Noronex (ASX:NRX) executes on exclusive Namibian uranium

Noronex has acquired an exclusivity agreement over an exploration licence in the heart of the Namibian Uranium Belt as it advances its established copper interests in the southern African nation.

The deal allows Noronex to conduct due diligence and acquire up to 80 per cent of the highly prospective 7000-hectare claim sitting a scant three kilometres north of Bannerman Energy’s Etango project and its world-class uranium endowment.

Namibia is well established as a leading uranium jurisdiction – it holds the world’s largest resources and claimed the bronze medal in 2022 as the world’s third-largest producer.

The acquired claim is geologically similar to Etango, including the hard rock mineralisation found in the same setting as most of the belt’s major deposits.

Noronex Executive Director James Thompson said the company was pleased to enter into the agreement over a licence in the heart of a Namibian uranium belt containing some of the world’s leading producers and development projects.

“The addition of a claim with significant uranium prospectivity just 3 kilometres north of Bannerman Resource’s Etango project adds to our large existing copper portfolio and provides the company with exposure to two of the key commodities as the world rapidly progresses towards a green energy future,” Thompson said.

“Noronex’s in-country expertise in Namibia as well as its strong relationships with regulators, service providers and key vendors has positioned it well to execute on this uranium opportunity which we see as highly complementary to our exciting copper projects on the Kalahari Copper Belt.

The executive reassured investors, saying the uranium development was not distracting the company from its focus on its copper portfolio and achieving value for its shareholders.

Forward plan

Noronex will now look towards an artificial intelligence study over the property during the initial exclusivity period after gaining an environment clearance certificate.

There are multiple identified initial targets to explore once cleared, and the claims will be ground-truthed before drilling, with geochemistry mapping of mineralisation in the historic trenches near the claim border set to determine continuity of a distinctive domal feature ahead of target generation.

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