Noronex Limited has accelerated its drilling programs across key Kalahari Copper Belt projects, secured a strategic placement, and agreed to sell its Witvlei asset, positioning itself for uranium exploration in Namibia.
- 7,000m RC drilling underway at Powerline Copper Project with significant copper-silver intercept
- 3,000m RC drilling commenced at Cgae Cgae Copper Project in Botswana under South32 earn-in
- Sale of non-core Witvlei asset agreed for A$4.5 million in staged payments
- Strategic placement raised $750,000 to fund maiden uranium drilling at Etango North
- Proposed sale of Dordabis asset progressing, with updates expected soon
Exploration Momentum in the Kalahari Copper Belt
Noronex Limited (ASX, NRX) has reported a busy December quarter marked by significant progress in its copper exploration activities across Namibia and Botswana. The company’s flagship Powerline Copper Project in Namibia is more than halfway through a 7,000-metre reverse circulation (RC) drilling program, funded under a strategic earn-in agreement with global miner South32. Early results have been promising, with a notable intersection of 9 metres grading 0.45% copper and 43 grams per tonne silver at the Steenbok Dome, validating Noronex’s targeting approach along the key D’Kar-NPF contact zone.
Simultaneously, a 3,000-metre RC drilling campaign has commenced at the Cgae Cgae Copper Project in Botswana, also under South32’s earn-in arrangement. This expansion reflects the growing collaboration between Noronex and South32, aiming to unlock new base metal discoveries across the under-explored Kalahari Copper Belt, which spans nearly 10,000 square kilometres of highly prospective ground.
Strategic Asset Sale Strengthens Balance Sheet
In a move to sharpen its focus on core assets, Noronex has agreed to sell its non-core Witvlei Project in Namibia for a total consideration of A$4.5 million, payable in staged cash payments. The transaction, subject to buyer due diligence and targeted for completion in early 2026, will see Noronex receive A$3.6 million. Witvlei, part of a joint venture vehicle controlled by Noronex, represents a smaller portion of the company’s extensive copper portfolio. The sale proceeds, alongside a recent strategic placement raising $750,000, will be directed towards advancing exploration at the Etango North Uranium Project.
Uranium Exploration Set to Take Off
Noronex is preparing to commence its maiden drilling program at the Etango North Uranium Project in Namibia in February 2026. This project lies within Namibia’s hard rock uranium district, adjacent to Bannerman Energy’s Etango Project, which is under construction. Recent ground spectrometry surveys have identified multiple uranium targets, including domal structures favourable for uranium mineralisation. The company’s uranium ambitions are supported by the strategic placement funds and its operational control of the joint venture, positioning Noronex to potentially expand its resource base beyond copper.
Other Corporate and Regional Developments
Noronex also announced progress on the proposed sale of its Dordabis asset for A$1.2 million, currently in final discussions. Meanwhile, in Canada, the Onaman Project in Ontario remains under review for joint venture or sale opportunities, with a JORC-compliant resource of 1.63 million tonnes grading 1.6% copper, 0.66 grams per tonne gold, and 39.7 grams per tonne silver.
Financially, Noronex closed the quarter with A$1.14 million in cash, having spent A$1.42 million on exploration and evaluation, primarily related to its Kalahari projects. The company maintains a close working relationship with South32, which continues to fund exploration activities under earn-in agreements, providing Noronex with a solid platform to advance its projects.
Bottom Line?
Noronex’s strategic asset sales and drilling programs set the stage for a pivotal year as it balances copper exploration with emerging uranium prospects.
Questions in the middle?
- Will further drilling at Powerline confirm and expand the copper-silver mineralisation zones?
- How will the completion of the Witvlei sale impact Noronex’s exploration focus and capital allocation?
- What initial results will the maiden Etango North uranium drilling program yield, and how might this shape the company’s future strategy?