Join our daily newsletter At The Bell to receive exclusive market insights
Noronex Limited (ASX:NRX) has kicked off a gravity EM survey at the Humpback-Damara project in Namibia – part of its earn-in deal with South32.
Perhaps surprising to regular explorer-watchers is the news that South32 wants copper acreage, and it’s come knocking on Noronex’s door – as opposed to a small company hoping to farm-into a bigger operation.
Notably, Noronex is funded by South32 to do this work on its 100% owned tenements to the tune of A$0.75M.
A total of four areas will be covered, sniffing around an area believed to be an extension of the famous Kalahari Copper Belt (KCB) in Africa. That survey will – all cards in order – define future drill targets.
That drilling is set to take place “later in the quarter” – an indication South32 doesn’t want to waste any time. It’s seeking to earn up to 60% according to an initial announcement from Noronex in June.
Noronex has reported historical and recent drilling yields results not unlike those pulled from the KCB 400km eastward in Botswana. It pointed to another company’s project in that region which boasts an average frade of 2.1% copper.
If it isn’t obvious, 400km is quite extreme to claim nearology, but then again, the KCB is well known because it’s geologically massive. Assays will be needed to further indicate mineralisation styles at Humpback-Damara.
NRX last traded at 1.4cps.
