Noronex (ASX:NRX) consolidate in the Kalahari

Noronex is set to bring 1.2 million into its coffers with the proposed sale of its Dordabis asset, the most westerly licence which holds just ten per cent of the current resources within expansive holdings in the Namibian end of the Kalahari Copper Belt.

The sale is expected to simplify management of Noronex’s Kalahari claims and provide the resources and focus to further tap into its key assets.

Dordabis holds around 13,000 of Noronex’s established 125,600 tonnes of contained copper, a number the company expects to grow from territory covering 300 kilometres of a Kalahari Copper Belt undergoing a new wave of exploration.

The resource does not include areas of known copper mineralisation in the Noronex portfolio, with a recently discovered Daheim deposit and the Snowball and Humpback licenses currently being drilled all earmarked for the next stage of growth.

The sale will undergo due diligence and is expected to close by the end of this year.

Noronex has completed the first two holes of its current drill campaign following up on high-grade copper intercepts at its fully owned projects, and will soon begin a maiden campaign at Blowhole, which lies close to the Botswanan border and the high-profile discoveries which have shone a light on the KCB as a major future producer.

And even with the sale of Dordabis, the company is not done looking for more assets in the region, with two applications lodged for full ownership of 1650 square kilometres of new territory holding a number of targets ready for follow up.

The region recently welcomed just its second operating copper mine at Motheo, and Sandfire expect its asset to deliver attractive returns through an initial ten-year mine life in the highly prospective belt.

It is increasingly opaque where enough copper can be found to meet the goals of the energy transition, but the safe jurisdictions which cover the Kalahari are beginning to attract major attention.

Noronex’s KCB claim package

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NORONEXLTD FPO [NRX]

Sector: Basic Materials

Industry: Copper

Employees:

Noronex Limited engages in the exploration of mineral properties in Namibia and Canada. It primarily explores for base and precious metals with a focus on copper. The company focuses on Witvlei, Snowball, and Humpback projects covering an area of approximately 8,700 square kilometers located in Kalahari Copper Belt, Namibia. It also holds interest in the Onaman project located on the Onaman-Tashota Greenstone Belt near north-east of Thunder Bay, Ontario; and the Queensland project located in Queensland. The company was formerly known as Lustrum Minerals Limited and changed its name to Noronex Limited in November 2020. Noronex Limited was incorporated in 2015 and is based in Subiaco, Australia.

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