- Norfolk Metals (NFL) confirms the presence of uranium in all three targets recently tested at its Orraroo project in the Walloway Basin in South Australia
- The company says downhole geophysical survey work in historical exploration wells shows a peak reading of 650 parts per million uranium octoxide
- The results, according to Norfolk, demonstrate the potential to unlock a new uranium province in South Australia
- The company now plans to accelerate its exploration work to a campaign of geophysics and roadside drilling to “rapidly” follow up on today’s results
- NFL shares are up 4.17 per cent and trading at 19 cents at 2:44 pm AEDT
Norfolk (NFL) has confirmed the presence of uranium in all three targets recently tested at its Orraroo project in the Walloway Basin in South Australia.
The company said downhole geophysical survey tests conducted on historical exploration wells in the area returned a peak result of 650 parts per million (ppm) uranium octoxide within an interval of 192 ppm over 0.5 metres from 112.59 metres deep.
The company said the results supported the proposed “oxidised tails or interface zones” of roll-front uranium style mineralisation theory proposed by its geology team.
Moreover, the company said the results demonstrated the potential to unlock a new uranium province in South Australia.
“We are excited by the results of the downhole geophysical survey and cannot understate
the implications this has for the potential of a greenfields discovery in the Walloway
basin,” NFL Executive Chairman Ben Phillips said.
“We have rapidly and successfully confirmed the potential of the Walloway via the novel approach of reviewing gamma anomalies in historical wells drilled by the oil and
gas industry and overlooked by the minerals industry.”
NFL has a 100 per cent interest in the area and confirmed the uranium occurrences were located five kilometres apart, with the remainder of the basin untested for uranium.
The company now plans to accelerate its exploration work to a campaign of geophysics and roadside drilling to “rapidly” follow up on today’s results.
The Norfolk Geological team is working to contract the most suitable geophysical method to outline paleochannels that will enable a maiden drill program.
NFL shares were up 4.17 per cent and trading at 19 cents at 2:44 pm AEDT.