Fiesta Drilling Yields Up to 2.5% CuEq Over 8m; South32 Funds Damara Drilling

Fiesta Project Delivers Encouraging Copper-Silver Results

Noronex Limited (ASX: NRX) has reported promising outcomes from its recent reverse circulation (RC) drilling campaign at the Fiesta Project, part of its extensive Kalahari Copper Belt holdings in Namibia. The drilling program, funded under an earn-in agreement with South32 Limited, intercepted multiple mineralised zones with copper and silver grades that echo the characteristics of major deposits over 400km east in Botswana, such as the Khoemacau Copper Project.

Key intercepts include 8m at 0.46% copper and 19g/t silver from 233m in hole 24FIERC08, and a standout 30m interval at 0.56% copper and 62g/t silver (1.1% CuEq) from 158m in hole 24FIERC10, including an 8m section grading 1.23% copper and 137g/t silver. These results suggest the presence of multiple mineralised shears within a 300m wide zone, potentially amenable to open-pit mining and capable of substantially increasing the project's economic tonnage.

Advancing Exploration at Damara and Botswana Expansion

Complementing the Fiesta success, Noronex has mobilised an RC rig to test basement targets at the Damara Copper Project in northern Namibia. This area, covered by shallow Kalahari sands and previously untested by drilling, shows geological similarities to prolific Central African Copper Belt deposits. Gravity surveys have identified compelling anomalies, with six holes planned to probe these targets.

Further expanding its footprint, Noronex has applied for two 100%-owned prospecting licences in Botswana, adjacent to its Namibian claims. These licences cover nearly 1,500 square kilometres of underexplored terrain, potentially extending the Kalahari Copper Belt's mineralised structures across the border. The strategic move positions Noronex to leverage regional geological continuity and unlock new exploration opportunities.

Financial Position and Corporate Developments

Noronex closed the quarter with A$498,000 in cash, down from A$922,000 at the previous quarter's end. However, the company received a post-quarter payment of A$750,000 from South32 as part of the earn-in agreement, providing additional funding for ongoing exploration activities. Exploration expenditure during the quarter amounted to A$848,000, primarily directed at the Humpback Project, including Fiesta.

In corporate developments, Noronex is progressing the proposed sale of its Dordabis asset for A$1.2 million, which would provide further working capital and support exploration across its remaining portfolio. The transaction remains in final stages with the buyer, Umino (Pty) Ltd, a Namibian private company.

Broader Project Portfolio and Outlook

Beyond Namibia and Botswana, Noronex maintains interests in the Onaman Cu-Au-Ag project in Ontario, Canada, which hosts a JORC-compliant inferred resource. The company continues to engage with potential joint venture partners and rationalise its tenement holdings to focus on high-potential assets.

Noronex’s strategy to apply modern exploration techniques across a vast and underexplored region, backed by South32’s funding, positions it well to advance its copper and silver projects amid growing global demand for battery and electrification metals.