Noronex Limited has struck a deal to acquire the Sleitat Tin Project in Alaska, marking a rare US tin opportunity, while pushing forward with copper and uranium exploration programs in Africa backed by South32.
- Agreement to acquire Sleitat Tin Project in Alaska
- Historical drilling shows bonanza-grade tin intercepts
- Maiden uranium drilling confirms broad mineralisation at Etango North
- Copper-silver drilling advances in Namibia and Botswana with South32 partnership
- James Thompson appointed CEO to lead growth and Sleitat acquisition
Rare US Tin Project Acquisition
Noronex Limited (ASX:NRX) has taken a significant step by securing an exclusive option to acquire the Sleitat Tin-Tungsten-Silver Project in Alaska, one of the only large-scale tin projects in the United States. The deal, struck subsequent to the June quarter, positions Noronex in a rare domestic tin asset, a metal not mined in the US since 1993.
The Sleitat Project covers over 2,100 hectares in the Kuskokwim Ranges, roughly 410km southwest of Anchorage, with historical drilling revealing impressive bonanza-grade tin intercepts. Notably, a 1984 hole returned 29.1m at 1.56% tin and 28g/t silver, including a high-grade 3.1m interval at 12.55% tin. A 1989 US Bureau of Mines historical resource estimate suggested 25.9 million tonnes at up to 0.37% tin, although this is non-JORC and requires further validation.
Advancing Due Diligence and Exploration Plans
Noronex has paid an initial A$100,000 (split between cash and shares) for a 60-day exclusive due diligence period, extendable for 30 days. Upon exercising the option, the company will issue A$1 million in shares and pay A$375,000 cash after two years, alongside milestone payments tied to resource milestones and a decision to mine. Shareholder approval is anticipated in late August 2026.
Next steps involve detailed review and validation of historical data, inspection of preserved drill core, and planning for a follow-up field program including geological mapping, sampling, and geophysical surveys. The company aims to develop a JORC Exploration Target and design resource definition drilling.
African Copper-Silver Exploration Progress
Meanwhile, Noronex continues to advance its copper-silver projects across Namibia and Botswana within the prolific Kalahari Copper Belt, holding over 10,000 square kilometres of tenure. The company’s 7,112m Reverse Circulation drilling program at the Powerline Copper Project in Namibia confirmed copper-silver mineralisation at the D’Kar-NPF contact, with highlights including 28m at 0.30% copper and 26g/t silver.
Maiden scout drilling at the Cgae Cgae Copper-Silver Project in Botswana intersected copper anomalism beneath Kalahari cover, supporting the presence of a fertile hydrothermal system. Noronex is preparing for a 3,000m drill campaign planned for the December 2026 quarter with joint venture partner South32, who continues to fund exploration under earn-in agreements.
Uranium Drilling Validates Exploration Model
At the Etango North Uranium Project in Namibia, maiden drilling confirmed a broad uranium-bearing system within alaskite intrusions, including an intersection of 4m at 270ppm U3O8. The project lies adjacent to Bannerman Energy’s large Etango uranium deposit, currently under construction. These results underpin Noronex’s geological model and suggest significant upside potential in the region.
Leadership and Financial Position
To steer these growth initiatives, Noronex appointed James Thompson as Chief Executive Officer. Thompson brings extensive ASX-listed company leadership experience and will focus on advancing the Sleitat acquisition and broader exploration strategy.
Financially, the company ended the quarter with A$1.41 million in cash, having spent A$945,000 on exploration primarily funded through South32’s earn-in contributions. Anticipated payments from asset sales and continued JV funding are expected to support ongoing operations and exploration activity.
Bottom Line?
Noronex’s acquisition of the Sleitat tin project opens a rare US tin opportunity, but the path to a JORC resource and economic viability remains uncertain as exploration advances across its African copper and uranium assets.
Questions in the middle?
- Will Noronex successfully convert the historical Sleitat resource into a JORC-compliant mineral resource?
- How will the upcoming 3,000m drill program with South32 impact the copper targets in Namibia and Botswana?
- What are the timelines and capital requirements for advancing Sleitat from due diligence to resource definition drilling?