Nortfolk Metals enters 2023 with drills hot at Roger River

Tue 03 Jan 23, 2:35pm (AEST)
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Key Points

  • 2nd hole of maiden drill program at target completed
  • 3rd hole reaches 270m
  • Sample testing for copper deposits continues

Norfolk Metals Ltd (ASX: NFL) is running the drills as it continues exploring for precious and base metals at its Roger River Project in Northwest Tasmania. 

Work at the first two drill targets has wound up, while work on a third is ongoing and sat at a depth of 270m in late December on the way to an expected depth of around 320m.    

Samples from the first hole revealed native copper in cores drilled to a depth of 318m. Most copper is extracted from other minerals, while its native state is more pure but less common (and a desirable discovery to make for small cap explorers). 

Further screening is underway to determine the amount of copper present in the samples.  

Management confident for Q1

“As we continue to drill our priority targets we increase our understanding of the potential source and content of mineralisation at Roger River,” Norfolk Metals Executive Chairman Ben Phillips said on December 30.

“The exclusion of visual native copper in the second hole highlights the importance of the first hole noting they are approximately 2km apart. “Upon completion of the maiden drill program we can expect to compile enough information to present geological insights into the mineral relevance and prospectivity of this exciting virgin belt in North West Tasmania.”

Busy neighbourhood 

The island state already has several world-class base and precious metal deposits such as Rosebury (MMG) and Mount Lyell (New Century Zinc), while Norfolk’s 261km2 Roger River project boasts several gold and copper occurrences, as well as signs of precious metal deposits.

Norfolk Metals only listed in March last year, raising $5.5m at 20 cents per share. The stock surged 126% to 30.5 cents in early November off the back of lab results revealing copper in the first hole. 

That gain has since been pared back, however, with the stock now sitting at 13.5 cents. That puts it at a discount to enterprise value, with its market cap of $4m right now against cash of $4.25m (Sep 22 Quarter).

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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