Norfolk Metals Raises A$3.5M, Advances Maiden Drilling at Carmen Copper Project

Exploration Momentum Builds at Carmen Copper

Norfolk Metals Limited (ASX, NFL) has reported significant progress in its September quarter activities, most notably commencing its maiden drilling campaign at the Carmen Copper Project in Chile. This milestone follows the granting of drilling permits and marks a pivotal step in advancing the project from historical data towards a modern, JORC-compliant resource estimate.

The drilling program, designed to cover up to 5,100 meters of combined diamond and reverse circulation drilling, aims to validate and expand upon a historical copper oxide resource estimated at 5.6 million tonnes grading 0.6% copper. The initial focus on the Carmen Main target area includes twinning of historical drill holes and testing along the Carmen-Tabaco Thrust Fault system, a known mineralised corridor.

Capital Raise and Board Strengthening Signal Confidence

Backing this exploration push, Norfolk successfully completed a A$3.5 million capital raising in July, attracting commitments from project operators, board members, and existing shareholders. The placement was priced at a 14.3% discount to the recent volume-weighted average price, reflecting strong market support for the company’s strategy.

Adding further weight to Norfolk’s ambitions, David Fowler, a seasoned mining executive with extensive experience in Chile, was appointed to the board in early October. Fowler’s track record includes pivotal roles in scaling Merdeka Copper Gold and operational leadership in South American copper and gold projects, positioning him as a valuable asset for navigating the complexities of Chilean mining operations.

Broader Project Portfolio and Financial Health

While the Carmen Copper Project remains the company’s flagship focus, Norfolk continues to advance its other assets, including the Orroroo Uranium Project in South Australia and the Roger River Project in Tasmania. Exploration activities at these sites remain in planning or early stages, with the company prioritising the Carmen drilling campaign.

Financially, Norfolk maintains a strong cash position of A$3.92 million as of the end of September, supporting ongoing exploration and corporate activities. Quarterly expenditure was primarily directed towards exploration and evaluation, with no mining production during the period.

Looking Ahead, Validation and Expansion

The immediate next steps for Norfolk include completing the reverse circulation drilling phase, which has been expanded to incorporate additional targets and confirmatory holes. The diamond drilling phase will follow, with assay results eagerly awaited to inform resource classification and metallurgical testing. Success here could pave the way for a low-cost, high-margin copper heap leach operation producing copper cathode at the mine gate.

Norfolk’s strategic moves; capital injection, board enhancement, and active drilling; signal a company poised to unlock value from a historically underexplored copper asset in a globally significant mining jurisdiction.