Noronex Limited has confirmed deeper copper zones at its Fiesta Project in Namibia following results from its maiden diamond drilling programme, paving the way for a 7,000-metre Reverse Circulation (RC) drilling campaign set to begin this month.
Drilling at the Western Lens of Fiesta delivered significant intercepts, including 3 metres at 2.1% copper and 97 grams per tonne (g/t) silver from 408 metres in hole 25FIEDD027, and 30 metres at 0.56% copper and 62 g/t silver from 158 metres in hole 24FIERC010.
The results confirm the presence of higher-grade copper mineralisation at depth, extending earlier RC drilling intercepts.
“These initial results from diamond drilling have confirmed that copper mineralisation continues at depth and is of a higher-grade tenor than previously seen through the RC drilling programs,” said Noronex Managing Director and CEO Victor Rajasooriar.
The programme, funded through Noronex’s earn-in agreement with South32 Limited, has also provided important insights into mineralisation styles and structural controls.
“The vertical (or steeply dipping) structural interpretation has given meaningful information to the geological team and will be used to plan future drilling programs in the region. Our immediate focus is to commence the 7,000m RC program in the recently granted tenements to test numerous targets, and we look forward to working with South32 to unlock the full potential on the earn-in tenements through FY26,” Rajasooriar said.
The companies strengthened their strategic alliance earlier this year, with South32 securing prospective exploration ground in Botswana after Noronex lodged two applications with the Department of Mines to increase its holdings by nearly 1,500 square kilometres.
The ground lies adjacent to Noronex’s Damara copper project in Namibia and sits within the African copper belt, which hosts projects producing 90,000 tonnes of copper annually and containing 8 million tonnes of copper resources.
Under the original terms of the agreement, South32 is required to spend N$525 million (US$30 million) over five years, with a minimum spend of N$262 million (US$15 million) to earn a 60% interest in the Namibian project, which Noronex manages.
With the addition of the Botswana tenements, South32 will contribute a further N$17.5 million (US$1 million) annually for five years. This increases its total annual funding commitment to N$70 million (US$4 million), or N$350 million (US$20 million) over five years, to earn a 60% stake in the expanded projects and tenement ground.
Noronex will receive the N$70 million (US$4 million) annual contribution in quarterly instalments of N$17 million (US$1 million) to cover management, drilling and exploration costs.
