Out of a trading halt, Noronex is undertaking a $1.76 million capital raising to advance exploration over wholly owned tenements in a Kalahari Copper Belt proven as a major future producer of global copper.
In district-scale 7000 square kilometre landholdings in the Namibian end of the highly prospective belt, Noronex exploration has yielded enticing results which have become typical of the KCB, with high-grade intercepts and open mineralisation providing the impetus for accelerated work.
Exploration will initially be directed at the newly acquired claims comprising the Humpback Project, and work has already commenced on better understanding the newly granted Fiesta Prospect.
The raising was heavily oversubscribed, and Noronex Executive Director James Thompson thanked the company’s existing shareholders and welcomed new investors to the register.
“The continued support of key shareholders and the quality of the incoming capital shores up our balance sheet and provides the runway to test the exciting prospects at our flagship Humpback project in Namibia, under the geological direction of Bruce Hooper,” Mr Thompson said.
“The funds raised will be used to follow up historical drilling and targets at the recently granted Fiesta, Fortuna and Blowhole prospects. We look forward to getting the drill bit turning shortly and keeping our shareholders informed as we undertake this exciting exploration program.”
Kalahari Copper
Like the highly productive Central African Copper Belt, the KCB is known to hold immense copper deposits, but thick sand cover has limited historical exploration.
Now with modern exploration techniques being employed, the belt’s vast production potential is being swiftly realised. Sandfire Resources announced first production from the Motheo mine last month, making the $2.88 billion market capper just the second producer in the belt alongside a new wave of junior exploration.
Noronex will now begin initial groundwork at Humpback, with drilling planned to dig in as soon as next month.
