- Norfolk plans maiden drilling campaign at its Orroroo uranium project in South Australia as spot price and yellowcake sentiment rise
- The company has obtained important land access agreements
- Sponsored by Norfolk, the Orroroo Roos A Grade team won the Northern Areas Grand Final
Access to land is a key obstacle to uranium exploration in Australia. Norfolk Metals has just received key approvals, catapulting it into an imminent maiden drilling program at its Orroroo uranium project in South Australia.
Uranium is booming.
— 📐INVESTOR TRIANGLE (@capnek123) October 3, 2023
Yellowcake entered bull market territory in mid-to-late September after the World Nuclear Association (WNA) and uranium specialists Ux Consulting agreed that much more will be needed to meet demand over the next 10 to 20 years.
According to the WNA, demand from nuclear power plants will almost double between now and 2040.
Prices above US$72/lb (a 15-year high) now have some experts predicting a bull run that will rival the mid-2000s rise to US$145/lb.
The bullish sentiment creates the perfect environment for explorer Norfolk Metals (ASX:NFL) to launch test drilling on priority uranium targets at the 659km2 Orroroo project.
Orroroo is home to the 50km long by 15km wide Walloway Basin, which has never been explored for uranium despite being the same age as the Frome Embayment sediments, home to several commercial deposits such as Honeymoon and four miles.
The Western Channel target area will be the first port of call for exploration. Planned drilling will consist of up to 20 RAB wells up to 160 m deep within approved areas and with pending approvals on the highway.
In addition to land access, the NFL is in advanced discussions with Orroroo Carrieton District Council to expand the scope and planned scouting efforts.
All holes will be logged with the Gamma and Prompt Fission Neutron (PFN) tool, enabling ‘real-time’ delineation of uranium mineralization and rapid monitoring.
The company will now proceed to submit further environmental approvals and radiation management plans to the respective government departments.
“We are pleased to secure access for the inaugural drilling program at the Orroroo project and thank local landowners, community groups and Orroroo Carrieton District Council for their continued support,” says Norfolk Metals chief executive Ben Phillip .
“This access milestone is key to the final stages of regulatory approval prior to drilling. “Norfolk will now immediately submit the required documentation to the respective government departments and finalize formal drilling permitting.”
Kicking goals in Orroroo
The NFL is proud to sponsor the Orroroo ‘Roos’ Grade A football team, who have just won the Northern Areas Football Association Grand Final against old rivals Booleroo Melrose Wilmington Football Club.
Norfolk, along with rural property giant Elders, has been a platinum sponsor of the Orroroo Football and Netball Club for the 2023 season.
“Having sponsored the Orroroo Football and Netball Club for the 2023 season while also engaging with stakeholders, the Norfolk team and I were exceptionally pleased with the recent A-Grade win in the grand final,” Phillips says.
“Everyone loves to back a winner.”
This article was developed in collaboration with Norfolk Metals, a Stockhead advertiser at the time of publication.
This article does not constitute advice on financial products. You should consider obtaining independent advice before making any financial decisions.