Noronex (ASX:NRX) enters agreement to acquire Sleitat Tin Tungsten Silver Project
Noronex has entered into a binding Heads of Agreement with Alaskan Critical Minerals Pty Ltd (ACM) and its shareholders, granting the company an exclusive option to acquire 100% of ACM, which has the rights to acquire 100% of the Sleitat Tin Tungsten Silver Project in Alaska, USA.
The proposed transaction relates to the acquisition of ACM and the rights to acquire the Sleitat Project, which has previous exploration data, historic drilling results and a historical non-JORC resource estimate.
Highlights
Noronex has entered into a binding Heads of Agreement to acquire 100% of ACM, which has the rights to acquire 100% of the Sleitat Tin Tungsten Silver Project.
The Sleitat Project covers approximately 2,137Ha and comprises 33 State of Alaska mining claims on State Land.
The project contains a historical non-JORC US Bureau of Mines resource estimate of 25.9Mt @ up to 0.37% Sn, 0.04% W and 17g/t Ag.
Historic drilling returned tin intersections including 29.1m @ 1.56% Sn, 28g/t Ag including 3.1m @ 12.55% Sn, 198g/t Ag from 20.4m.
The Sleitat Project is located in the Kuskokwim Ranges, approximately 410km southwest of Anchorage, Alaska, approximately 35km northeast of the village of Koliganek on the Nushagak River, and approximately 137km northeast of the port of Dillingham on the North Pacific Ocean.
Noronex stated that Sleitat is one of only two US tin deposits identified by the US Geological Survey as likely to be economic, based on a tin price materially below current spot.
The company also stated that tin and tungsten are designated US critical minerals, with the US having zero domestic tin production and being import reliant.
The project comprises 33 State of Alaska mining claims covering approximately 2,137Ha across the known greisen structure containing tin, tungsten and silver mineralisation.
Historic exploration identified tin enrichment at the Sleitat Mountain prospect associated with sheeted, east west trending greisen alteration.
The project has had 14 diamond drill holes completed targeting mapped greisen zones. Between 1984 and 1988, Cominco drilled holes 1 to 9, while Brett Resources Inc completed an additional 5 holes in 2006 across the northern greisen zone. No drilling has been undertaken on the southern greisen zone.
Historic drilling results reported by Noronex include 47.9m @ 0.40% Sn, including 9.45m @ 2.99% Sn and 124g/t Ag from 3m, 19.8m @ 0.71% Sn from 3m, 23.47m @ 0.36% Sn from 36.6m, and 6.1m @ 0.8% Sn and 25g/t Ag from surface.
The company stated that historic drilling tested only the northern greisen zone, with mineralisation remaining open along strike and at depth.
Noronex also stated that the southern greisen zone remains largely untested despite strong surface tin, tungsten and silver geochemistry.
The Sleitat system is described as containing greisen alteration extending across phases of the granite stock and into surrounding hornfels sediments.
The announcement states that the granite comprises biotite granite, biotite muscovite granite and zinnwaldite granite.
Noronex Chief Executive Officer James Thompson said the company’s immediate priority was to complete technical due diligence and progress exploration targeting.
“Our immediate priority will be to complete technical due diligence and rapidly advance exploration targeting to unlock the significant growth potential that remains across this large mineralised system.”
During June 2026, Noronex personnel undertook a site visit to the project and reviewed selected preserved drill core held at the Alaska Geological Materials Center.
The company reported that visual examination confirmed cassiterite bearing greisen mineralisation consistent with previous drilling records, while handheld XRF screening was used as a qualitative verification tool only and was not used for reporting exploration results.
The next steps outlined by Noronex include completion of legal and technical due diligence, compilation and validation of historical exploration data, systematic review of preserved drill core held at the Alaska Geological Materials Center, planning and permitting for field programs, and evaluation of the potential to define an updated JORC Exploration Target and design a follow up resource definition drilling program.
Noronex’s proposed acquisition remains subject to completion of the option process and shareholder approval at a planned meeting in late August.
The company has outlined plans to evaluate historical exploration information and progress exploration activities at the Sleitat Project.