Quarterly Activities/Appendix 5B Cash Flow Report

Norfolk Metals Ltd (ASX:NFL) (Norfolk or the Company) is pleased to report on its activities during the 3-month period ended 31 March 2024.

ORROROO URANIUM PROJECT

• Maiden drill campaign completed successfully delineating uranium in 10 of 17 holes drilled
• Exploration continuing with land access engagements, geophysics and subsequent drill program(s) planning in progress
• Additional permit EL6948 granted expanding project area to 723km² total of 100% owned exploration tenure

ROGER RIVER GOLD PROJECT

• Soil study completed with successful reanalysis of historical samples

CORPORATE UPDATE (including activities subsequent to quarterly period end)

• Exclusivity and due diligence deed executed for Las Alteras uranium project in Argentina
• Strong financial position with $2.91m cash at March 2024 quarter end which was increased subsequently through a strategic placement of $415,746

Orroroo Uranium Project, South Australia

Norfolk Metals Ltd (Norfolk or the Company) is pleased to advise the maiden drill program was completed with a further 5 holes drilled across EL6552 being drilled in Phase 2 of the program in January 2024, taking the total number of holes completed in the maiden program to seventeen (17) (Figure 1). Phase 2 of the program sought to test the palaeochannel model at the Wongway Creek Target (formerly Target 1) where suitable drill access was available. A total of three (3) holes were drilled along the river traverse of the Wongway Creek Target testing both upstream and downstream regions. One (1) hole was drilled downstream of the No Name Creek Target (formerly Target 3) as well as the Rankin Rd Target (formerly Target 4). The completion of the maiden drill program has successfully delineated uranium in ten (10) of the seventeen (17) holes providing data for the Company to further develop a geological model of the Walloway Basin (Figure 3). Most importantly, the interpreted uranium bearing floodplain intersected upstream of Wongway Creek gives Norfolk confidence in the palaeochannel model and future exploration efforts can be planned accordingly. Peak grade of 796ppm pU308 was intersected in ORMR007.

*peak grade(s) noted are the direct detection of pU308 over a 0.02m interval by Prompt Fission Neutron downhole logging within a composite intersection with a cut-off grade greater than 100ppm pU308.

Figure 1. All drill collars completed in maiden drill program with Section A-A reference for Figure 3

Floodplain Interpretation

The pre-drilling model was targeting the presence of prospective palaeochannels approximately 100 to 150 metres to the south of the modern-day creeks associated with uranium intersected in historical Linc Energy Wells. Drilling results from Phase 1 indicated that the uranium in the Linc Energy Wells appeared to be associated with a secondary permeability created by downward displacement of the sediments resulting from basement faulting or soft sediment deformation. Phase 2 drilling continued to test the targeted prospective palaeochannels located to the south of the modern-day creeks at closer than expected distance of 50m. Younger palaeochannels were seen south of the modern-day creeks in ORMR004 (Walloway Creek Target) and ORMR016 (Rankin Rd Target) at the base of the regolith. This further supports the model of palaeochannels occurring south of the modern-day creeks due to a change in regional slope.

Drillhole ORMR015A was drilled 50m south of the modern-day creek at Wongway Creek Target. Drilling upstream from previous holes enabled easier location of the targeted prospective and potentially wider palaeochannel. This hole encountered what appears to be a silt dominated floodplain with minor gravel and two elevated gamma anomalies signifying uranium towards the top of this unit as well as the base of this unit (Figure 2). This unit appears to be the middle section of a palaeochannel between the sand and gravel dominated incising part of a palaeochannel and the clay dominated edge of a floodplain.

Click here for the full ASX Release

This article includes content from Norfolk Metals, licensed for the purpose of publishing on Investing News Australia. This article does not constitute financial product advice. It is your responsibility to perform proper due diligence before acting upon any information provided here. Please refer to our full disclaimer here.