Noronex Gets Activity Underway at Humpback-Damara Earn-In with South 32

THE DRILL SERGEANT: Noronex (ASX: NRX) has commenced an extensive gravity survey over the Humpback-Damara Project within its Kalahari Copper Belt exploration portfolio in Namibia.

Noronex is conducting activity at the project under an Earn-in of Agreement with a wholly owned subsidiary of South32.

The Humpback project is located in newly-granted 100 per cent-owned Noronex tenements and contains a number of domal structures encompassing the prospective NPF-D’Kar contact.

Copper mineralisation intersected in historical and recent Noronex drilling appears to have many hallmarks of other Botswana deposits.

Noronex has already received funding to the tune of $750,000 for the first quarter under the Earn-in Agreement with South32 to pay for the activities underway with the company’s Namibian exploration team.

Under the terms of the agreement, South32 is to stump up $15 million in exploration funding to Noronex over a period of five years in return for an option to acquire 60 per cent of the Humpback-Damara project.

The Strategic Alliance with South32 has already identified projects in Namibia for further analysis.

A payment of $200,000 has been received from South32 for the commencement of the Strategic Alliance.

 

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