Noronex Limited has wound up the previous farm-in arrangements covering the Snowball Copper Project in Namibia, taking 100% control of the prospective Eastern Licence area.
Noronex’s tenure on the highly prospective Kalahari Copper Belt has expanded by over 250% to over 2,700 km2.
The company now controls over 100 km of strike length on the belt, which also hosts significant copper mines, including Khoemecau/ Zone 5 (~60,000 tpa) and Motheo (~50,000 tpa).
This represents part of the ongoing strategic management of Noronex’s extensive copper portfolio in the Kalahari Copper Belt to streamline its asset base, reduce costs where possible and focus on the most prospective areas for ongoing exploration.
The Snowball tenements cover over 200,000 hectares of prospective stratigraphy for sedimentary copper-silver mineralisation under cover.
These prospective areas lie within the prolific Kalahari Copper Belt that spans Namibia and Botswana.
A farm-in agreement was previously signed with Heyn Ohana Investment Ltd PLC (Heyn Ohana) for Noronex to earn up to 80% of the Snowball Project by spending US$4 million on exploration by April 2026.
Noronex has spent over A$1.5 million to date, with drilling conducted at several targets, including Hennep, Richlyn and Helm on EPL 7415, further defining the prospective contacts undercover.
A total of 20 holes were completed on EPL 7415 on approximately 5km centres.
Heyn Ohana has now agreed for Noronex to take a 100% interest in the Eastern Licence, EPL 7415.
Heyn Ohana will retain a 100% interest in the Western Licences, EPL 7414 and 8624.
The parties will release all claims and liabilities related to the farm-in agreement.
EPL 7415 will be transferred to a 100 %-owned subsidiary of Noronex Ltd with the approval of the ministry of mines.
Additionally, Noronex confirms that there is no consideration payable under the windup of the Farm-In.
Taking 100% ownership of Snowball East follows the strong endorsement of the Kalahari Copper Belt through the recently announced US$15 million earn-in with a wholly owned subsidiary of South32 at Humpback-Damara and the establishment of a strategic alliance to target further base metal projects in Namibia.
