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Kalahari Exploration Update

Fiesta Prospect Review, Humpback Project

Perth, Western Australia - 13th January 2022 - The Board of Noronex Limited (Noronex or the Company) (ASX: NRX) is pleased to provide an update on the exploration of its suite of copper projects in Namibia.

Highlights

  • In the Humpback EPL application, results compiled from historical drilling at the Fiesta prospect have highlighted significant Copper and Silver intercepts at the prospective NPF-
    D'Kar contact including:
  1. 8m @ 2.5% Cu, 78 g/t Ag from 127m (True Thickness ~4m) in FIER010 o 13m @ 1.4 % Cu, 1 g/t Ag from 118m (True Thickness ~6.5m, Oxide) and
    o 31m @ 0.9 % Cu, 33 g/t Ag from 154m (True Thickness ~15.5m) in FIER027 o 9m @ 1.8 % Cu, 82 g/t Ag from 224m (True Thickness ~4.5m) in FIER031

Drilling has defined a steeply dipping mineralised sheet over three and a half kilometres strike length with pods of thicker higher grade Copper.

  • Regional drilling surrounding the Fiesta Prospect has reported anomalous Copper and Silver on the prospective horizon over a fifteen kilometres strike length.
  • The Copper intersected demonstrates the potential along strike especially at key structural targets in the Snowball JV and Humpback applications that will be the focus for the 2022 drilling.

Commenting on the announcement, Noronex Chief Geologist, Bruce Hooper said:

"Early analysis of the Humpback applications highlight significant Copper developed along the prospective contact, giving great confidence in discovery of further prospect in Noronex tenements. Detailed interpretation of this drilling and historical ground geophysics is ongoing to target follow up when the tenements are granted."

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Background

The focus of the current Namibian drilling is on five targets in the Witvlei project that are prospective for sedimentary Cu-Ag mineralisation. Two rigs are drilling at the Okasewa Prospect with 10,500 metre of a planned 12,000 metre project completed so far.

Ground geophysics including IP, NSAMT and ground magnetics is underway on the recently acquired Snowball Project. The setting is favourable to host a large copper deposit on a paleogeographic high under shallow sand cover and has not been previously drilled. An initial drill program is planned for later this month.

Six new applications have been lodged and accepted by the Ministry of Mines over large prospective parts of the Kalahari Copper Belt under shallow cover. The Humpback applications cover the prospective NPF-D'Kar contact to the east of Snowball.

Noronex's exploration package in Namibia now covers over 6,000 km2 of the highly prospective but relatively underexplored Kalahari Copper Belt. The tenements hold ~300 kilometres of the targeted contact between Witvlei and the Botswana border.

Figure 1. Regional aeromagnetic image of the Kalahari Copper Belt in Namibia with the current Noronex projects and the new application areas.

Humpback EPL Application Review

Interpretation of historical data, acquired over the new Humpback Project applications have defined a substantial exploration program with 123 holes completed at and along strike from the Fiesta Prospects by EISEB Exploration Pty Ltd. The majority of the drilling occurred between 2009 and 2015 including in a Joint Venture with Cupric Canyon, a private equity

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backed mining company. A further 15 historical holes were drilled in other portions of the new application areas.

A significant proportion of the drilling intersected Copper mineralisation over a 3.5 km strike length at the Fiesta Prospect.

Figure 2. Drilling and intercepts from historical drilling at the Fiesta Prospect.

The mineralisation is hosted in a narrow, steeply dipping sheet of mineralisation corresponding to the prospective NPF-D'Kar contact horizon on the northern limb of an overturned antiformal structure.

Intercepts include:

  1. 8m @ 2.5% Cu, 78 g/t Ag from 127m (True Thickness ~4m) in FIER010 o 13m @ 1.4 % Cu, 1 g/t Ag from 118m (True Thickness ~6.5m, Oxide) and
    o 31m @ 0.9 % Cu, 33 g/t Ag from 154m (True Thickness ~15.5m) in FIER027 o 9m @ 1.8 % Cu, 82 g/t Ag from 224m (True Thickness ~4.5m) in FIER031

True thickness has been estimated by building a wireframe of Zone 1 over 3.5 km strike, intercepts are between 40 and 60% of the downhole intercept so an average of 50% has been extrapolated across the drilling.

Mineralisation is hosted in a siltstone horizon and is predominantly chalcocite and chalcopyrite with minimal sulphides. Mineralised intercepts defined were:

Hole Name

Easting

Northing

RL

Hole Depth

Azi

Dip

Depth from

Interval

Cu

Ag

True

Thick

m

m

m

m

o

0

m

m

%

ppm

m

EISDD-005

382171

7591150

1361

302.33

250

89

222.5

2.62

0.55

14

1.3

EISDD-006

382340

7591316

1361

268.93

142

60

221.9

1.14

0.34

7

0.6

EISDD-007

382264

7591276

1361

242.08

161

60

210

2.69

0.37

12

1.3

only

223.2

1.71

0.48

14

0.9

EISDD-008

382067

7591197

1361

287

145

60

213.2

0.72

2.92

113

0.4

219.8

3.09

0.62

16

1.5

227.7

2.91

0.59

16

1.5

EISDD-010

382460

7590959

1361

341.08

338

61

245.1

3

0.9

28

1.5

254.3

1.11

0.49

9

0.6

EISDD-012

383815

7591523

1357

284.5

338

61

128.7

1.9

0.5

3

1

EISP-031

382273

7590957

1363

304

360

60

112

1

0.31

2

0.5

123

1

0.84

3

0.5

EISP-067

382273

7591228

1361

345

0

90

263

5

0.3

6

2.5

FIED-001

380942

7592160

1368

350

158

76

218

2

0.61

8

1

use

292.8

1

0.83

20

0.5

297.8

1

1.07

18

0.5

220.9

2

1.61

67

1

302.8

2

0.93

23

1

FIED-002

380851

7592112

1368

377.3

158

76

164.7

1

0.51

4

0.5

179.3

1

0.41

4

0.5

309.1

1

0.54

10

0.5

322.8

1

0.54

16

0.5

329.9

5

0.52

10

2.5

337.9

1.07

0.63

12

0.5

FIED-003

378911

7591737

1372

350.6

171

72

174.1

2.42

1.39

69

1.2

personal

248.9

3.35

1.26

84

1.7

FIED-004

379029

7591752

1369

284.2

172

72

156.2

2.61

1.33

55

1.3

175.5

1

0.35

14

0.5

185.2

3.83

1.02

57

1.9

225.1

1.16

1.73

106

0.6

FIED-005

380931

7592070

1366

400.38

0

90

122.3

3.96

1.88

5

2

207.2

2

0.51

7

1

287.8

2

0.56

5

1

324.8

1.32

0.31

4

0.7

FIED-006

378828

7591775

1372

378.97

166

65

231.1

1

0.35

24

0.5

297.3

2

1.28

65

1

305.2

2.77

1.5

74

1.4

FIER-007

378992

7591661

1373

241

192

86

136

2

0.59

20

1

149

5

1.32

209

2.5

168

5

0.44

81

2.5

185

2

0.43

58

1

FIER-010

380934

7592063

1367

256

175

75

127

8

2.46

78

4

139

2

0.43

23

1

151

7

1.52

83

3.5

171

3

1.93

97

1.5

184

7

1.03

52

3.5

208

2

1.11

57

1

215

3

0.66

19

1.5

For

238

3

0.35

9

1.5

FIER-014

376595

7590566

1372

292

0

90

216

1

0.7

31

0.5

275

1

0.75

42

0.5

FIER-021

378903

7590823

1372

294

100

80

149

3

1.05

34

1.5

167

1

0.35

15

0.5

FIER-025

381142

7592210

1359

289

147

76

138

28

0.61

41

14

177

5

0.73

7

2.5

232

1

0.39

1

0.5

FIER-027

381316

7592294

1365

265

164

75

109

2

0.39

1

1

118

13

1.45

1

6.5

136

10

0.59

38

5

154

31

0.89

33

15.5

216

1

0.52

1

0.5

FIER-029

379077

7591763

1372

265

174

75

151

3

0.36

17

1.5

162

3

1.12

52

1.5

207

1

0.85

36

0.5

212

3

1.39

89

1.5

239

2

0.51

80

1

FIER-030

381497

7592371

1369

256

147

75

176

3

0.66

11

1.5

197

2

0.66

14

1

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Hole Name

Easting

Northing

RL

Hole Depth

Azi

Dip

Depth from

Interval

Cu

Ag

True

Thick

m

m

m

m

o

0

m

m

%

ppm

m

FIER-031

161

378837

7591693

1373

269

170

75

3

0.86

41

1.5

209

3

0.58

17

1.5

224

9

1.83

82

4.5

249

1

0.46

22

0.5

253

2

0.4

16

1

FIER-032

264

380369

7591619

1371

301

154

78

1

0.57

20

0.5

FIER-033

189

379179

7591775

1372

302

176

77

3

1.12

103

1.5

197

2

0.38

39

1

213

1

0.65

126

0.5

FIER-034

170

378737

7591679

1375

250

175

76

2

0.82

29

1

FIER-035

206

378539

7591648

1374

251

192

75

1

0.44

6

0.5

FIER-036

217

378732

7591707

1375

302

171

74

2

0.76

23

1

FIER-037

205

379172

7591816

1372

283

174

76

1

1.29

62

0.5

217

6

0.69

15

3

253

3

0.92

54

1.5

263

2

1.59

114

1

FIER-038

270

379970

7591896

1373

290

176

77

2

0.56

80

1

FIER-039

265

379973

7591796

1371

301

179

77

1

0.34

1

0.5

FIER-040

238

380122

7591565

1369

283

151

75

1

0.3

8

0.5

FIER-041

265

379952

7591997

1373

305

174

77

2

0.34

17

1

FIER-042

150

378744

7591647

1373

310

178

80

1

0.77

4

0.5

FIER-043

137

379278

7591794

1369

220

174

73

2

0.5

9

1

144

10

0.66

88

5

FIER-044

189

379275

7591825

1367

269

175

77

1

0.39

12

0.5

195

2

1.07

115

1

206

1

0.72

76

0.5

210

1

0.45

68

0.5

FIER-045

183

379372

7591837

1368

286

169

79

1

0.65

16

0.5

190

3

1.13

123

1.5

204

3

1.27

137

1.5

211

5

0.33

43

2.5

FIER-046

146

379471

7591853

1370

231

164

78

2

0.75

75

1

160

1

0.47

52

0.5

FIER-047

160

378751

7591547

1369

266.09

165

76

1

0.76

12

0.5

173

5

1.31

100

2.5

187

5

0.54

29

2.5

FIER-048

187

378657

7591512

1374

277

153

75

3

0.93

57

1.5

194

5

0.61

18

2.5

FIER-049

216

378562

7591479

1367

283

173

76

3

1.06

65

1.5

222

5

0.39

12

2.5

FIER-050

237

378653

7591547

1371

301

174

76

1

0.32

8

0.5

244

13

0.59

43

6.5

261

18

0.67

40

9

FIER-051

195

381400

7592350

1366

343

163

76

2

0.74

75

1

211

1

0.58

62

0.5

219

1

0.66

1

0.5

FORR-022

253

386030

7592345

1362

280

0

90

6

0.45

60

3

FORR-028

158

381689

7592379

1368

302.03

0

90

3

0.4

8

1.5

177

1

0.34

8

0.5

FORR-029

159

381894

7592463

1367

300

0

90

10

0.4

4

5

180

4

1.17

24

2

228

2

0.96

26

1

271

1

0.46

2

0.5

FORR-032

193

381689

7592375

1361

300

182

76

9

0.55

12

4.5

210

1

0.38

8

0.5

212

1

0.51

12

0.5

225

2

0.43

16

1

FORR-033

177

381685

7592600

1362

289

183

76

1

1.19

18

0.5

181

5

1.15

44

2.5

220

1

0.33

1

0.5

LORR-005

231

390833

7596695

1363

280

160

60

1

0.33

43

0.5

T16R-003

140

458894

7635869

1223

220

340

79

1

0.99

336

0.5

Reporting > 0.3% Cu, including 3m of dilution.

Figure 3. Table of significant intercepts from historical drilling at the Fiesta Prospect and regional Prospects in the Humpback tenement applications (see Table 1).

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Noronex Ltd. published this content on 12 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 January 2022 22:50:08 UTC.