Noronex
Primary ticker: ASX:NRX
Stage of development: Exploration
Primary minerals: Copper
Project to promote: Witvlei, Fiesta
Project location: Namibia
Website: noronexlimited.com.au
Noronex Limited (NRX:ASX) is an ASX listed copper company with advanced projects in the Kalahari Copper Belt, Namibia and in Ontario, Canada. The Witvlei Project in Namibia has a current JORC (2012) resource of 10mt @1.3% Cu. The company is using modern technology and exploration techniques to generate new targets and grow the current resource base.
The Kalahari Copper Belt in Botswana has become a significant Copper producing centre with the Khomecau Copper Mine (Bought by MMG for US$1.8 Bil in 2023) and the Motheo Copper Mine (Sandfire commissioned in 2023) now producing c90ktpa of Copper annually with potential to increase to 180 ktpa Copper over the next few years.
Noronex has now built an impressive portfolio of over 8,500 km2 in the extensions of this fertile belt into Namibia. The company has succeeded in 2022 in discovering a new deposit at Daheim, Witvlei at shallow depth including an intercept of 27m @ 1.6 % Cu.
In the new 100% applications stretching towards the Botswana border, a first follow up program in 2023, Noronex intersected 45m @ 1.0 % CuEq at the Fiesta Project under 100m of Kalahari sands. The company is extending its discovery push in Namibia and also looking for additional Copper and Uranium projects.
Cash: AUD$1.2M
Debt: NIL
Major shareholders:
Larchmont – 13.4%
Management Ownership – 15%
Financials
Management Profile
Bruce Hooper – Chief Geologist
Bruce Hooper is a geologist with extensive experience spanning the base metal, precious metal and energy sectors across five continents.
Bruce has been involved with a number of significant discoveries in Australia and internationally. Within senior management teams, he has developed and run a number of operations and led due diligence and transaction teams on successful acquisitions, investments, joint ventures and project sales across the mining sector.
Most recently, he was the Chief Exploration & Business Development Officer at Sandfire Resources Ltd (ASX: SFR). During this period, he was seconded to be President of Tintina Resources based in Montana, USA and completed the MOD Resources acquisition in Botswana.
Prior to 2012, Bruce worked for a variety of companies including British Petroleum (‘BP’), Rio Tinto Ltd, North Ltd, Straits Resources Ltd, Perilya Ltd, Ivernia Inc. along with both private and public board roles.
What is your rationale for taking part in 121 Mining Investment?
Keen to attract investors and partners to join in the exploration and development of this excellent portfolio of assets.
What recent news would you like to highlight to investors attending?
05/09/2023 Thick Copper and Silver Intercept from first Fiesta Holes
45m @ 1.0 % Copper Equivalent
What are your key goals for the next 3, 6 and 12 months?
3 Months:
Get back on to the ground to drill test a number of high priority projects.
6 Months:
Continue to build an impressive portfolio of projects, focus on the highest potential for economic development.
12 Months:
Move projects into a Development assessment