Why is Norfolk’s (ASX:NFL) share price up 122% today?

November 03, 2022 01:09 PM AEDT | By Sonal Goyal

Why is Norfolk’s (ASX:NFL) share price up 122% today? — Image source: © Petrv | Megapixl.com

Native copper interested in the first hole

Norfolk commenced drilling at the Roger River Project in September 2022, and the first drill hole targeted a coincident magnetic and gravity anomaly which the group defined during the surface geophysical survey.

According to ASX announcement, Norfolk finished the gravity and drone magnetics geophysical survey in June 2022 and provided new targets for drill testing.

The company said:

What’s next?

At the Roger River Project, the company targets to complete the second hole in November 2022. Also, the company intends to investigate about undertaking an IP Survey in Target A2 with the aim of locating possible conductors that might show sulphide mineralisation around the maiden hole.

This month, the company also aims to submit soil programs to Mineral Resources Tasmania (MRT), extending anomalous orientation soil lines. In the soil program, Norfolk collected 121 oriented soil samples at the Roger River Project. The goal of the program was to assist the geophysics targets and locate and prioritise drill targets.

In December 2022, the company aims to continue drilling at Roger River and expects to receive assay results.

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