Noronex Limited has completed a 2,000-metre maiden drilling programme at its Etango North uranium project in Namibia, while lifting its cash position to A$2 million after asset sales and tranche payments during the March quarter.
The drilling campaign marks the first sub-surface test of multiple uranium targets on EPL 6776, located about 3 kilometres north of Bannerman Energy’s Etango project, which hosts 207 million pounds of uranium and is advancing toward development.
Assay results from Etango North are still pending, along with results from a separate 2,655-metre drilling programme at the Cgae copper-silver project in Botswana, as the company pushes forward with a dual uranium and copper exploration strategy.
The Etango North programme targeted uranium/thorium anomalies and extensions of alaskite-hosted mineralisation, geological features that are characteristic of Namibia’s established uranium deposits.
Recent interpretation has highlighted favourable structural settings, including domal closures and flat-lying alaskite sheets, which are known to host mineralisation in the central Namibian uranium district.
At the same time, Noronex is advancing its copper exposure across the Kalahari Copper Belt, where it controls a large exploration footprint stretching from Namibia into Botswana.
The company has now begun gravity surveys across its licences under a strategic alliance with South32, aimed at mapping subsurface structures and refining drill targets beneath the Kalahari sand cover.
The exploration push has been supported by a strengthened balance sheet, with Noronex receiving A$1.25 million from the first tranche of the Witvlei project sale and completing the disposal of the Dordabis copper project, including a final N$5 million payment.
These transactions form part of a broader strategy to exit non-core assets and concentrate capital on uranium and copper.
Noronex has also moved to secure its position at Etango North, exercising its option to earn a 51% stake in the project, with the ability to increase its interest further through continued exploration investment.
The Etango North project lies within Namibia’s main uranium-producing region, where deposits are typically associated with alaskite intrusions and structurally controlled mineralisation.
Its proximity to Bannerman’s Etango development places it within a proven mineralised corridor, raising the potential for new discoveries along strike.
The next phase for the company will hinge on assay results from both Namibia and Botswana, which are expected to determine the scale of mineralisation and guide follow-up drilling.
With exploration underway on multiple fronts and cash replenished through asset sales, Noronex is entering a results-driven period that will shape the future of its uranium and copper ambitions in the region.
