Noronex Limited has received an additional N$1 million payment as part of the Dordabis asset EPL 7030 sale through its joint venture vehicle Aloe Investments 237.
Umino (Pty) Ltd has so far paid N$6.5 million of the total anticipated proceeds of N$13.68 million have been received.
Dordabis is the most westerly licence held on the Company’s Kalahari Copper Belt project tenure.
It represents ~4% of the total licence area held in Namibia directly and through joint venture arrangements. Dordabis contains a JORC (2012) inferred resource of 1.19Mt at 1.09% Cu2.
EPL 7030 is part of the original Witvlei and Dordabis asset group, acquired in November 2020, that was subject to an earn-in through a joint venture vehicle (Aloe), which Noronex now controls.
Noronex’s executive director, James Thompson, says the sale of Dordabis reflects the company’s strategy to focus on discovering large-scale copper deposits on the Kalahari Copper Belt – including at the highly prospective Humpback Copper Project.
“The release of additional funding from the Dordabis transaction should allow Noronex to advance its exploration efforts on the ground it controls and funds directly, including the Witvlei and Snowball East Copper Projects, initial exploration at its recently acquired Namibian uranium project EPL 6776 and its Canadian copper projects,” Thompson says.
The transaction has been amended to reflect delays in receiving local EPL transfer approval and Umino’s current financing arrangements, with the balance of funding of N$7.18 million expected to be received over the next quarter.
Receipt of this additional N$1 million payment has triggered the transfer of shares in the vehicle that currently holds EPL 7030, Borage Investments Limited, to the buyer, Umino (Pty) Ltd.
Noronex has retained specific reversion and other security rights pending receiving the final payments.
The buyer has already undertaken some initial expenditure and assessment work on the EPL and has advised the company that, with the transfer of Dordabis, it now expects to accelerate its work and expenditure on the ground.
