Noronex Ltd says it has invested N$17 million towards its exploration efforts within Namibia’s Kalahari Copper Belt to advance its EPL 7415 licence.
With 20 drill holes completed across targets at Hennep, Richlyn, and Helm on approximately 5km centres, Noronex is further delineating promising copper deposits beneath the region’s surface cover.
According to the company’s quarterly activity review, it now has full control of the Snowball Copper Project.
The transition, facilitated by the completion of farm-in arrangements, grants Noronex 100% ownership of the Eastern Licence area, allowing the company to streamline its copper asset base and focus on the most prospective sites for ongoing exploration.
“Noronex has spent over A$1.5 million to date, with drilling conducted at a number of targets including Hennep, Richlyn and Helm on EPL 7415, further defining the prospective contacts under cover. A total of 20 holes were completed on EPL 7415 on approximately 5km centres. The License EPL 7415 is to be transferred to a 100%-owned subsidiary of Noronex Ltd after approval from the Ministry of Mines is received,” the release read.
In addition to its efforts on EPL 7415, Noronex announced a N$173 million (A$15 million) partnership with a subsidiary of South32 Limited to earn into its flagship Humpback-Damara Project in Namibia.
This deal, announced on 18 July 2024, includes a N$35 million (A$3 million) funding commitment from South32 in the first year. The first tranche amounting to N$ 8.7 million (A$750,000), has been received.
Furthermore, an initial 5,000-metre Reverse Circulation (RC) drilling program, comprising around 20 planned holes, commenced in late September at the Humpback Project.
The drilling started at the highly prospective Fiesta copper deposit and is expected to progress north and east toward the Namibia-Botswana border to test additional unexplored copper targets.
The exploration focuses on the NPF/D’Kar contact, a geologically promising area known for significant copper deposits, guided by recent magnetic and gravity surveys. The program’s first assay results are expected in November.
“The targeting of the NPF/D’Kar contact (where the majority of Kalahari Copper Belt deposits have been discovered) is based on a number of factors including magnetics and the recently completed gravity survey,” the report read.
Additionally, the company exercised an option on the Etango North Uranium project, a 7,000-hectare claim located approximately 3km north of Bannerman Energy’s renowned Etango Project.
