest" or "the Company") (ASX: NWM) is pleased to announce it has commenced analysis of the 6,550 multi-element soil sample results collected across the Company's 840km² Arunta West Project ("Arunta West"). The work has identified a strong rare earth (REE) anomaly having similarities to the high-grade Dazzler and Iceman REE deposits at Browns Range located outside of Halls Creek in WA. The presence of elevated copper-gold & base metals at the margin of the "REE lows" show potential for an IOCG and/or base metals system. Norwest is continuing to work through the large volume of geochemical data to identify additional anomalies that warrant further exploration work. Follow-up fieldwork will commence as soon as possible and will include mapping, infill surface sampling and subsequent drill testing.

1 Warburton, K., July 2016, Northern Minerals Limited - Partial Surrender Report for period 3 October 2006 to 26 April 2016, Mining Licence M80/627

Significant rare earth anomaly identified at Arunta West

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Norwest's CEO, Mr. Charles Schaus commented: "Norwest's focus has been to explore for and identify IOCG systems in the Arunta West region, so we are very excited by the identification of a possible IOCG system and the REE anomaly. Interestingly, the REE anomaly has Cerium and Lanthanum grades almost twice the tenor of those grades first used to identify the high-gradeDazzler and Iceman prospects at the Browns Range REE operation. Our aim now is to mobilize our people back into the field to commence follow-upexploration while the Company continues its careful analysis of our very comprehensive geochemical database covering 840kms² of predominately virgin ground."

Figure 1 - Arunta West tenements showing 2021 soil sample coverage and location of rare earth anomaly. Insert map shows location of Browns Range relative to the Arunta West project.

The Rare Earth (REE) Anomaly

Norwest Minerals independent consulting geochemist has commenced analysis of the 6,550 multi element soil assays collected across the 840km² Arunta West tenement package. The work quickly focused on an area having highly elevated, coincident, rare earth elements Cerium (Ce), Lanthanum (La) and Yttrium (Y) concentrated in zones along a 3km section of the contact between the Mount Webb granites and Bitter Springs sediments. The new rare earth anomaly, which remains open to the west, is located on tenement E80/5031 being 100% held by Norwest.

The geological contact between the Bitter Springs sediments and Mount Webb granite is supported by geophysical evidence including radiometric and magnetic surveys. The geophysics also defines ENE trending structures crossing and disrupting the geological contact. These structural offsets appear to be a focus for the higher-grade rare earth elements Ce, La and Y.

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Significant rare earth anomaly identified at Arunta West

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An REE Discovery Benchmark

Aspects of the Browns Range Rare Earths Project, owned by Northern Minerals (ASX: NTU, market capitalization $243M)2, were reviewed by Norwest due to its proximity to the new Arunta West rare earth anomaly. The Browns Range operation is located 160kms southeast Halls Creek and in 2019 began producing Heavy Rare Earth Elements from hard rock through its pilot plant.

Northern Minerals open file WAMEX report (a109438) from 2013-14 includes Ce, La and Y data from initial soil sampling programmes at Browns Range which led to the identification of the high-grade Dazzler and Iceman REE prospects. Recent follow-up RC drilling at Dazzler has delineated an Inferred Mineral Resource of 0.21Mt @ 2.33 Total Rare Earth Oxides (TREO).

Comparing the Dazzler & Iceman REE prospects to the new Arunta West rare earth anomaly reveals noteworthy similarities including a lookalike geological setting where the higher-grade Ce, La & Y elements are concentrated at disruptions along a major granite-sediment contact. Of interest, is the tenor of the coincident Ce and La surface samples over the Arunta West anomaly being more than double that of the same 'high-grade' elements used to identify the Dazzler and Iceman prospects in 2013-14. See dot plots in figure 2 below.

2 ASX: NTU - Announcement 15 February 2022, 'NTU Corporation Presentation - RIU Explorers Conference'

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Significant rare earth anomaly identified at Arunta West

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Figure 2 - Arunta West dot & countour plots of REE grades Ce, La, Y (ppm) benchmarked against the Dazzler & Iceman prospect 2013-14 Ce, La & Y discovery grades. Note Arunta West Ce & La tenor is significantly higher than those used to identify Dazzler and Iceman which is apparent when compaing the grade ranges in the respective dot plot legends.

Possible IOCG and Base-metals system

Elevated copper is present around the margins of the REE Lows (figure 3) within the Mount Webb Granite and its distribution controlled by the NE-SW structure offsetting the REE anomalies. Gold anomalism appears to be associated with the copper and REE Lows; with the gold showing a possible regional NW-SE structural trend (figure 4). Elevated lead (Pb) with coincident Cadmium (Cd) also falls on the margins of the REE lows and appear to follow a regional trend similar to the gold and may be related to a distal base metal system (figures 5 & 6). Of interest is a strong spherical Sodium (Na) anomaly lying betweenthe REE lows (figure 7) and adjacent to the NE-SW structure, controlling the copper distribution, which is possibly reflecting a zone of weathered Na-rich (albite) granite.

Figure 3 - Dot & contour plot showing elevated copper (Cu) grades at margings of REE lows.

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Significant rare earth anomaly identified at Arunta West

For personal use only

Figure 4 - Dot & contour plot showing association of elevated gold (Au) & copper (Cu) at margings of REE lows.

Figure 5 - Dot & contour plot showing elevated lead (Pb) grades at margings of REE lows.

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