Noronex Limited: Promising Drilling Results at Fiesta Copper Project
NRX (NRX) Share Update December 2024 Tuesday 3rd
Noronex Limited Unveils Promising Copper-Silver Intercepts at Fiesta Project
Noronex Limited (ASX:NRX) has announced promising assay results from its initial drilling program at the Fiesta Copper Project in Namibia, revealing significant copper-silver mineralization.
Instant Summary:
- 30m at 1.1% Copper Equivalent from 158m in hole 24FIERC10.
- 14 RC drill-holes completed out of a planned 20-hole program.
- Drilling funded by South32 Limited under an earn-in agreement.
- Potential for large-scale copper deposit within a 4km mineralized system.
Drilling Results and Analysis
Noronex Limited has released assay results from the first four Reverse Circulation (RC) drill-holes at its Fiesta Copper Project, located in the Kalahari Copper Belt in Namibia. The results are encouraging, with the most notable intercept being 30 meters at 1.1% Copper Equivalent from 158 meters in hole 24FIERC10. This includes an 8-meter section with 1.23% copper and 138 g/t silver, equating to 2.5% Copper Equivalent.
Other significant results include 8 meters at 0.46% copper and 19 g/t silver from 233 meters in hole 24FIERC08, and 9 meters at 0.49% copper and 5 g/t silver from 143 meters in hole 24FIERC09. These findings suggest the presence of repeated mineralized horizons, potentially expanding into thicker zones suitable for open-pit mining.
Project Overview
The Fiesta Project is part of Noronex's larger exploration efforts in the Humpback tenements. The current drilling program, funded by South32 Limited, aims to explore new zones of mineralization within a large 4-kilometer-long system at Fiesta-Fortuna. The project's geological setting is similar to significant deposits in Botswana, such as the Khoemacau Copper Project.
Noronex plans to complete 20 drill-holes, totaling 5,000 meters, with 14 holes already finished. The drill rig will subsequently move to the Damara Project to commence a maiden scout drilling program.
Geological Context
The Fiesta Project is situated on the western closure of a domal structure at the prospective NPF-D’Kar contact. Historical drilling has identified steeply-dipping sheets of mineralization spanning over four kilometers, corresponding to several shear zones. The mineralization is hosted as disseminated chalcocite in shales and siltstones of the D’Kar Formation, with minor oxidation to malachite noted.
The promising results from the Fiesta Project could positively impact Noronex's stock, as investors may view the potential for a large-scale copper deposit as a significant value driver. The involvement of South32 Limited in funding the exploration program underlines the project's potential and adds credibility to the findings.
Investor Reaction:
Analysts are likely to react positively to the announcement, noting the potential for a substantial copper deposit in a geologically favorable region. The ongoing support from South32 further boosts confidence in the project's prospects.
Conclusion:
Investors should keep a close eye on further assay results from the remaining drill-holes at the Fiesta Project. Noronex's strategic exploration efforts in the Kalahari Copper Belt could lead to significant discoveries, enhancing shareholder value.