Norfolk Metals Limited set to begin surveys at promising Orroroo Uranium Project

Fri 13 Jan 23, 10:51am (AEST)
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Key Points

  • Norfolk Metals Limited (Norfolk, the Company or NFL) to commence exploration work at its 100% owned Orroroo Uranium Project, located in South Australia, targeting greenfield uranium discoveries in the Walloway Basin
  • Initial work will comprise a downhole geophysical survey (Spectral Gamma and PFN) across five (5) prioritised historical petroleum wells at Orroroo providing imminent understanding on the uranium prospectivity
  • All necessary approvals have been received with geophysics contractor scheduled to commence February 2023

Norfolk Metals Limited (ASX: NFL) is primed to begin exploration work this February at its 100% owned Orroroo Uranium Project in South Australia. The project has received the approval green light, with Geosensor Wireline slated to conduct Spectral Gamma and Prompt Fission Neutron (PFN) surveys across five (5) priority wells. 

A greenfield site with everything going for it

The Orroroo Project area is located in the Walloway Basin - an elongate Tertiary Basin roughly 50km long and up to 15km wide. 

Crucially, the sediments of the basin are the same age as the Uranium-rich Frome Embayment.  

The Walloway Basin has never been explored for uranium, despite some encouraging parallels with previous exploration in the area. Namely, exploration undertaken by Linc Energy throughout 2009 to 2011 revealed a coal seam, which is viewed as a prime environment for the precipitation of uranium mineralisation. 

Drilling also identified gamma anomalies that are consistent with “oxidized tails” and “interface zones” of uranium mineralisation. 

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These historical holes are now agricultural water wells used by landowners, which NFL has been granted access to. The spacing of these wells will help paint a comprehensive picture of Uranium potential in the region.

First port of call for the project will be a downhole geophysical survey across five prioritised historical petroleum wells at Orroroo. 

Company milestone

“Commencing work at the Company’s second listing asset is a great milestone for the Company and its shareholders,” says Executive Chairman Ben Phillips.

“South Australia is a well endowed uranium state and NFL has targets selected on the known strong gamma anomalies with exciting potential when compared to known roll front uranium deposits in South Australia.”

A market on the move

Uranium futures approached $50 per pound in January, their highest mark in nearly six weeks, as volatile energy markets and carbon-cutting goals continued to support demand for nuclear fuel.

This demand has been fuelled by a purchase by The US Department of Energy for 300 thousand pounds of U3O8, coupled with increased power plant development in Japan and China.

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Written By

David Thornton

Content Editor

David is a Content Editor at Livewire Markets and Market Index. He currently hosts The Rules of Investing, a half hour podcast where he sits down with leading experts across equities, fixed income and macro.

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