Noronex Limited (Noronex or the Company) (ASX: NRX) is pleased to announce it will exercise the Uranium License to its project portfolio in on a highly prospective property in the country’s major uranium belt.
Further assessment and due diligence have been undertaken by Noronex on EPL 6776 (agreement entered into in March this year1 ) while the Environmental Clearance Certificate (ECC), which allows ground-based exploration including drilling to be undertaken, is at an advanced stage. Timing of the ECC process is dependent on feedback from the National Park where the claims are based (as are a number of significant uranium mines in Namibia including Etango) and approval by regulatory authorities. The 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.
The project is located 3km north of the proposed Etango development and similar host rocks and geology have been identified on EPL 6776. Previous exploration data has been provided by Bannerman Resources and is being incorporated into regional reviews.
Only limited work was completed on the licence area with just 12 shallow air-core holes drilled on one airborne anomaly. Limited mapping, ground geochemistry, radon gas surveys have covered parts of the current licence block while over 100 holes were drilled on the borders of the current tenement. The geology on the claim includes mineralisation associated with Alaskites (pegmatites), which is the host rock for a number of major uranium projects in Namibia and is similar to the Etango (Bannerman) style hard rock mineralisation. Prospective units hosting mineralisation at Rossing, Husab and Etango are present on EPL 6776.
There are marked stratigraphic control of mineralised Alaskites. They are concentrated at the Khan-Rossing Formation boundary or critically where the Rossing Formation is missing, the Khan-Chuos or Khan-Arandis boundary. There are also Alaskite emplacement structural controls, transition from ductile to brittle deformation. Pressure shadows within isoclinal folding present the most favourable structural trap. The above settings can be identified on EPL 6776.
Artificial Intelligence
An Artificial Intelligence (AI) study has been completed on the remote sensing data utilising Neural Networks. A number of Channels are used and a number of search techniques utilised including:
• Fuzzy Logic searches using known mineralised sites as training sites to look for potential repeats
• Neural correlation analyses to find related layers that are related to mineralisation
• Principal Component Analysis to define geological signatures and potential outliers associated with alteration and mineralisation.
The target horizons prioritised sit in a favourable geological setting for uranium mineralisation. The anomalies highlight mineralised Alaskites that extend into the license area. The domal position is an excellent position for extensive flat lying Alaskites to develop with potential thicker mineralisation.
Deal Terms of EPL6776
As announced on 15 March 2024, an agreement was signed with a local Namibian unrelated party; Moses Sasemba, that incorporated a 120-day exclusivity period followed by an earn-in agreement up to an 80% interest in EPL 6776. Key terms of the agreement include:
❖ $81,000 (N$1m) cash payment (“Exclusivity Fee”) for a 120-day exclusivity period.
❖ Stage One:
❖ At the end of the exclusivity period a payment of $61,000 in cash and $61,000 in NRX shares at a 20-day VWAP (equating to N$1.5m) to continue earning in.
❖ By February 2026 to earn 51% a payment of 50% cash/ 50% shares (i.e. $61,000 in cash and $61,000 in NRX shares at a 20-day VWAP) (equating to N$1.5m). NRX decision to keep earning.
❖ Stage Two:
❖ By August 2027 to earn an additional 29% (for a total of 80%) a payment of $162,000 in cash and $162,000 in NRX shares at a 20-day VWAP (equating to N$4m).
❖ No minimum spend requirements.
❖ Standard due diligence conditions.
❖ Vendor to be free carried to the 80% stage at which point parties enter into a Joint Venture.
