Noronex has described the quarter ending March 31, 2024, as positive after consolidating its position in the Kalahari Copper Belt, expanding its Namibian portfolio with a new uranium acquisition, and strengthening its cash position.
Cash flows relating to the quarter included $188,000 spent on exploration and evaluation expenditure,
which is primarily associated with the costs of exploration activities at the Humpback Project in Namibia.
No expenditure was incurred on mining production or development activities during the quarter.
The company’s exploration package in Namibia covers an area of more than 8,500 km2, including over 1,600 km2 of applications across the highly prospective but relatively under-explored Kalahari Copper Belt, which runs from central Namibia to northern Botswana.
The tenements contain ~300 kilometres of strike length, targeting the critical NPF-D’Kar formation contact point, where most copper deposits occur on the Kalahari Copper Belt.
The company progressed systematic exploration programs in its extensive claim package, with a 4,900-metre drill program completed last quarter on targets identified at the Fiesta and Blowhole prospects.
Noronex plans to explore the Witvlei tenements at Malachite Pan, Daheim, and several prospects, including Fiesta within the Humpback Project, and further east on the new 100% applications when environmental clearance is approved.
The company increased its interest in the Witvlei joint venture property within the Kalahari Copper Belt to 95%, which translated to increasing its shareholding in Aloe Investments 237.
The completion of the transaction has allowed Noronex to significantly increase its holding in critical projects on the Kalahari Copper Belt and cancel the terms of the previous joint venture agreement, including all commitments and obligations arising under that agreement, including further spending, valuation, and further joint venture requirements for the remaining 25%.
The Noronex joint venture vehicle, Aloe 237, agreed to the proposed sale of the Dordabis asset for A$1.2 million (US$0.8 million). Dordabis is the most western license of the company’s extensive Namibian portfolio and is approximately 60 km from the nearest license, the flagship Witvlei claims under EPL 7028 and 7029.
Dordabis is held under a joint venture vehicle covering EPLs 7028, 7029, and 7030. The EPLs 7028 and 7029, which comprise the Witvlei Project, are not part of the proposed sale application for the transfer.
EPL 7030 has been lodged for ministerial approval and is a condition of the agreement during the due diligence period.
During the quarter, Noronex entered into an exclusivity agreement over EPL 6776 in Namibia’s world-class uranium belt in the Erongo region.
EPL 6776 is located 3 km north of Bannerman Energy Ltd.’s Etango development and between Etango and the operating Rossing mine, some 20 km to the northeast.
Other projects in the district include Husab, Langer Heinrich, and Deep Yellow’s Tumas project.
