Noronex (ASX:NRX) is exercising an option to add a uranium licence on a “highly prospective” property in Namibia’s major uranium belt to its project portfolio.
The project, called Etango North, lies 3km north of the proposed Etango development and has similar host rocks and geology.
Noronex says there has been limited exploration work carried out on the licence area. Only 12 aircore holes have been drilled on one airborne anomaly, while there has been limited mapping, ground geochemistry, and radon gas surveys conducted on parts of the licence block. Further, more than 100 holes were drilled on the borders of the current tenements.
In March 2024, the company signed an agreement with a local Namibian unrelated party, Moses Sasemba, to earn up to an 80% interest on the licence area. Noronex agreed to pay $81,000 to the vendors for a 120-day exclusivity period.
Once the exclusivity period ends, Noronex will pay $61,000 cash and $61,000 worth of shares to continue the earn-in agreement by February 2026 to earn a 51% interest in the licence.
By August 2027, to earn a further 29%, the company will pay $162,000 in cash and $162,000 worth of shares to the vendors.
Noronex, which has a market capitalisation of $6.84 million, has completed further assessment and due diligence, while the environmental clearance certificate (ECC), which allows ground-based exploration to be undertaken, is at an advanced stage.
The ECC’s timing is dependent on feedback from the National Park where claims are based and approved by regulatory authorities.
Noronex adds that claims are currently undergoing their first renewal process and have added nuclear fuels to the commodity mix for exploration, which is to be included in the licence renewal.
An artificial intelligence study has been completed on the remote sensing data using Neural Networks.
Noronex says the target horizons prioritised sit in a favourable geological setting for uranium mineralisation. The anomalies show mineralised alaskites that extend into the licence area.
Noronex is a copper-focused company with advanced projects in the Kalahari Copper Belt of Namibia and in Ontario, Canada.
Write to Aaliyah Rogan at Mining.com.au
Images: Noronex
