Norfolk Metals (ASX:NFL) has secured an earn-in agreement for the Carmen Copper Project (CCP) in Chile’s Atacama Region, marking a transformational opportunity for the company. The agreement allows Norfolk to earn up to 100% of Transcendentia Mining Pty Ltd, the holder of an exclusive option over the Project, by investing A$3 million in exploration over three years. The CCP is located 82km from Vallenar, a major mining center, and spans a 46.6km² concession.
The project boasts a historical copper oxide mineral resource estimate of 5.6Mt at 0.6% Cu, compliant with Canadian NI 43-101 standards. Highlights include high-grade oxide intervals such as 27.5m @ 1.12% Cu and sulphide intervals like 69m @ 1.37% Cu. Transcendence Mining Pty Ltd, an experienced operator, will manage the CCP, bringing exploration, metallurgy, and heap leach expertise. Alex Raab, with 30 years of experience in Latin America, will be appointed General Manager, Exploration.
The project holds significant exploration potential, with over 7.5km of untested strike length. Test work indicates high copper solubilities (72-82%), supporting cost-effective heap-leaching processing. Norfolk has secured A$1 million in capital raising commitments for the transaction, pending shareholder approval. Executive Chairman Ben Phillips emphasized the project’s scalability and favorable location near Teck and Newmont’s Nueva Unión joint venture. The company aims to rapidly expand the oxide resource for efficient development.
Exploration will focus on drill-ready targets across the 7.5km strike, with plans for approximately 40 drill pads and 4,000m of drilling. A joint operating committee will oversee exploration programs. The agreement includes share-based payments to Transcendence upon completion of earn-in and acquisition of remaining shares. The Atacama Region is the world’s largest copper-producing area, with the CCP near the multi-billion-dollar Relincho and Fortuna porphyry deposits. Norfolk has conducted field trips, defining drill targets and assessing infrastructure. Heap-leach column test work has shown promise for good copper recovery and moderate acid consumption. The Company expects to update the market in coming weeks as it works to commence its maiden drilling program at the Project.
