Norfolk Metals hits native copper in first hole at Roger River Project: shares surge

A maiden drill run for base metals and uranium junior Norfolk Metals (ASX: NFL) has validated prospects for copper at the Roger River Gold Project in Tasmania.

The program intersected native copper and sulphide mineralisation from cores drilled to 318m depth. Most of the world's copper supply is extracted from other minerals whereas native copper occurs as a natural mineral, with few impurities.

Norfolk shares rallied 74% in early trade, currently trading at all-time highs of 23.5 cents. The company made its ASX debut on 22 March, successfully raising $5.5m at 20 cents per share.

“The consistent occurrence of native copper in the first hole at Roger River is very encouraging. Norfolk's prospectus stated that the Roger River Fault copper occurrences are poorly understood and would require work," commented Executive Chairman Ben Philips.

"We look forward to continuing the drill program over our priority targets and improve our understanding of the mineralisation over this exciting, underexplored ground," he added.

All drill core samples have been dispatched to laboratories and analysed for precious and base metals. The assay results are expected to be received in December 2022.

Next steps

The drill program at Roger River plans to move from the above target - named 'A2' - to the neighbouring 'A1' target due to 'strong surface alteration'. The company hopes to complete drilling at this anomaly in November 2022.

In the same month, Norfolk plans to roll out an IP survey - that measures the electrical properties of below surface bedrock - for possible conductors that may indicate massive sulphide mineralisation around the native copper drillhole.

Norfolk advised it has continued to progress activities at its Orroroo Uranium Project in South Australia, with "an update on plans shortly".

Its worth noting that before Thursday's massive rerate, Norfolk had a market cap of around $4.5m but 4.25m cash at the end of the September quarter.

Norfolk Metals share price chart (Source: TradingView)

Disclaimer: Market Index helps small-cap ASX listed companies connect with Australian investors through clear and concise articles on key developments. Norfolk Metals was a client at the time of publishing and a Market Index staff member indirectly owns shares/options in the company. All coverage contains factual information only and should not be interpreted as an opinion or financial advice.