Noronex Limited Unveils New Drilling Prospects at Damara Copper Project
NRX (NRX) Share Update November 2024 Monday 25th
Noronex Limited Announces New Drilling Targets at Damara Copper Project
Noronex Limited (ASX: NRX) has announced the identification of new drilling targets at its Damara Copper Project in Namibia, following a successful gravity survey.
Instant Summary:
- New gravity-magnetic targets identified at Damara Copper Project.
- Drilling to commence after Fiesta Project completion.
- Potential breakthrough in Kalahari Copper Belt exploration.
- Program funded by South32 Limited under an earn-in agreement.
Overview of New Drilling Targets
Noronex Limited has announced the discovery of new drilling targets at its Damara Copper Project in Namibia. The targets were identified through a recent gravity survey, which revealed several combined gravity-magnetic bullseye targets in the Damara Basement, located on the margins of the Kalahari Copper Belt.
The Damara Copper Project is situated in an undrilled geological belt, which shares similarities with the Central African Copper Belt in Zambia and Congo. This region is known for hosting major copper deposits, and Noronex aims to apply similar geological models to potentially uncover new discoveries in the Kalahari Copper Belt.
Drilling Plans and Funding
Noronex plans to initiate an exciting drill program to test these new targets. The program will commence once the ongoing drilling at the Fiesta Project is completed. To date, 12 holes have been drilled at Fiesta, with initial assay results expected soon. The drill rig will then move to the Damara targets, extending the drilling program into the next calendar year.
This exploration initiative is funded by a wholly-owned subsidiary of South32 Limited under an earn-in agreement. Noronex's Chief Geologist, Bruce Hooper, expressed excitement about the potential of these new targets, highlighting the significance of applying Central African Copper Belt geological models in Namibia.
Technical Details and Prospects
The gravity survey covered magnetic complexes at the Okatumba Gate, Otjozondera, and Otjiuapehuri prospects. The survey was conducted on grids with regional base stations set up for data collection. The results have been promising, with several drill holes planned to test the identified gravity features.
At the Otjiuapehuri Prospect, the magnetic interpretation revealed complex signatures with reverse polarity bullseye features. No previous drilling has been conducted in this region, making it a prime candidate for exploration. Similarly, the Otjozondera and Okatumba Gate prospects have shown intriguing magnetic and gravity anomalies, warranting further investigation.
The announcement of new drilling targets at the Damara Copper Project is a positive development for Noronex Limited. It highlights the company's proactive approach to exploration and its potential to uncover significant copper deposits in a previously undrilled region. This could lead to increased investor interest and a positive impact on the company's stock price.
Investor Reaction:
Analysts are likely to view this announcement favorably, as it demonstrates Noronex's commitment to expanding its resource base through strategic exploration. The involvement of South32 Limited in funding the program adds credibility and financial support to the initiative.
Conclusion:
Investors should keep an eye on the upcoming drilling results from the Damara Copper Project. The successful identification and testing of these new targets could significantly enhance Noronex's resource portfolio and position in the copper market. Stay informed on further developments and potential discoveries.