Norfolk Metals Limited (ASX: NFL), a company focused on exploration projects, has announced promising assay results from its maiden drill campaign at the Carmen Copper Project in Chile, along with securing firm commitments for a $2.1 million placement. Norfolk Metals’ Carmen Copper Project is located in the Huasco Province, Atacama Region in Chile. The project encompasses twenty-two contiguous exploration and exploitation licenses totaling 46.6km2.
The final assay results from six remaining RC drill holes at the Carmen Copper Project have confirmed the presence of high-grade primary copper sulphide mineralisation within the Carmen Main area, which remains open at depth. Key intercepts include 32 metres at 1.3% copper from 97 metres in hole CCRC-25-033, and 26 metres at 0.8% copper from 37 metres in hole CCRC-25-034. These results validate historical data and support the potential for resource expansion.
In addition to the drilling results, Norfolk Metals has successfully secured firm commitments for a $2.1 million placement via the Company’s capacity under ASX listing rules 7.1 and 7.1A. The placement attracted strong interest from sophisticated resource investors, including cornerstone investors who approached the Company. The funds raised will be used to finalise planning and commence Phase #2 of the maiden drilling campaign, as well as for general working capital.
Furthermore, approximately 1,000 metres of historical diamond drill core displaying mineralisation has been quarter-cut and submitted for assay analysis, with results expected in the coming weeks. This mineralised core will assist in evaluating results alongside historical assays with the potential to model and report a JORC compliant resource in the future. A Phase #2 diamond program is planned following the completion of further field mapping, rock chip surface sampling and potential trenching, along with the interpretation of complete RC results and historical assays. Step out drilling of several untested regional IP targets including the Higueritas Belt will also be included in Phase #2 Diamond Program.
