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- Shares in Norfolk Metals (NFL) have more than doubled after the company announced it struck native copper and sulphide mineralisation at its Roger River project in Tasmania
- Drilling began in September, with the first hole drilled at the A2 Prospect to target a coincident magnetic and gravity anomaly
- While assay results are expected in December, Norfolk observed native copper from 58.5 to 145.4 metres, with chalcopyrite observed at 86.5 metres
- Norfolk will complete its second hole this month and investigate conducting an induced polarisation study to identify possible conductors that may indicate massive sulphide mineralisation
- Company shares are up 103.7 per cent and trading at 28 cents at 11:42 am AEDT
Shares in Norfolk Metals (NFL) more than doubled after the company announced it had intersected native copper and sulphide mineralisation at its Roger River project in Tasmania.
Drilling began in September, with the first hole drilled at the A2 Prospect to target a coincident magnetic and gravity anomaly.
All core samples have been sent to ALS Laboratories Burnie in Tasmania, where they will be analysed for precious and base metals.
While assays are expected in December, native copper was observed from 58.5 to 145.4 metres as well as strong magnetite, potassium and hematite alteration zones from 90 to 147.15 metres.
Further, chalcopyrite was observed at 86.5 metres and intercalated basalt and sediments were observed from 175.9 to 192.2 metres.
Norfolk Executive Chairman Ben Phillips said these findings in the first hole were “very encouraging”.
“NFL’s prospectus stated that the Roger River Fault copper occurrences are poorly understood and would require work; we look forward to exploring this virgin fault via our defined targets,” he said.
“The preliminary results from our first drill hole indicate the splays off the Roger River
Fault are fertile and validates the early decision to acquire the recently granted EL17/2021.”
Norfolk will complete the second hole this month and investigate conducting an induced polarisation study over Target A2 to identify possible conductors that may be indicative of massive sulphide mineralisation.
Company shares were up 103.7 per cent and trading at 28 cents at 11:42 am AEDT.
