Perth: Noronex Limited (ASX: NRX) announced a strategic expansion into the Namibian Uranium Belt with an exclusivity agreement to potentially acquire an 80% interest in a 7,000 HA claim. This claim is situated near the Etango project, within a region known for significant uranium production and resources.
The company has raised $0.91 million to fund the due diligence of this claim, which exhibits geology similar to major uranium deposits, characterized by Alaskite formations. These funds will also support ongoing projects in the Kalahari Copper Belt and general corporate expenses.
Noronex remains focused on its copper assets, including the Witvlei Project with a reported JORC 2012 Resource of 10Mt at 1.3% Cu.
The next steps include completing due diligence, obtaining environmental clearances, and initiating soil and radiometric testing in preparation for a potential drilling program.
Commenting on this announcement, Noronex’s Executive Director, James Thompson said; “We are pleased to enter into an exclusivity and earn-in agreement on EPL 6776. This EPL is in the heart of the Namibian Uranium belt which contains some of the world’s leading Uranium producers and development projects.
The addition of a claim with significant uranium prospectivity just 3kms north of Bannerman Resource’s Etango project adds to our large existing copper portfolio and provides the company with exposure to two of the key commodities (uranium and copper) as the world rapidly progresses towards a green energy future.
Noronex’s in-country expertise in Namibia as well as its strong relationships with regulators, service providers and key vendors has positioned it well to execute on this Uranium opportunity which we see
as highly complementary to our exciting copper projects on the Kalahari Copper Belt. This is no way distracts the company’s focus from our copper assets & realising value for shareholders.”