Noronex JV Vehicle, Aloe Investments 237, has sold the Dordabis Copper Prospect in Namibia’s Omaheke region for US$ 800,000 to Umino Pty Ltd, subject to due diligence.
The Dordabis Copper Prospect is part of Noronex’ Dordabis-Witvlei (DorWit) Copper Project covered by EPLs 7030 (Dordabis), 7028 and 7029 Witvlei.
The Dordabis project contains the Koperberg deposit, which has a JORC (2012) resource of 1.19mt at 1.09% Cu (@0.5% cut-off).
Noronex says the proposed sale of Dordabis would reduce the total resource from 10mt at 1.26% Cu to 8.8mt at 1.28% Cu (@0.5% cut-off) for 112,500 tonnes contained copper.
Umino will pay a deposit of N$500,000 for three months, subject to standard commercial conditions, including due diligence, regulatory and shareholder approvals as required.
Approval for the transfer of EPL 7030 requires ministerial approval, which cannot be unreasonably withheld and is a condition of the agreement during the due diligence.
The joint venture vehicle, Aloe Investments 237, owns 100% of the Witvlei Project, while Larchmont Investments had up to 70% right to earn-in of Aloe 237 plus a call option over an estimated 25% in Aloe Investments 237.
Noronex acquired 80% of Larchmont Investments in November 2020 to become the controlling shareholder in Larchmont, which currently holds 70% of Aloe, resulting in Noronex’s current indirect interest in Aloe 237 being 56%.
Noronex has also applied for ownership of the area south of its Humpback Copper Project, measuring 1,650 km2, recently explored by Kopore and Sandfire Resources.
Before Sandfire Resources and Kopore, EISEB, in a joint venture with Cupric Canyon and Antofagasta Minerals, had explored the area.
