NRX – Noronex Limited | Aussie Stock Forums

The Company notes that there has recently been substantial news and activity regarding the Kalahari Copper Belt (KCB) where Noronex currently controls 5,600km2 of highly prospective ground in Namibia. The KCB is a known but relatively underexplored sedimentary copper belt spanning 1,000km from central Namibia into Northern Botswana.

The news has included recent exploration updates1 provided by Cobre Resources Ltd (ASX:CBE) on its Ngami Cu prospect on the KCB in Botswana during July and August 2022 and recent updates2 by Sandfire Resources Ltd (ASX:SFR) on the proposed commencement of mining in 2023 at its Motheo copper mine in Botswana.

This current activity and interest in the KCB may have highlighted NRX’s relatively low valuation (~$10m enterprise value) for a company with an extensive exploration package on the KCB (5,600km2), existing JORC (2012) Resource and a recent successful Cu exploration program (see
ASX announcement dated 4 April 2022).

The Company is currently actively exploring at its Witvlei Project, including Daheim, and Snowball Project and is planning to next commence exploration on its Damara and Humpback Projects. The Company’s Humpback tenements abut CBE’s tenements at the Namibia/Botswana border where its Blowhole prospect is targeting the same horizon as Ngami.

The Company also has assays pending from a recent phase 2 drill program at its Daheim copper prospect on the KCB in Namibia. The phase 2 drill program was designed to follow up on early 2022 drilling completed by NRX which included a Cu intercept of 27m @ 1.6% Cu from 42m in a previously undrilled area (see ASX announcement dated 4 April 2022).

The phase 2 drilling program was completed on 21 July 2022 (see ASX release). Samples from the phase 2 drilling program were sent for assaying between the 22 June and 27 July 2022. Assay results from the completed program are awaited and currently expected within one to
two weeks subject to laboratory turnaround times. The Company maintains confidentiality in respect to any results from the phase 2 drill program by ensuring that only employees directly involved with processing core are exposed to any assay results. The Company also has policies in place, such as its code of conduct and continuous disclosure policy, which apply to directors, officers, and employees of the Company in respect to dealing with confidential information.