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Exclusivity for Las Alteras Acquisition

Norfolk Metals Ltd (Norfolk or the Company) has executed an Exclusivity and Due Diligence Deed with Green Shift Commodities Ltd (GCOM), a company incorporated in Canada, to acquire 100% of the Las Alteras uranium project in Chubut, Argentina (Las Alteras). The successful acquisition will position Norfolk as a multinational multi-project uranium exploration company. This is an important step towards Norfolk’s plans to accumulate high value exploration projects in proven regions while maintaining a favorable company structure and cash reserves.

Norfolk signs exclusivity agreement with Green Shift Commodities Ltd (TSXV GCOM) to acquire Las Alteras uranium project located in ArgentinaLas Alteras uranium project surrounded by non-JORC foreign estimates* at URAmerica’s Meseta Central deposit (19.1Mlbs eU308¹), CNEA’s Cerro Solo deposit (11.49Mlbs U308²), ISO Energy’s Laguna Salada deposit (10.1Mlbs U308³) along with the Cerro Condor and Los Adobes historical uranium minesNorfolk receives firm commitments for a strategic placement of A$415,746 via ASX Listing Rule 7.1 capacityAdditional funding to assist in expediting due-diligence on Las Alteras and exploration planning on the Company’s projectsStrong cash position of A$3.49m as at 31 December 2023Norfolk continues to review complementary projects as the Company looks to expand uranium project suiteNorfolk to conduct executive search for additional Key Management Personal to progress Australia and Argentina uranium exploration projects

Commenting on Norfolk Metals, Executive Chairman, Ben Phillips, states:

“Norfolk has secured an exceptional opportunity in Argentina where we expect to see strong increase in positive sentiment from government, uranium explorers and investors throughout 2024. Las Alteras is surrounded by multiple uranium deposits to the east, west and south with historical mines located to the north and south. We are currently reviewing the historical drill information boarding the eastern block of Las Alteras where uranium has been delineated in the same structures as the flagship Cerro Solo deposit. This uranium trend is increasing as the holes approach Las Alteras ground making this area one of several priorities of our focus.”

Las Alteras Exclusivity

Las Alteras uranium project is surrounded by non-JORC foreign estimates* at URAmerica’s Meseta Central deposit (19.1Mlbs eU308¹), CNEA’s Cerro Solo deposit (11.49Mlbs U308²), ISO Energy’s Laguna Salada deposit (10.1Mlbs U308³) along with the Cerro Condor and Los Adobes historical uranium mines. AlterasAs the uranium market continues to evolve globally it is Norfolk’s view that the Chubut region of the San Jorge Basin hosting the renowned government owned Cerro Solo deposit presents an exceptional opportunity to diversify and grow the Company. The addition of the Las Alteras project suite will allow Norfolk to progress the appointment of Key Management Personnel and advisors.

Please see the Company presentation regarding the Las Alteras uranium project released today on the ASX on the 18th of April 2024.

Click here for the full ASX Release

This post appeared first on investingnews.com

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