Pic via Getty Images.
‘Everybody loves backing a winner’: Norfolk gets green light for maiden drilling at Orroroo Uranium Project
Mining
share
- Norfolk planning maiden drill campaign at its Orroroo Uranium Project in South Australia as spot price, yellowcake sentiment surges
- The company has obtained vital land access agreements
- Sponsored by Norfolk, the Orroroo Roos A-grade team have won the Northern Areas Grand Final
Land access is a pivotal hurdle to uranium exploration in Australia. Norfolk Metals has just received key approvals, catapulting it into an imminent maiden drilling program at its Orroroo Uranium Project in South Australia.
Uranium is booming.
Numerco reporting $ 72.76 #uranium price, ask price $73.00 pic.twitter.com/32t9Xka9e3
— 📐triANGLE INVESTOR (@capnek123) October 3, 2023
Yellowcake entered bull market territory around mid-to-late September after the World Nuclear Association (WNA) and uranium specialists Ux Consulting agreed that much more will be needed to meet demand in the next 10-20 years.
According to the WNA, demand from nuclear power plants alone will almost double by 2040.
Prices above US$72/lb – a 15 year high – now have some experts predicting a bull run to rival the mid-2000s surge to US$145/lb.
Bullish sentiment creates the perfect environment for explorer Norfolk Metals (ASX:NFL) to launch into drill testing of priority uranium targets at the 659km2 Orroroo project.
Orroroo hosts the 50km long by 15km wide Walloway Basin, which has never been explored for uranium despite being the same age as sediments from the Frome Embayment, home to several commercial deposits such as Honeymoon and Four Mile.
The Western Channel target area will be the first port of call for exploration. Planned drilling will consist of up to 20 RAB holes down to 160m deep within the approved area(s) and pending roadside approvals.
In addition to the land access, NFL is in advanced discussions with the District Council of Orroroo Carrieton to expand the scope and planned exploration tasks.
All holes will be logged with the Gamma and Prompt Fission Neutron (PFN) tool, enabling ‘real time’ delineation of uranium mineralisation and rapid follow-up.
The company will now proceed to lodge further environmental approvals and radiation management plans to the respective government departments.
“We are pleased to secure access for the inaugural drill program at the Orroroo project, and thank the local landholders, community groups and District Council of Orroroo Carrieton for their ongoing support,” Norfolk Metals exec chair Ben Phillip says.
“This access milestone is key to the final stages of regulatory approval prior to drilling. Norfolk will now immediately submit the required paperwork to respective government departments and finalise formal drill permitting.”
Kicking goals at Orroroo
NFL are proud sponsors of the Orroroo ‘Roos’ A-Grade footy team, which just won the Northern Areas Football Association Grand Final against long-standing rivals Booleroo Melrose Wilmington Football Club.
Norfolk, along with rural real estate juggernaut Elders, has been a platinum sponsor of the Orroroo Football and Netball Club for the 2023 season.
“Having sponsored the Orroroo Football and Netball Club for the 2023 season while engaging with stakeholders, the Norfolk team and I were exceptionally happy with the recent A-Grade win in the grand final,” Phillips says.
“Everybody loves backing a winner.”
This article was developed in collaboration with Norfolk Metals, a Stockhead advertiser at the time of publishing.
This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.
