Noronex Limited has finalized the acquisition of Thunder Gold Corp’s remaining 25% interest in the Dor-Wit copper property for a total of about N$19 million (US$1 million).
Thunder Gold Corp, formerly White Metal Resources Corp, announced the completion of the transaction.
President and CEO of Thunder Gold Corp, Wes Hanson, noted that Noronex Limited has strategically positioned itself to enhance its presence in the Kalahari Copper Belt of Namibia through this acquisition, which includes an extension of around 800,000 hectares.
Additionally, Thunder Gold Corp will be entitled to a pro-rata (25%) portion of the net proceeds from the sale of the Dordabis license should that transaction be completed within the next six months.
“With the addition of Thunder Gold’s interest in the Dor-Wit property, Noronex’s land position in the region now spans over 800,000 hectares, representing more than 300 kilometers of copper prospective strike length,” he said.
Hanson said the transaction, structured to optimize both fiscal and technical aspects, involves the issuance of 5,500,000 shares of Noronex to Thunder Gold Corp, along with a deferred payment of US$1million upon the completion of a feasibility study.
He added that the strategic divestment aligns with Thunder Gold’s vision of concentrating its efforts on its core assets, particularly the Tower Mountain Gold Property in Ontario.
“Adding 100% of Dor-Wit to Noronex’s extensive 100% owned land package makes fiscal and technical sense going forward. The transaction allows us to focus on our flagship gold property, Tower Mountain, in the Shebandowan Greenstone Belt of Ontario,” Hanson said.
This flagship property, situated adjacent to the Trans-Canada highway, is poised to hold immense potential for gold exploration and development.
Meanwhile, Noronex Limited is an ASX-listed copper company with advanced projects in the Kalahari Copper Belt, Namibia, and in Ontario, Canada, that have seen over 170,000 meters of historic drilling.
The 80,000-hectare Dorwit Project in Namibia has a current JORC (2012) resource of 10 million tonnes @ 1.3% Cu.
The 30,000-hectare Onaman Project in Canada has a current JORC (2012) resource of 1.6 million tonnes @ 1.6% Cu.
The company plans to use modern technology and exploration techniques to generate new targets at the projects and grow the current resource base.
