Thunder Gold Corp (formerly White Metal Resources) has exited Namibia after selling the remaining 25% interest in the Kalahari Copper Belt to its joint venture partner Noronex.
The Kalahari Copper Belt comprises the Witvlei project under EPLs 7028 and 7029 and the Dordabis project under EPL 7030.
Collectively known as the DorWit projects, they have a current JORC (2012) compliant resource2 of 10mt @1.3% Cu and significant exploration upside, including the discovery of a new area of mineralisation at the Daheim prospect where Noronex drilling has yielded intercepts up to 27m @ 1.6% Cu.
Noronex acquired 80% of Larchmont Investments in November 2020. Larchmont Investments had a joint venture/ earn-in agreement with Thunder Gold Corp. in Aloe 237 Investments, which owns the Kalahari Copper Belt licences.
Larchmont Investment has a 70% shareholding in Aloe 237, which makes Noronex a 56% beneficiary in the joint venture. The proposed acquisition will increase Larchmont’s holding in Aloe 237 to 95%, while Noronex becomes a 76% beneficially.
The acquisition, which increased Noronex’s shareholding from 70% to 95%, was done through its Namibian subsidiary, Larchmont Investments. Local Namibians own the other 5%.
Noronex’s portfolio in Namibia now covers 800,000ha, spanning 300km, on the highly prospective but relatively underexplored Kalahari Copper Belt, which runs from central Namibia into northern Botswana.
The proposed acquisition allows Noronex to cancel the previous Joint Venture agreements, including all commitments and obligations arising under that joint venture agreement, including further spending, valuation and further joint venture requirements for the remaining 25%).
It will also allow for a more streamlined ownership structure for potential incoming investors or joint venture partners and should result in a more simplified shareholding, reporting and operational structure for the assets to be developed.
On August 21, 2023, Noronex announced the sale of the Dordabis Project for US$800,000.
Thunder Gold CEO Peter Hanson said this transaction increases Noronex’s 100% owned land position in the Kalahari Copper Belt of Namibia to over 800,000 hectares, representing over 300 kilometres of copper prospective strike length.
“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.”
In March 2022, Thunder Gold sold its 95% shares in Aloe 238, which owned the 19.805ha Okohongo Copper-Silver Property in northwestern Namibia, to Himba Metals.
Through its subsidiary Aloe 237, Thunder Gold acquired the EPLs in May 2019 from Altan Minerals and Investments CC for US$37,500 and 8 million common shares.
