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Noronex boosts copper potential in Namibia

21 September 2021
ASX: NRX
Rueben Hale

Noronex Limited has significantly boosted its copper project portfolio, with a new joint venture agreement signed over the Snowball Copper project in Namibia’s rich Kalahari Copper Belt in Namibia.

The company, now controlling over 100 kilometres of strike length on the belt known for large copper deposits, has increased its licence area by 250 per cent to more than 2700 square kilometres, following the earn-in agreement providing Noronex access to the highly prospective ground close to its flagship Witvlei project.

“We are excited to report on the successful acquisition of the Snowball project. This acquisition significantly expands our footprint in the KCB, a belt that has demonstrated the potential to deliver large sedimentary copper discoveries,” chief geologist Bruce Hooper said.

“The Snowball project contains extensions of our Witvlei project, where we are currently drilling, as well as the highly prospective Snowball structure that is the key link to the shallowly covered mineralised horizons of the KCB.

“We will extend our geophysical and drilling campaigns onto the area as soon as we complete due diligence and gain access.”

As 10,000-metre drilling at the project continues, the company intends to keep the market updated on its progress and future exploration identified from geophysical modelling.

Capital Raising

Noronex has agreed on a placement to raise approx. $4.5m (before fees) at 12c per share to accelerate exploration on its projects.

Directors and senior management intend to participate, subject to shareholder approval.

The company’s Australian Stock Market-listed share price has risen 3.85 per cent today, trading at 13.5c today (8:40 am GMT+ 8 hours).

COMPANY OVERVIEW

Noronex Limited is an ASX listed copper company with advanced projects in the Kalahari Copper Belt, Namibia and in Ontario, Canada that have seen over 170,000m of historic drilling. The 80,000Ha Dorwit Project in Namibia has a current JORC (2012) resource of 10mt @1.3% Cu. The 30,000Ha Onaman Project in Canada has a current JORC (2012) resource of 1.6mt @ 1.6% Cu. The company plans to use modern technology and exploration techniques to generate new targets at the projects and grow the current resource base.

COMPANY INFORMATION

ASX: NRX

Website

https://noronexlimited.com.au/
https://www2.asx.com.au/markets/company/nrx

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