Norfolk Metals gets green light to drill Chilean copper

• NFL prepares for maiden drill program at Carmen copper project in Chile
• The program will explore and expand known shallow mineralisation
• Company will also appoint Transcendence Mining director to board

Special Report: Norfolk Metals has the all clear to start maiden drilling at its Carmen copper project from Chilean authority, Servicio Nacional de Geología y Minería.

The company is targeting a shallow copper oxide resource with potential for a low-cost, high-margin heap leach operation at the project in the country’s Atacama region.

The asset contains an historical NI 43-101 copper oxide resource of 5.6Mt at 0.6% copper and multiple drill-ready targets across more than 7.5km of untested strike.

It’s only 16km from the Nueva Unión joint venture between Teck and Newmont which is developing the multi-billion-dollar Relincho and Fortuna (previously called El Morro) deposits.

Norfolk’s maiden campaign will comprise up to 50 holes including 3,500m of RC and/or diamond drilling at Carmen Main, where the aim is to verify and expand the limits of known mineralisation and its structural controls – and determine the reliability of historical drilling.

Norfolk Metals (ASX:NFL) will also include 1,600m of diamond drilling on regional IP targets along the Carmen-Tabaco Belt.

Listen: Ben Phillips chats with Barry FitzGerald

In a recent instalment of the Explorers Podcast, host Barry FitzGerald spoke with NFL Executive Chairman Ben Phillips about the company’s preparations to drill its Carmen copper project in Chile’s Atacama region.

A low-cost, high-margin project

Norfolk aims to establish the Carmen project as a low-cost, high-margin, value-accretive heap leaching operation producing copper cathode at the mine gate. 

And having met all conditions of the earn-in agreement with the vendors last month, the company now aims to earn a 70% stake by spending $3m on Carmen over three years.

As part of the deal, a Transcendence Mining director will also be appointed to the Norfolk board.

“Norfolk and Transcendence are pleased to see successful planning running to schedule as we work towards a busy H2 2025 with a maiden drill campaign and metallurgical testwork,” NFL executive chairman Ben Phillips said.

In the near term, the company will mobilise drilling equipment to site with the aim of commencing drilling in Q3.

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.