Early Drilling Highlights Structural Challenges and Opportunities at Powerline

• 7,000m RC drilling program underway at Powerline Project, Namibia
• Significant copper-silver intercept – 9m @ 0.45% Cu and 43g/t Ag at Steenbok Dome
• Follow-up drilling refining structural model and targeting extensions
• Program funded by South32 under earn-in agreement
• Ongoing exploration at Qembo Dome with results pending

Initial Drilling Success at Powerline

Noronex Limited (ASX – NRX) has reported encouraging early results from its ongoing 7,000-metre Reverse Circulation (RC) drilling campaign at the Powerline Copper Project in eastern Namibia. Funded through an earn-in agreement with South32, this program targets large-scale domal geological features along the northern edge of the Kalahari Copper Belt, a region known for sediment-hosted copper deposits.

The standout result comes from drill hole 25SBRC001 at the Steenbok Dome, where a 9-metre interval returned 0.45% copper and 43 grams per tonne silver from a depth of 294 metres. This mineralisation occurs at the interpreted contact between the D’Kar and Ngwako Pan Formations (NPF), a key stratigraphic horizon known to host copper mineralisation in the region.

Refining the Geological Model

While the initial hole intersected significant mineralisation, follow-up holes 25SBRC002 and 25SBRC003 did not encounter the same horizon, instead drilling into the steeply dipping hanging wall of the anticline structure. However, these results have been instrumental in refining the structural understanding of the area, confirming the steep nature of the northern limb of the fold and helping to guide future drill targeting.

Noronex plans a follow-up hole approximately 200 metres southwest of the initial intercept to test the up-plunge extension of the mineralised zone. This step-out drilling aims to delineate the lateral extent of the copper-silver horizon and assess its continuity.

Expanding Exploration Across the Project

Drilling is also underway at the Qembo Dome, another domal feature within the Powerline Project area. Initial holes here have intersected the target stratigraphy but without significant copper mineralisation to date. The company is now focusing on the northern limb of the Qembo Dome, where structural complexity may enhance mineralisation potential. Assay results from these holes are expected soon.

Noronex’s Managing Director and CEO, Victor Rajasooriar, emphasised the significance of the early results, stating that hitting mineralisation in the first hole validates the company’s geological model and targeting strategy. He highlighted the importance of the structural insights gained from follow-up holes and expressed optimism about unlocking further potential across the project.

Strategic Partnership and Future Outlook

The Powerline drilling program is part of a broader strategic alliance with South32, which has committed to funding exploration activities in exchange for potential equity in Noronex’s Namibian and Botswana projects. This partnership provides Noronex with the financial backing and technical collaboration necessary to advance its exploration efforts in the Kalahari Copper Belt.

With the drilling program approximately halfway complete and scheduled to continue into early 2026, the market can anticipate a steady flow of assay results and geological updates. These will be critical in assessing the scale and quality of the mineralisation and the potential for resource growth at Powerline.

Bottom Line?

Noronex’s early drilling success at Powerline sets the stage for a pivotal phase of exploration that could reshape its resource profile.

Questions in the middle?

• Will follow-up drilling confirm the lateral continuity of the copper-silver horizon at Steenbok?
• Can structural complexities at Qembo Dome translate into economically significant mineralisation?
• How will South32’s involvement influence the pace and scale of exploration activities?