Norfolk Metals : Roger River and Orroroo exploration update

ASX:NFL

nd

onlyDate: 22 July 2022

ASX Code: NFL

Capital Structure

Ordi ary Shares: 33,000,000

U listed Options: 8,500,000

Performance Shares: 1,400,000

Current Share Price: 15.0c

Market Capitalisation: $4.95m

Cash: $5.15m (31 March 2022)

Debt: Nil

useDir ctors B n Phillips

Ex cutive Chairman

Leo Pilapil

Technical Director

Patrick Holywell

Non-Executive Director

Arron Canicais personalCompany Secretary

Cont ct Details

Suite 1

295 Rokeby Road

Subiaco WA 6008

Ph ne: [phone] n rf lkmetals.com.au

For

Roger River and Orroroo exploration update

• Roger River aeromagnetic results display spatially close relationships to recent gravity survey
• Roger River drill target ranking progressed based on prospectivity, access and safety
• Drill rig on location in Northwest Tasmania with geologist and drill team accommodations completed
• Orroroo uranium prospect work program compiled to liaise with all stakeholders

Figure 1. EL20/2020 aeromagnetic survey results with gravity anomalies overlayed in yellow dash lines

Norfolk Metals Limited I ABN: 38 652 438 385	1	www.norfolkmetals.com.au
Suite 1 295 Rokeby Road, Subiaco WA

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Roger River, Tasmania

The drone aeromagnetic survey flown earlier this year for Norfolk Metals Limited (Norfolk or the Company) has a flight line spacing of 50m. This new data delivers considerably better definition and resolution of magnetic responses than was available from previous surveys flown in 2001 (a 200m spaced government survey) and 1998 (a 150m spaced company survey).

The new magnetic data was processed mathematically to enhance the subtler features it contains. The final processing step was the calculation of "1VD" (First Vertical Derivative) data which enhances anomalies whose magnetic sources are nearer the surface and so more likely to be within a reasonable drilling depth. The 1VD processing also enhances breaks and trends in the data that are otherwise difficult to see in the unprocessed data.

The new data has allowed a better understanding of trends and structure within the prospective lithologies east of the Roger River Fault. This includes added evidence for a NE structural trend, an orientation that aligns with previously interpreted splays off the Roger River Fault. Cross-structures in other directions are also quite evident in the new magnetic data.

Some previously defined gravity anomalies (announced 29th March 2022) appear to have spatially close relationships with the now better-defined magnetic anomalies. Drilling these magnetic/gravity targets will provide a better understanding of the true relationship between the magnetic and gravity anomalism.

Figure 2. Drillers accommodation, lay down area and core shed. Alcomie, NW Tasmania

The Hanjin D&B10 drill rig has arrived in Northwest Tasmania with ancillary drilling equipment such as rods and drill bits having arrived in Melbourne (from China) soon to ship to Northwest Tasmania. Norfolk currently has two separate work program submissions in process with Mineral Resources Tasmania; one for drilling and one for soil sampling. The Company has secured two short term rental accommodations for the drilling and geological teams in the Smithton area.

Norfolk Metals Limited I ABN: 38 652 438 385	2	www.norfolkmetals.com.au
Suite 1 295 Rokeby Road, Subiaco WA

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Orroroo, South Australia

The Company has compiled a work program for permitted EL6552 to test the roll front uranium theory as documented in the prospectus (announced 18th March 2022) and company presentation (announced 23rd March 2022). This program will be used to liaise with all stakeholders including Department of Energy and Mining in South Australia, South Australian heritage groups and private landowners.

END

This announcement has been authorized by the board of directors of Norfolk.

About Norfolk Metals

Norfolk Metals is an ASX listed exploration company holding the Roger River Gold Project and the Orroroo Uranium Project.

The Roger River Gold Project comprises one granted exploration licence, EL20/2020, and one exploration licence application EL17/2021, which together cover 261km2, located 410km northwest of the capital city of Hobart, Tasmania. The Project is prospective for gold as indicated by the intense silicification, argillisation and diatreme breccias in close proximity to the Roger River Fault along with carbonate-rich host rocks.

The Orroroo Uranium Project is located approximately 274km northwest of the capital city of Adelaide, South Australia within the Walloway Basin, which is an elongate Tertiary Basin approximately 50km long and up to 15km wide. It consists of Tertiary and Quaternary sediments unconformably underlain by Adelaidian basement.

For further information please visit www.norfolkmetals.com.au

Competent Persons Statement

The information in this announcement that relates to exploration results, is based on, and fairly represents, information and supporting documentation prepared by Mr Leo Pilapil, a competent person who is a member of the Australasian Institute of Mining and Metallurgy. Mr Pilapil has a minimum of five years' experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a competent person as defined in the 2012 Edition of the Joint Ore Reserves Committee Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. Mr Pilapil is a related party of the Company, being the Technical Director, and holds securities in the Company. Mr Pilapil has consented to the inclusion in this announcement of the matters based on his information in the form and context in which it appears.

Norfolk Metals Limited I ABN: 38 652 438 385	3	www.norfolkmetals.com.au
Suite 1 295 Rokeby Road, Subiaco WA

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JORC Code, 2012 Edition - Table 1 Report Template

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

	Criteria		JORC Code Explanation				Commentary
	Sampling	• Nature and quality of sampling (e.g. cut channels, random chips, or		• A aeromagnetic survey was conducted by Atlas
	techniques	specific specialised industry standard measurement tools				Geophysics comprising 50m line spacing, 75m sensor height
			appropriate to the minerals under investigation, such as down hole			with a total of 595km of flight line(s).
			gamma sondes, or handheld XRF instruments, etc). These examples		• A PAS H100 Rotary Wing helicopter flown with Pegasus FC-
			should not be taken as limiting the broad meaning of sampling.
					100 autopilot equipped with Scintrex CS-VL Cesium vapour
			• Include reference to measures taken to ensure sample representivity			magnetometer.
			and the appropriate calibration of any measurement tools or
			systems used.
			• Aspects of the determination of mineralisation that are Material to
			the Public Report.
			• In cases where 'industry standard' work has been done this would
			be relatively simple (e.g. 'reverse circulation drilling was used to
			obtain 1 m samples from which 3 kg was pulverised to produce a 30
			g charge for fire assay'). In other cases, more explanation may be
			required, such as where there is coarse gold that has inherent
			sampling problems. Unusual commodities or mineralisation types
			(e.g. submarine nodules) may warrant disclosure of detailed
			information.
	Drilling	• Drill type (e.g. core, reverse circulation, open-hole hammer, rotary		•	No drilling undertaken
	techniques	air blast, auger, Bangka, sonic, etc) and details (e.g. core diameter,
			triple or standard tube, depth of diamond tails, face-sampling bit or
			other type, whether core is oriented and if so, by what method, etc).
	Drill sample	• Method of recording and assessing core and chip sample recoveries		•	No drilling undertaken
	Norfolk Metals Limited I ABN: 38 652 438 385	4			www.norfolkmetals.com.au
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	Criteria			JORC Code Explanation		Commentary
	recovery		and results assessed.
				• Measures taken to maximise sample recovery and ensure
				representative nature of the samples.
				• Whether a relationship exists between sample recovery and grade
				and whether sample bias may have occurred due to preferential
				loss/gain of fine/coarse material.
	Logging		• Whether core and chip samples have been geologically and	•	No drilling undertaken
				geotechnically logged to a level of detail to support appropriate
				Mineral Resource estimation, mining studies and metallurgical
				studies.
				• Whether logging is qualitative or quantitative in nature. Core (or
				costean, channel, etc) photography.
				• The total length and percentage of the relevant intersections
				logged.
	Sub-		• If core, whether cut or sawn and whether quarter, half or all core	•	No drilling undertaken
	sampling		taken.
	techniques		• If non-core, whether riffled, tube sampled, rotary split, etc and
	and sample
		whether sampled wet or dry.
	preparation
		• For all sample types, the nature, quality and appropriateness of the
				sample preparation technique.
				• Quality control procedures adopted for all sub-sampling stages to
				maximise representivity of samples.
				• Measures taken to ensure that the sampling is representative of the
				in situ material collected, including for instance results for field
				duplicate/second-half sampling.
				• Whether sample sizes are appropriate to the grain size of the
				material being sampled.

Norfolk Metals Limited I ABN: 38 652 438 385	5	www.norfolkmetals.com.au
Suite 1 295 Rokeby Road, Subiaco WA