Norfolk has history on its side in search for SA uranium
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Norfolk is interpreting a recently completed gravity survey with historical data to develop a proposed drill targeting plan for its Orroroo uranium project in South Australia.
The company has also scheduled a new surface geochemistry program to commence at the Roger River copper project in Tasmania.
It comes as Norfolk Metals (ASX:NFL) pockets $109,998 from its Loyalty Options Offer, which closed with 59% of the entitlements accepted and oversubscriptions received from existing shareholders for the available shortfall.
“We are pleased to complete the loyalty option issue pre-EOFY with a view to award our shareholders; in particular our long-term holders,” executive chairman Ben Phillips said.
“Norfolk is developing the Orroroo project as an excellent opportunity to position itself as a genuine player in the well-endowed uranium state of South Australia.
“The company continues to engage with stakeholders of the Orroroo region and also looks forward to imminently recommencing work at the Roger River Project in Tasmania.”
Norfolk is also reviewing potential projects, investments and acquisitions.
The gravity survey was carried out by Atlas Geophysics on a 250m by 250m offset grid that was completed over 1,596 stations to delineate the paleo channels in the Walloway Basin.
Additionally, two passive seismic lines will assist with channel and basin depths while data from historical Linc Energy holes have been geologically reinterpreted to identify the alteration of the prospective sandstone/siltstone units and its likely interface with the defined paleo channels from the gravity survey.
The interface is known as the redox surface and is most prospective for roll-front style uranium deposits.
Once the study has been completed, drill targets will be proposed along this redox surface in conjunction with the results of the recent PFN downhole survey
The planned surface geochemistry program will revisit previously determined anomalous gold and arsenic occurrences along with new areas of interest post the maiden drill program that was completed in the first quarter of this year.
Geochemical analysis of this drilling had confirmed that sieving every sample was laborious and costly, so for practicality and cost effectiveness, only samples with native copper sections observed in the drill core will be selected for copper screening analysis.
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.