Noronex Unveils Strong Copper-Silver Hits at Fiesta and Expands Botswana Footprint
Noronex Limited reports promising copper and silver assay results from initial drilling at its Fiesta Copper Project in Namibia, while advancing diamond drilling and expanding exploration licences in Botswana. The company also strengthens its financial position through early option exercises and South32 earn-in funding.
- Significant copper-silver intercepts from initial RC drilling at Fiesta, Namibia
- Diamond drilling commenced to test depth extensions at Fiesta’s Western Lens
- Two new prospecting licences granted in Botswana, expanding exploration area
- Early option exercises raise $710,703, boosting cash balance to A$1.004 million
- Damara drilling completed; assay results delayed pending technical adjustments
Robust Drilling Results at Fiesta Copper Project
Noronex Limited (ASX: NRX) has delivered encouraging assay results from its initial Reverse Circulation (RC) drilling program at the Fiesta Copper Project in Namibia. Notably, drill hole 25FIERC23 returned a wide copper-silver intercept including 5 metres at 1.4% copper and 58 grams per tonne silver from 249 metres, and an extended 33-metre zone averaging 0.8% copper and 31 grams per tonne silver starting at 265 metres. Within this interval, higher-grade zones of up to 2.3% copper and 87 grams per tonne silver were identified, underscoring the potential of the deposit.
The Fiesta Project lies on a key structural contact within the prolific Kalahari Copper Belt, a region known for large-scale copper deposits such as the Khoemacau Copper Project. The mineralisation style, disseminated chalcocite within D’Kar sediments, aligns with regional analogues, suggesting promising continuity and scale.
Advancing Diamond Drilling and Geological Understanding
Following the RC program, Noronex has commenced diamond drilling at the Western Lens of Fiesta to test the depth extensions of mineralisation and gain detailed geological insights. Despite weather-related delays, the drilling contractor Kodo Drilling has mobilised successfully, with the first two diamond holes re-entering previous RC holes to directly test below known mineralised zones. This approach aims to refine structural controls and mineralisation styles, critical for resource definition and future development planning.
Expansion into Botswana and Strategic Licence Grants
Noronex has expanded its footprint in the Kalahari Copper Belt by securing two key prospecting licences in Botswana, covering nearly 1,500 square kilometres of previously unexplored terrain. These licences adjoin the Kitlanya West Project, operated by Cobre Ltd in joint venture with BHP, positioning Noronex to leverage structural extensions across the border. The new licences, held through a 100%-owned subsidiary, open a frontier exploration area characterized by thick Kalahari sands and complex magnetic signatures, with no prior drilling history.
Financial Strengthening and Funding Milestones
Noronex’s balance sheet has been bolstered by the early exercise of options by directors and major shareholders, raising $710,703 during the quarter. This capital injection, combined with the receipt of the fourth instalment of $750,000 from the South32 earn-in agreement, has lifted the company’s cash position to A$1.004 million as of 31 March 2025. The funding ensures full support for ongoing and upcoming exploration activities, particularly at the Humpback-Damara claims.
Other Project Updates and Corporate Developments
Drilling at the Damara Copper Project on the Botswana border was completed with seven RC holes, though assay results are delayed due to sampling and technical adjustments. Noronex also exercised its option on the Etango North Uranium Project in Namibia, with planned soil sampling and spectrometer surveys set to commence shortly.
Meanwhile, the proposed sale of the Dordabis asset remains in advanced discussions, with initial payments received and further funds expected in the next quarter. The transaction is anticipated to accelerate exploration work by the buyer, Umino (Pty) Ltd.
In Canada, Noronex continues to manage its Onaman Project in Ontario, which hosts a JORC-compliant resource at the Lynx deposit, attracting interest from potential joint venture partners.
Bottom Line?
Noronex’s strong drilling results and strategic licence acquisitions position it well for growth, but upcoming assay releases and asset sales will be key catalysts to watch.
Questions in the middle?
- Will diamond drilling at Fiesta confirm significant depth extensions and improve resource confidence?
- How will the newly granted Botswana licences impact Noronex’s exploration strategy and potential partnerships?
- What timeline and terms will govern the finalisation of the Dordabis asset sale and its impact on company finances?
