Noronex adds stake in Witvlei JV Property in Namibia

Noronex, an Australian Securities Exchange-listed copper company has added stakes in the Witvlei Joint Venture (JV) property in Namibia.

This move elevates Noronex’s ownership in the JV property from 70% to 95%, effectively increasing its control over key projects in the region. The acquisition was facilitated by Noronex’s subsidiary, Larchmont Investments, which issued 5.5 million shares to Thunder Gold, the previous stakeholder in the JV. Additionally, a deferred cash payment of $1 million is contingent upon the completion of a Bankable Feasibility Study (BFS).

Noronex’s strategy

Aloe Investments Two Hundred Thirty Seven (Aloe 237), the JV entity, now holds 100% of Noronex’s crucial licenses in the Kalahari Copper Belt, including the advanced Witvlei and Dordabis projects. The Witvlei Project, located at the western end of the belt, boasts a significant JORC (2012) Compliant Mineral Resource of ten million tonnes at 1.3% Cu. Similarly, the Dordabis Project, housing the Koperberg deposit, holds a JORC (2012) Resource of 1.2 million tonnes at 1.1% copper (Cu).

Noronex is also in the process of divesting its Dordabis project, with Thunder Gold set to receive a 25% share of the net proceeds if the sale concludes within six months. The acquisition aligns with Noronex’s strategy to consolidate its assets in the Kalahari Copper Belt, where it holds a substantial portfolio covering 800,000 hectares. This region is highly prospective but relatively under-explored. Noronex’s exploration ground portfolio now spans 300km of the NPF/D’Kar contact, a geological feature known for hosting major copper deposits in the belt.

James Thompson, Noronex’s executive director, expressed satisfaction with the acquisition, highlighting its significance in consolidating Noronex’s position in the Kalahari Copper Belt. He emphasized the company’s commitment to further developing its projects in the region and maximizing the potential of its extensive license holdings.