Noronex JV kicks up significant Namibian | Australian Markets

Noronex Restricted and its massive joint-venture companion South 32 have prolonged mineralisation by 500 metres from step-out drilling at their Fiesta copper project, which is an element of the broader Humpback-Damara project in Namibia.

A reverse circulation drilling program aimed to increase the identified mineralisation on the western lens of the project ground and unearthed a important intercept of 33m grading 0.8 per cent copper and 31 grams per tonne (g/t) silver for 1.1pc copper equal from a depth of 265m.

The thick interval included a 4m chunk going 2pc copper and 83g/t silver for two.8pc copper equal from 265m and a 4m slice at 2.3pc copper and 87g/t silver for a 3.1pc copper equal hit from 277m. The opening led to mineralisation due to the rig’s depth capability of about 300m.

Administration is organising a diamond drill rig to comply with up the hits with a 2000m program. Drilling at depth is deliberate to check for a continuation of the mineralisation and several other different targets.

The mineralised drill gap was a 500m step-out west of the place earlier drilling intersected mineralisation and assays confirmed higher-grade copper-silver in direction of the tip of the outlet. It was drilled to the south of one other gap that was half of the 500m step-out program, which returned 12m at 0.65pc copper equal. One other hit of 5m returned 1.4pc copper and 58g/t silver for 1.9pc copper-equivalent from 249m.

The company used a down-hole geophysical and optical televiewer to log seven of the drilled holes to higher perceive the orientation of the world’s sediments, construction and mineralisation.

The optical televiewer confirmed the bedding and related mineralisation dips steeply to the north.

Extending the Fiesta mineralisation by over half a kilometre with such spectacular copper and silver outcomes proper to the tip of the outlet is a main step ahead in defining the potential dimension of this system. Our subsequent step might be to undertake diamond drilling to check the complete width and magnificence of mineralisation, in addition to looking for to additional prolong the strike because the system stays fully open to the west.

Preliminary drilling at Fiesta’s western lens comprised 4 holes that each one intersected important copper and silver mineralisation.

The best outcomes from the initial marketing campaign included 30m grading 0.56pc copper and 62g/t silver for 1.1pc copper equal from 158m, together with 8m going 1.23pc copper and 138g/t silver for two.5pc copper equal.

The outcomes added to the company’s initial discovery outcomes at Fiesta, which revealed copper below 80m of sand cowl on the reductant sandstone contact.

Successful of 45m at 0.8pc copper and 23g/t silver for 1pc copper equal from a depth of 144m alerted the company that it was onto a probably large discovery.

The drilling marketing campaign is being funded by a South 32 subsidiary below an present earn-in and three way partnership settlement that may see the massive, globally diversified mining and metals company spend $3 million per 12 months for 5 years.

The minimal $15m spend offers South 32 with a 60pc curiosity within the project, which Noronex manages.

The Fiesta project lies on the western closure of a construction on the potential NPF-D’Kar contact.

The company believes the a number of intercepts at Fiesta throughout an more and more greater mineralised space probably present for thicker zones appropriate for open pit mining, which may dramatically increase the financial tonnes on the web site.

It says the mineralised intercepts seem to show similarities with deposits in Botswana that sit 400km to the east. These embody Chinese language miner MMG Ltd’s world-class Khoemacau copper-silver project containing a mineral useful resource of 502 million tonnes grading 1.4pc copper and 17g/t silver.

Noronex believes Africa is the place to be, with Namibia offering a beneficial allowing regime relative to different copper-producing nations.

The Kalahari Belt area accommodates tasks producing 90,000 tonnes of copper each year and has a complete of 8mt of copper sources.

Fiesta sits alongside the famend Kalahari copper belt, stretching 800km and up to 250 kilometres vast, from northern Botswana into jap Namibia.

The company lately lodged two new functions with the Division of Mines via a totally owned subsidiary company to increase its holdings in Botswana by nearly 1500 sq. kilometres, adjoining to its promising Damara copper project on the Namibian aspect of the border.

The huge space utilized for sits within the northern part of the Kalahari Copper Belt. Earlier than the lease software, Noronex held an 8500km² exploration land bundle within the Kalahari copper belt.

Noronex kicked off its latest reverse circulation drilling program at Damara in January to check a number of compelling gravity and magnetic targets it says sit on the perimeters of the mineralised copper belt. The targets have been outlined by current surveys carried out throughout the project, which can also be a three way partnership with South 32.

The extra ground will allow Noronex to check additional geophysical targets, kicked up by the current gravity surveys, that might be anticipated to increase into the Botswana aspect of the border.

Noronex additionally holds a 95pc curiosity within the Witvlei project in Namibia, containing a 10mt at 1.3pc copper useful resource.

Copper and silver costs have made a charge lately, with each up close to 8pc up to now month, pointing to Noronex’s clever choice to give attention to potential ground in southwest Africa, which is thought for big deposits of the essential in-demand metals.

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