Noronex refocuses Namibian copper hunt on Damara | Australian Markets

Noronex Ltd has kicked off its latest reverse-circulation (RC) drill program to check a number of compelling gravity and magnetic targets the company says sit on the perimeters of the famend Kalahari copper belt, as outlined by latest surveys throughout its joint-venture Damara copper project in Namibia.

The basement targets had been recognized from three surveys performed over essentially the most potential areas in a area that has not seen earlier drilling.

Administration says interpretation of the survey outcomes signifies a complicated magnetic signature with a number of reverse polarity bullseye-type round options. With out drilling, it’s unclear geologically what the options signify.

The company revealed in November three gravity surveys had been accomplished throughout magnetic complexes beforehand outlined in regional authorities magnetic surveys. The survey knowledge was collected primarily utilizing an 800 metre by 200m grid with infill traces.

New drill holes will goal the gravity anomalies throughout Damara’s three key prospects, Otjiuapehuri, Otjozondera and Okatumba Gate, as half of a deliberate six-hole 1500m RC program. Every gap will probably be drilled to a depth of 250m.

The Otjiuapehuri goal sits on the Namibia-Botswana border in an remoted area the place restricted water bore drilling signifies thick sand cowl of up to 80m. Otjozondera sits close to the identical border and has an estimated sand cowl of about 70m and two magnetic horizons.

Okatumba Gate is south of the opposite prospects with restricted outcrop present over the gravity anomaly and an anticipated skinny layer of sand cowl much less than 25m thick.

Damara contains magnetic-dense stratigraphic items, along with intrusive complexes. Administration believes there’s a high probability that alteration from the motion of hydrothermal fluids has contributed to half of the complexity within the geological signatures.

The hydrothermal fluid exercise could also be related to potential mineralisation on the website.

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

The minimal $15m spend will present South 32 with a 60 per cent curiosity within the project, which is being managed by Noronex.

A latest drill marketing campaign at Noronex’s close by Fiesta project, additionally in Namibia, returned a strong 16m hit going 1.3 per cent copper equal from 158m, together with a 7m slice grading 2 per cent copper equal from 161m.

The identical gap additionally produced a second, deeper 2m part assaying 1.1 per cent copper and 81g/t silver from 210m, equal to a 1.9 per cent copper grade. Drilling befell within the western lens of Fiesta.

The company believes Namibia supplies a beneficial allowing regime relative to different copper producing nations, with latest project approvals for different companies delivered in a well timed method.

Noronex has an 8500-square kilometre exploration land package deal within the Kalahari copper belt, with the famend construction producing 90,000 tonnes of copper each year and eight million tonnes of copper assets.

The Kalahari copper belt stretches 800km and is up to 250km broad, operating from northern Botswana into jap Namibia.

Noronex is in the fitting area for copper discoveries and can eagerly await the outcomes from Damara’s maiden drill marketing campaign.

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