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Noronex set to bank $1.2m from proposed Dordabis sale

Updated: Apr 16


Noronex is cashing up following Dordabis sale. Credit: File

Noronex is set to pocket about $1.2 million from the non-core asset sale of a licence, supporting the company’s continued exploration on its main licence areas within the prospective Kalahari Copper Belt (KCB) of Namibia.


The proposed sale to Namibian group, Umino, is expected to be banked by the end of this year, following buyer due diligence and regulatory and shareholder approvals.


The non-core asset known as Dordabis, which is held under a joint venture (JV) vehicle, is about 60km from Noronex’s nearest licence, Witvlei. It represents about 4 per cent of the company’s total Namibian licence areas and about 10 per cent of its 2012 JORC total resource of 9.97 million tonnes at 1.26 percent copper, or 125,000 tonnes of contained copper.


Management acquired Dordabis in November, 2020 as part of an earn-in via the JV vehicle that also took in Witvlei at the same time. It says the sale will help simplify the management of its claim areas and allow it to further prioritise exploration efforts on its core assets – the Witvlei, Snowball and Humpback projects.


Earlier this month, Noronex launched its maiden 4000m reverse-circulation (RC) drilling program to test its high-priority Fiesta and Blowhole targets within the company’s Humpback project. It had already sunk its first two drillholes through 70m of Kalahari top cover at Fiesta and had successfully intercepted the prospective mineralised contact.


Previous anomalous drill intercepts at Fiesta, which include 8m at 2.5 per cent copper and 9m at 1.8 per cent copper with 82 grams per tonne silver, exhibit the typical hallmarks of other deposits seen in adjacent Botswana to the east, including Cupric Canyon’s Zone 5 project that contains 168 million tonnes at 2 per cent copper.


The KCB is regarded as a future hotspot for major copper discoveries. Despite solid recent activity, it still remains significantly under-explored, but is showing promising signs of rivalling the renowned Central African Copper Belt (CACB) of Zambia and the Democratic Republic of Congo (DRC). The KCB is almost twice the size of the CACB and extends for some 1000km between Botswana and Namibia, with about 40 per cent located in Namibia.


However, there is limited outcrop within the KCB, as almost the entire belt is buried under 10m to 100m of Kalahari Desert sediments. As a consequence, the KCB currently produces just a fraction of the annual copper supply from Zambia and the DRC.


With Noronex’s expected future cash injection and a stern focus on the RC drilling of high-graded prospects within its extensive claim areas, the company appears to be on the right track towards revealing the kind of assays indicative of the copper potential of the Kalahari Copper Belt.


Is your ASX-listed company doing something interesting? Contact: office@bullsnbears.com.au


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