Noronex Expands South32 Alliance, Unveils New Copper and Uranium Targets

• Strong copper intercepts at Fiesta Copper Project, Namibia
• 7,000m RC drilling launched at Powerline Project under South32 earn-in
• South32 alliance expanded to include Botswana’s Cgae Cgae Copper Project
• New uranium targets identified at Etango North via spectrometry survey
• Completed $750,000 placement to fund ongoing exploration

Strategic Expansion and Exploration Momentum

Noronex Limited (ASX, NRX) has reported a busy and productive September quarter, marked by promising copper drilling results in Namibia and a strategic alliance expansion into Botswana. The company’s ongoing partnership with South32 Limited continues to underpin its exploration efforts across the Kalahari Copper Belt, a region known for its significant copper deposits stretching from Namibia into Botswana.

At the Fiesta Copper Project in Namibia, diamond drilling has confirmed copper mineralisation extending beyond previously known depths. Notable intercepts include 11 metres at 0.5% copper and 18 grams per tonne silver from 371 metres, and 9 metres at 0.63% copper and 21 grams per tonne silver from 120 metres. These results reinforce the geological model and suggest a robust mineralised system along a 4.5-kilometre strike.

Accelerated Drilling Programs and Botswana Entry

Building on this momentum, Noronex has initiated a 7,000-metre reverse circulation drilling campaign at the Powerline Project, targeting structural features analogous to those hosting major copper mines in Botswana. This program is fully funded under the South32 earn-in agreement, highlighting the strategic importance of the partnership.

Significantly, the South32 alliance has expanded to incorporate the newly acquired Cgae Cgae Copper Project in Botswana. This addition brings fresh exploration ground with no prior drilling history, offering exciting potential for new discoveries. South32’s commitment to spend up to A$5 million over five years on this project underscores confidence in the region’s prospectivity.

Uranium Exploration Advances at Etango North

Noronex also completed a comprehensive spectrometry survey at its Etango North Uranium Project in Namibia, identifying multiple high-priority uranium anomalies. Located near Bannerman Energy’s Etango Uranium Project, which is under construction, Etango North shares similar geological characteristics, positioning Noronex well within Namibia’s prolific hard rock uranium district.

The survey results have defined targets along structural domes and alaskite intrusions, which are known to host uranium mineralisation. Follow-up fieldwork and planned shallow drilling aim to refine these targets further, supported by the recent $750,000 capital raising completed post-quarter.

Corporate and Financial Updates

Operationally, Noronex appointed Tony Chisnall as Chief Geologist, bringing over 25 years of international exploration experience. The company also launched an InvestorHub platform to enhance shareholder engagement and transparency.

Financially, Noronex closed the quarter with A$1.063 million in cash, supported by the recent placement and ongoing earn-in funding from South32. Exploration expenditure for the quarter was A$904,000, primarily directed at the Fiesta Project. The company remains well-positioned to advance its extensive portfolio across Namibia, Botswana, and Canada.

Bottom Line?

Noronex’s expanded South32 partnership and fresh drilling campaigns set the stage for potential resource growth across southern Africa’s copper and uranium belts.

Questions in the middle?

• How will upcoming drilling results at Cgae Cgae influence Noronex’s resource estimates?
• What are the timelines and capital requirements for advancing uranium targets at Etango North?
• How might the proposed sale of Dordabis impact Noronex’s strategic focus and financial position?