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Writer's pictureDoug Bright

Noronex takes full Snowball ownership to get copper rolling


Noronex is a copper focussed company exploring its more than 8500 sq km of tenure in the vast world class Kalahari Copper Belt in Namibia. Credit: File

Noronex (ASX: NRX) has agreed with its former farm-in partners in Namibia to take full control of the eastern part of the prospective Snowball copper project that comprises 2000 square kilometres of Kalahari Copper Belt stratigraphy.


It comes as the company streamlines its extensive copper portfolio in the KCB in a bid to reduce costs and focus on the most prospective areas for ongoing exploration, resulting in it winding-up its farm-in arrangement.


The eastern Snowball ground lies about 55km south-west of the most westerly point of Noronex’s Humpback project and most importantly, encloses the westward extension of the same key NPF-D’kar contact as exists in the company’s contiguous Humpback and Damara projects. Both the Humpback and Damara grounds extend north-eastwards from that westerly point for about 150km before terminating at the Namibia-Botswana border and contain elements of the NPF-D’Kar contact for that entire strike distance.


Regional aeromagnetics and gravity imagery and interpretation highlight the continuity of the prospective stratigraphy from Botswana and the Humpback-Damara complex into Snowball East. Noronex’s exploration of Snowball East during the previous two years tested several prospective targets under cover, including at Hennep and the antiformal closure at Helm.


That work amounted to the first drilling ever conducted in the licence area. It successfully confirmed the prospective NPF-D’kar horizon under between 70m and 100m of cover and also defined a handful of other targets.


Noronex says it will continue exploration in Snowball East following transfer of the licence.


The Snowball farm-in agreement was previously signed with Heyn Ohana Investment and allowed the company to earn up to 80 per cent of the Snowball project by spending $4 million on exploration by April 2026. It has spent more than $1.5 million to date, including drilling of 20 holes on a spacing of about 5km at several targets in Snowball East.


The wind-up of the agreement has now been concluded with Heyn Ohana and Noronex will now grab its 100 per cent interest in Snowball East. Heyn Ohana will retain its 100 per cent interest in the two Snowball West licences.


The parties have agreed to release all claims and liabilities in relation to the farm-in agreement, with no other consideration payable relating to the wind-up, while the Snowball East licence will be transferred to a 100 per cent-owned Noronex subsidiary, subject to approval by the Ministry of Mines.


Management says picking up Snowball East comes hard on the heels of the strong KCB endorsement indicated by a recently-announced $15 million earn-in with a wholly-owned subsidiary of mining big-hitter South32, relating to the Humpback-Damara projects. That deal is accompanied by a two-year, Namibia-wide Strategic Alliance Agreement between the parties to source copper and base metal projects for exploration and development.


In a separate transaction, Noronex’ joint venture (JV) vehicle Aloe Investments 237 has also partly concluded the sale of its Dordabis project assets for $1.15 million, with the rest of the divestment being extended out to next month. Dordabis was acquired in November 2020 through an earn-in via a JV vehicle now controlled by Noronex.


The small – and separate – Dordabis project area lies about 160km from the south-west corner of Snowball East and represents the company’s most south-westerly KCB interest.


Noronex is plainly clearing its decks in preparation for a major ramp-up of activity and change of tack on the ground … but without losing sight of its key speciality, which is one of considered targeting of the main prospective contact.


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

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